Future Market Insights has released a new report on the automotive refinish coating market. The report estimates the refinish coating market to be valued at $11,544.3 million in 2024. The report predicts that the market value will have hit $19,352.3 million by 2034, progressing at a CAGR of 5.3%.
Key Takeaways from the Automotive Refinish Coating Market
- The automotive refinish coating market is anticipated to total $11,544.3 million in 2024.
- Expoxy-based segment is expected to lead the material type category in 2024 with a share of 51.9%.
- Base coat is the top product type for 2024, with an anticipated share of 35.8% in the same year.
- Automotive refinish coating demand is likely to progress at a CAGR of 5.9% in China in the estimated period.
- The market is anticipated to progress at a CAGR of 2.1% in the United Kingdom.
Growing environmental concerns among consumers are compelling them to prefer eco-friendly products over conventional products. Restrictions imposed by governments over the use of various environment-degrading products also have resulted in the consumer base of the market shifting to eco-friendly refinish coatings.
In North America, governments have imposed strict regulations on the use of solvent-based coatings as these coatings emit VOCs and fumes, which cause diseases and pollute the environment. This is expected to hamper the growth of the automotive refinish industry in the region.
Contrary to these regulations, the sales of water-based coatings are expected to grow. Eco-friendy, water-based coatings are expected to become the most preferred product type in the automotive refinish coatings market over the forecast period.
“The growing popularity of electric vehicles (EVs) supports the automotive refinishing market. Many EV owners want to enhance the distinctiveness of their vehicles with new coatings, further fueling market growth. As the automotive landscape evolves, the refinishing coating market is set to expand, driven by consumer preferences for customization, protection, and technological advancements,” said Nikhil Kaitwade, associate vice president at Future Market Insights, Inc.
Get full access to the report here.
