Refinish Paints Market

Refinish Paint Market Outlook (2023 to 2033)

The global refinish paint market is estimated at US$ 8.8 billion in 2023 and is projected to reach a market value of US$ 14.5 billion by the end of 2033. Global market is anticipated to increase at a CAGR of 5.1% from 2023 to 2033.

Refinish paints are used at an increased rate in the automobile industry to add an extra layer of protection to vehicles. The rising rate of purchase for different luxury cars is serving as one of the pivotal factors, which is expected to augment growth opportunities in the target market.

Refinish paints are manufactured from the fraternization of numerous raw materials, including resins, solvents, binders, and pigments. Solvents are frequently used to decrease the viscosity and price of paints. Binders are generally characterized as oils, resins, and plasticizers, which offer prevention against the corrosion of paints.

Refinishing in woodworking and decorative art refers to repairing or reapplying the wood finishing on different objects. Refinished paints can be applied to the lacquer, varnish, wood finish top coat, and paint. In recent years, the growing sale of automobiles around the world has been bolstering the demand for refinish paints across the globe.

Furniture is coated with refinish paints to avoid any sort of damage to the wood. Thus, the increasing requirement to protect products or automobiles from external damages along with increasing their overall lifespan can serve as prominent factors to boost lucrative opportunities in the target industry.

There are numerous advantages, which are associated with various refinish paints. Better durability, enhanced performance, and safety are some key merits of refinish paints. The global market is bifurcated based on resin type, technology, and end-use.

Based on resin type, the market is segmented into epoxy, polyurethane, acrylic, and others. Solvent-based, water-based, and powders are types of refinish paints based on technology. Refinish paints are utilized at a significant rate in light commercial vehicles, passenger cars, buses, and trucks.

The global market is fragmented on account of the presence of numerous manufacturers. Product quality improvements, product innovations, and some other strategies are also incorporated by industry players. Investments by players in research and development activities to provide more quality products are also expected to contribute to market expansion.

The recently published research report by Fact.MR, a provider of market research and competitive intelligence, provides an elaborate overview of the industry and its prominent growth trajectories. It includes drivers, challenges, new growth opportunities, and restraints. The report also highlights the tactics, which are adopted by players to attract revenue over the forecasted time.

Report Attributes	Details
Market Size in 2023	US$ 8.8 Billion
Forecasted Market Value (2033)	US$ 14.5 Billion
Global Market Growth Rate (2023 to 2033)	5.1% CAGR
Canada Market Growth Rate (2023 to 2033)	4.2% CAGR
Germany Market Growth Rate (2023 to 2033)	3.9% CAGR
Key Companies Profiled	Axalta Coating Systems Cresta Paint Industries Ltd. James Briggs Ltd. KCC Corporation Nippon Paint Holdings Co. Ltd. PPG Industries, Inc. The Sherwin-Williams Company The Lubrizol Corporation

Why is Demand for Refinish Paints Rising Steadily?

“Increasing Use of Refinished Paints in Aerospace and Automotive Industries”

Automotive and aerospace industries hold a noticeable share of the market due to the increasing requirement for regular maintenance of products. Paints can also recover damages caused by any external sources, including accidental damages, extreme temperatures, etc.

Increasing adoption of some innovative technologies and rising accidents in developing economies are projected to boost sales of refinish paints. Thus, the growing requirement for refinish paints in the aerospace and automotive industries is predicted to drive their sales.

“Multiple Advantages of Refinished Paints”

Refinished paints ensure the protection of the surface from stains, scratches, heat, radiation, rust, and others. These also protect the surface from extensive environmental parameters and thus help in generating higher sales.

Various applications of refinish paints in industries such as aerospace, furniture, and automotive are estimated to propel their demand over the coming years.

“Rising Per Capita Income Resulting in Increased Expenditure on Luxury Products”

The per capita income of people is increasing at a remarkable rate. A rising inclination for an improved standard of living is also leading to increased investment in luxury products such as cars and luxury vehicles. Thus, the rising per capita income of people is an important factor contributing to the rising demand for refinished paints in the automobile industry.

Which Factors Act as Constraints for Manufacturers of Refinish Paints?

“Imposition of Government Regulations on Use of Highly Volatile Organic Compound Level Coatings”

The imposition of government regulations on the utilization of highly volatile organic compound-level coatings poses a challenge to market expansion.

“Lack of Skilled Technicians and High Cost of Refinish Paints”

Consumers of refinish paints encounter various significant issues, especially labor efficiency or lack of skilled technicians. The demerits related to refinish paints have led to limited adoption of paints across the globe. The high installation cost of refinish paints is also expected to adversely impact the growth of the market.

What is Generating High Demand for Refinish Paints in Asia Pacific?

“Presence of Key Automobile Manufacturers in Asia Pacific”

North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa are key geographical areas generating demand for refinish paints. Among these, Asia Pacific is holding a dominating position based on sales of refinish paints around the world.

Increasing sales of various pre-owned vehicles and growing cab services are stimulating the demand for refinished paints in the region. The rising requirements for timely servicing of vehicles can also account for increased sales of refinish paints. The presence of key OEMs (original equipment manufacturers) and automobile manufacturers in Japan and India is anticipated to augment growth in the Asia Pacific market for refinished paints.

Country-wise Insights

Which Factor Boosts Sales of Refinished Paints in Japan?

“Prominent Automobile Industry in Japan”

Sales of refinish paints are anticipated to progress at a CAGR of 3.2% from 2023 to 2033 in Japan. The presence of some leading manufacturers of automobiles in Japan is expected to fuel demand for refinished paints over the coming 10 years.

What are the Growth Prospects for the United States Market for Refinished Paints?

“Growing Demand for Sustainable and Environment-friendly Paints”

The United States market was valued at US$ 2.2 billion in 2022. The increasing demand for sustainable and environment-friendly paints in the automobile industry is serving as a key factor to create lucrative opportunities for the growth of the industry.

In recent years, people from the United States have been opting for sustainable and environment-friendly refinish-painted furniture. Thus, these above-mentioned factors are projected to boost sales of refinish paints in the United States.

Why are Refinish Paints Gaining Popularity in Germany?

“High Use of Refinish Paints in Automotive Industry”

Demand for refinish paints is projected to expand at a CAGR of 3.9% from 2023 to 2033 in Germany.

Rising use of refinish paints in automotive repair centers and body shops for vehicle refinishing is expected to propel their demand. Automotive vehicles require frequent repair services to recover damages, which are caused by some external factors such as extreme temperatures, accidents, etc. Refinish paints are also used to improve the appearance of vehicles.

Category-wise Insights

Which Resin Type is Preferred for Manufacturing Refinish Paints?

“Polyurethane Refinish Paints Account for Substantial Revenue Generation”

Based on resin type, the global market is bifurcated into polyurethane, acrylic, epoxy, and others. Among these, polyurethane is estimated to hold a noteworthy share of the revenue portion. The segment is anticipated to progress at a CAGR of 5.9% through 2033 and reach a value of more than US$ 5.3 billion by the end of 2033.

Competitive Landscape

Providers of refinish paints invest a handsome amount to strengthen their systems for supply chain management and deliver quality products. Various other initiatives are taken by refinish paint manufacturers to maintain product standards.

Acquisitions and new developments are some noticeable strategies, which are incorporated by suppliers of refinish paints to get a competitive edge in the target market.

For instance :

• In 2021, Sherwin Williams announced the acquisition of the industrial coating business of Sika.
• In 2021, Axalta Coatings launched a novel range of coatings, which are specially designed for electric vehicles. These coatings provide better advantages, including durability, safety, enhanced performance, and some others.

Key manufacturers of refinish paints are Axalta Coating Systems, Cresta Paint Industries Ltd., KCC Corporation, Nippon Paint Holdings Co. Ltd., PPG Industries, Inc., James Briggs Ltd, The Sherwin-Williams Company, and The Lubrizol Corporation.

Segmentation of Refinish Paints Industry Research

• By Resin :

  • Polyurethane
  • Epoxy
  • Acrylic
  • Others

• By Technology :

  • Solvent-borne
  • Water-borne
  • Powders

• By End Use :

  • Passenger Cars
  • Light Commercial Vehicles
  • Trucks
  • Buses

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa