Refinish Paint Market size is forecast to reach $5.4 billion by 2025, after growing at a CAGR of 4.8% during 2020-2025. Refinish paints are mainly used in Automotive, Aerospace and furniture works. Automotive vehicles and Airplanes need to be repaired frequently to enhance the façade and to recover the damages caused by external factors such as extreme temperature, stones, damage due to accidents and similar others. Increasing number of accidents and adoption of newer technologies in the developing economies are the major factors that are expected to boost the refinish paint market growth.

Key Takeaways

Asia-Pacific dominates the Refinish Paint market, as it is the largest consumer of refinish coatings.
Frequent repairing works to enhance the facade of automotive vehicles and Airplanes are driving the demand for Refinishing paints market in the APAC region.
Water borne coatings offer numerous advantages over solvent-borne coatings, making them a preferred choice. These coatings can cover a given area with a relatively smaller amount of product as compared to solvent-borne coatings due to superior technology used in their production. They exhibit low toxicity and VOC content, and possess good resistance to abrasion and heat. Additionally, water-borne coatings are recyclable.
The lack of skilled workers will be the small hurdles for Refinish paints market.

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Geography - Segment Analysis
Asia-Pacific region is the largest consumer of refinish paints globally. This is mainly due to increasing sales of pre-owned vehicles, growing cab services, and increasing vehicle repair and body shops in the region. Asia-Pacific market is increasing car parc, rising purchasing power and rise in number of road accidents will continue to lead the market during the forecast period, this is due to rising demand of vehicle customization. Emerging economies such as India, China, and different Southeast Asian countries are further attracting several global players to start their manufacturing base in Asia-Pacific, thus boosting global demand for refinishing paints. These manufacturers are competing to reach an extensive customer base in countries, such as China and India to cater the increasing demand for refinish coating.

Drivers – Refinish paints Market

Growing demand for automobiles.

Increasing adoption of sustainable and environment friendly products

 
Market Landscape

In 2019, the market of Refinish Paints has been consolidated by the top five players accounting for xx% of the share. Major players in the Refinish Paints Market are Axalta Coating Systems, PPG Industries, BASF, Akzonobel, Sherwin-Williams, and 3M among others.

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