Introduction
The majority of automobile body shops and repair facilities employ automotive refinish coatings to refurbish cars. Along with rising demand for recreational vehicles and growth in serious vehicle incidents, the automotive refinish coatings industry also increases the durability and aesthetics of cars. Automotive refinish coatings include painting automobiles, trucks, or other vehicles partially or entirely as well as individual vehicle parts, frequently following mechanical or coachwork repairs.
The primary factor driving the market for automotive refinish coatings is the prevalence of traffic accidents and collisions, which necessitates the necessity for vehicle repair and maintenance. The market for automotive refinish coatings is also being driven by an increase in disposable income and an increase in consumer preference for aftermarket modifications of the vehicle. High solid formulations’ rising use in the automobile sector, which results in a high-quality finish and lower emissions, is another chance for the market for automotive refinish coatings to expand.
Meaning of automotive refinish coatings
Automotive refinishing refers to the coating of vehicles under the Standard Industrial Classification Code 7532 in auto body shops, auto repair shops, production paint shops, new car dealer repair and paint shops, fleet operation repair and paint shops, and any other facility that coats vehicles (Top, Body and Upholstery Repair Shops and Paint Shops). Included in this are dealer repairs for automobiles damaged during transport. It excludes refinishing procedures for other mobile equipment types, such as farm and construction machines, or their components, including partial body accident repairs, carried out after the initial coating was placed at an auto OEM facility.
Definition of automotive refinish coatings market
Automotive refinishing refers to the coating process used on new cars, aftermarket cars, motorbikes, light and medium-duty trucks, and vans at auto body shops, auto repair shops, production paint shops. Automotive refinish coatings also shield vehicles from hazardous weather and environmental elements like rain, hail, extremely high temperatures, and UV rays.
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Market size and share
Market growth is predict in the automotive refinish coatings sector from 2021 to 2028. During the aforemention projection period, the market is estimate by Data Bridge Market Research to be worth USD 10.5 billion and to increase at a CAGR of 5%. The expansion of the automotive refinish coatings industry is directly impact by the large number of traffic accidents throughout the world and the subsequent demand for vehicle repair and maintenance.
On the basis of resin type, coating technique, product, and vehicle age, the automotive refinish coatings market is divided into segments. The growth of these divisions will help you in scrutinize the industries’ humble growth sectors and will give users handy market analysis and industry judgment to aid in the selection of key market applications.
COVID-19 Analysis
There were indications of some industry degrowth before the pandemic. And the start of the Covid-19 epidemic and continuous lockdowns throughout the world only made problems worse. Market conditions were challenging in 2020 and 2021 as a result of slow economic growth and adverse consumer sentiment. As everyday life and manufacturing activity return to levels that are near to normal in all countries. There is confidence for a U-shaped economic recovery.
Market Dynamics
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Increasing trend of vehicle customization
The demand for finish coatings has affect globally by the growing trend of personalizing vehicles. Such as cars, and this trend is a major market driver. This trend has successfully allowed people to modify the appearance of their automobiles by applying coatings to the surface. The market for automotive refinish coatings is growing as a result of the increased durability and aesthetic appeal of automobiles made possible by coatings. Additionally, an expansion in the variety of coatings with low solvent content is anticipate to fuel market expansion.
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Coating application requires skilled personnel.
Applications of coating materials need the appropriate tools and a trained hand. Otherwise, it can cause an uneven application because of how rapidly this product hardens. To avoid contamination from dust and debris, the process must also perform in a dust-free environment. These contaminants might cause minuscule bumps that could damage the coating and paint of the automobile. As a result of rising raw material costs, strict governmental regulations. And other factors, it is anticipate that products with high levels of volatile organic compounds (VOC) may restrict market growth. Additionally, it is anticipate that the toxicity of some refinish coatings will spread in the environment. Which will hurt market expansion.
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