What is the present valuation and projected CAGR of the refinish paint market?
The refinish paint market size has grown strongly in recent years. It will grow from $8.38 billion in 2024 to $8.87 billion in 2025 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to rapid urbanization and industrialization, growing vehicle fleet, environmental regulations, sustainability concerns, increased demand for customization, and increased focus on aesthetics.
The refinish paint market size is expected to see strong growth in the next few years. It will grow to $10.97 billion in 2029 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to a shift to waterborne and high solids coatings, integration of digital technologies, focus on cost-effective solutions, expansion of automotive aftermarket services, and expansion of distribution channels. Major trends in the forecast period include innovations in polyurethane resins, advanced color-matching solutions, UV-cured coatings, mobile apps and software solutions, and smart coatings.
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What are the key drivers behind the rapid expansion of the refinish paint market?
The rising number of road accidents is expected to propel the growth of the refinish paint market going forward. Road accidents, also known as traffic collisions or motor vehicle accidents, involve one or more vehicles on a public roadway that harm people, property, or both. The rising number of accidents is due to traffic congestion, distracted driving, and impaired driving. Refinish paint is used to restore the vehicle’s exterior appearance to its pre-accident condition. This involves matching the original color and finish of the vehicle, which is essential for aesthetic consistency and maintaining the vehicle’s value. For instance, in March 2024, according to Eurostat, an Europe-based statistical office of the European Union, in 2022, there were 20653 people killed in Europe by road accidents, up from 3.7% compared to 19917 in 2021. Therefore, the rising number of accidents is driving the growth of the rising number of accidents market.
What is the segmentation for the refinish paint market?
The refinish paint market covered in this report is segmented –
1) By Product Type: Solvent Borne, Waterborne, Powder
2) By Coating Type: Polyurethane, Epoxy, Acrylic, Other Coating Types
3) By Vehicle: Passenger Car, Light Commercial Vehicle, Bus, Truck
4) By Application: Clearcoat, Basecoat, Primer, Sealer
Subsegments:
1) By Solvent Borne: Alkyd-Based Paints, Epoxy-Based Paints, Acrylic-Based Paints
2) By Waterborne: Water-Based Acrylic Paints, Water-Based Epoxy Paints
3) By Powder: Thermosetting Powder Coatings, Thermoplastic Powder Coatings
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Who are the most influential companies in the refinish paint market?
Major companies operating in the refinish paint market are BASF SE, Mitsubishi Chemical Corporation, Sherwin-Williams Company, Evonik Industries AG, Covestro AG, PPG Industries Inc., Arkema S.A., AkzoNobel NV, Nippon Paint Holdings Co Ltd., Wacker Chemie AG, KCC Corporation, Axalta Coating Systems Ltd., Valspar Corporation, Kansai Paint Co Ltd., Jotun Group, Cytec Industries Inc., Berger Paints India Limited, Rust-Oleum Corporation, Hexion Inc., Allnex Group, TOA Group Company Limited, Momentive Performance Materials Inc., Diamond Vogel Paints, Dunn-Edwards Corporation, Hempel A/S
What are the most influential trends expected to drive the refinish paint market forward?
Major companies operating in the refinish paint market are focusing on developing solutions with basecoat technology, to gain a competitive edge in the market. Basecoat technology refers to the layer of paint applied after the primer and before the clearcoat in the automotive refinishing process. For instance, in August 2022, Axalta Coating Systems Ltd., a US-based paint and coating manufacturing company, launched CromaxGen, a new next-generation basecoat technology for the automotive refinish industry. This innovative product offers unique features such as precise color formulas, productivity enhancements, and cost optimization to increase productivity and optimize costs for body shops in Latin America.
What are the major regional insights for the refinish paint market, and which region holds the top position?
Asia-Pacific was the largest region in the refinish paint market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the refinish paint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Refinish Paint Market Report 2025 Offer?
The refinish paint market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Refinish paint, also known as refinishing paint, refers to a type of paint specifically designed for restoring or updating the appearance of surfaces that have been previously painted or coated. This paint is used in the automotive industry to repair and refinish vehicles after damage or wear to ensure the repaired areas match the original paint color and finish.
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