The automotive refinish market involves the sales of automotive paints, coatings and related products that are used to repair minor to major damages to automotive bodies and refinish their paints without replacing body panels. Refinish coatings help restore the surfaces of cars, trucks and other vehicles to their original color after accidents or rust and wear. These coatings protect vehicles from environmental damages and improve aesthetics.
Global automotive refinish market is estimated to be valued at USD 13.25 Billion in 2025 and is expected to reach USD 20.74 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.6% from 2025 to 2032.
Key Takeaways
Key players operating in the automotive refinish market are Akzo Nobel N.V., Axalta Coating Systems, LLC, BASF SE, Berger Paints India Limited, Covestro AG, Donglai Coating Technology (Kunshan) Co., Ltd., Hebei Chenyang Industry & Trade Group Co., Ltd., Kansai Paint Co., Ltd., Mipa SE, Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., Sherwin-Williams Company, Solvay S.A., Speedokote LLC, and Valspar Corporation. Axalta Coating Systems and PPG Industries collectively command over a quarter of the global automotive refinish market.
The rising number of car accidents and insurance claims is driving Automotive Refinish Market Demand globally. In addition, increasing vehicle age and average miles driven are necessitating more repair and maintenance activities worldwide, which require refinishing paints and coatings.
Geographically, the automotive refinish market is expanding rapidly in Asia Pacific due to the growing vehicle parc and rising consumer spending in China and India. Leading global players are investing heavily in developing markets to tap the growth opportunities.
Market Key Trends
Waterborne coatings are gaining tremendous popularity in the automotive refinish industry as they emit lower VOC and are more environment friendly. Strict regulations regarding VOC emissions from refinish products are propelling manufacturers to shift from solvent-borne to waterborne technologies. Waterborne coatings account for over half the refinish coatings market currently and their market share is projected to increase further in the coming years.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the automotive refinish market is low as it requires large investments and established supply chains.
Bargaining power of buyers: The bargaining power of individual buyers like body shops is low compared to large automotive refinish suppliers due to the dependence on suppliers.
Bargaining power of suppliers: Leading paint and coatings suppliers like Axalta and PPG have significant bargaining power over body shops due to their large market shares and brands.
Threat of new substitutes: There is a constant threat of new substitutes like aftermarket parts posing a competitive threat.
Competitive rivalry: The automotive refinish market is highly competitive with major global players competing through innovation and expansion to body shops.
Geographical concentration: Currently, North America accounts for the largest share of around 35% of the global automotive refinish market value majorly due to the large vehicle parc in the US. However, the Asia Pacific region is witnessing rapid growth in the automotive refinish market led by China and India. These countries are the largest automobile producers with increasing road accidents and average age of vehicles driving the need for refinishing.
Fastest growing region: The Asia Pacific region, especially India and Southeast Asian countries, are poised to be the fastest growing regions in the automotive refinish market during the forecast period. This is attributed to factors like rising vehicle ownership, growth in infrastructure like highways and road networks leading to more wear and tears, development of auto ancillary industries and initiatives against counterfeits. Additionally, presence of major auto manufacturers and their supplier base will continue supporting the market growth.
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