Refinish Paint Market is expected to Grow with a CAGR of 5.89% through 2030
The
growth of the refinish paint market is driven by increasing automotive sales,
the rise in vehicle repairs and maintenance, and the growing demand for
eco-friendly, durable, and high-performance paint solutions.
According
to TechSci Research report, “Refinish Paint Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2030F”, the
Global Refinish Paint Market was valued at USD 9.87 billion in 2024 and is expected to reach USD 14.04 billion by 2030 with a CAGR of 5.89% during the forecast period. AI and IoT technologies are enhancing the capabilities of refinish paint systems by enabling real-time data collection, predictive maintenance, and optimized performance. AI algorithms can analyze data from sensors and connected devices to optimize paint formulations, ensuring consistency and reducing waste. IoT-enabled paint systems allow for remote monitoring of equipment and inventory, improving operational efficiency and reducing downtime. These technologies also support greater customization, with AI helping to match paint colors more precisely, while IoT systems track and control environmental conditions during the application process to ensure optimal results. As a result, the integration of AI and IoT is not only increasing the speed and precision of refinish paint applications but also supporting the industry's shift toward sustainability and cost-efficiency.
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the "Global Refinish Paint Market.”
Based
on the Technology, Solventborne segment held the largest Market share in 2024.
The solventborne segment of the Refinish Paint Market is driven by several key
factors, including the superior performance characteristics of solvent-based
paints, their widespread use in automotive refinishing, and the continued
demand for high-quality, durable finishes. Solventborne paints offer excellent
adhesion, smooth application, and faster drying times compared to their
waterborne counterparts, making them a preferred choice for automotive and
industrial applications where quick turnaround times and high-quality results
are essential. The solventborne segment is particularly popular in the
automotive refinish industry, as these paints provide exceptional durability,
resistance to wear, and the ability to withstand harsh environmental
conditions, which is crucial for vehicles exposed to frequent use and varying
weather conditions. Additionally, solventborne paints are known for their
ability to provide high gloss and a smooth, professional finish, which is
highly desired in the refinish market for both commercial and personal
vehicles. The growth of the automotive aftermarket and the increasing number of
vehicle collisions in key markets such as North America, Europe, and the Asia
Pacific region also contribute to the demand for solventborne refinish paints,
as they are a popular choice for repairs and repaints. Furthermore, the
increasing trend of vehicle customization and the rise in demand for premium
finishes are fueling market growth in this segment. The ability of solventborne
paints to achieve complex color matches and provide vibrant, long-lasting
colors is another driving factor, especially as consumers demand more
personalized and aesthetically pleasing vehicles. Despite the increasing focus
on sustainability and the shift towards waterborne paints, the solventborne
segment remains resilient due to the high performance and reliability it
offers. Manufacturers continue to innovate within the solventborne segment by
developing low-VOC and eco-friendly formulations to address environmental
concerns while maintaining the superior qualities that make these paints
popular. Moreover, the solventborne refinish paints' compatibility with various
substrates, including metal, plastic, and composites, further broadens their
application scope, driving demand across multiple industries. The expanding
automotive production in emerging economies, particularly in the Asia Pacific
region, also plays a significant role in the continued growth of the
solventborne segment. As these regions witness a rise in disposable income and
an increasing number of vehicles on the road, the demand for automotive
refinish paints, including solventborne products, continues to expand.
Additionally, the growth of the industrial sector, including manufacturing and
machinery industries, also supports the demand for solventborne refinish
paints, as they are used for surface protection and finishing. Overall, the
solventborne segment in the Refinish Paint Market benefits from its superior
performance attributes, widespread industry adoption, and ongoing innovations,
ensuring its continued growth despite the growing emphasis on more
environmentally friendly alternatives.
Based
on the region, Asia Pacific is the fastest growing region in Refinish Paint
Market. The Asia Pacific region is the fastest-growing market for refinish
paint, driven by the rapid expansion of automotive and industrial sectors,
particularly in countries like China, India, Japan, and South Korea. As the
automotive industry in these nations grows, both in terms of production and
aftersales services, there is an increasing demand for high-quality refinish
paints used for vehicle repairs and refurbishing. The rise in vehicle ownership
and the growing trend of vehicle customization and repair services are also
fueling market growth. Additionally, the region’s expanding manufacturing base,
coupled with the need for maintenance and repainting of industrial equipment
and machinery, contributes significantly to the demand for refinish paints.
Furthermore, rapid urbanization, an increase in disposable incomes, and a rise
in infrastructure development in emerging economies have led to higher demand
for architectural and decorative paints, which also use refinishing products.
The shift towards eco-friendly, low-VOC, and sustainable paint options has
further driven innovation in the refinish paint market, as consumers and
manufacturers alike seek more environmentally responsible solutions.
Additionally, the growing trend of DIY vehicle repair and the expansion of
distribution networks for refinish paint products are also contributing to the
region's market growth, making Asia Pacific a key driver in the global refinish
paint industry.
Major
companies operating in the Global Refinish Paint Market are:
- Nippon
Paint Holdings Co.,
- RPM
International Inc.,
- Kansai
Paint Co., Ltd.,
- KCC
Corporation
- Noroo
Paint & Coatings Co.,
- KAPCI
Coatings Systems,
- BASF
SE
- PPG
Industries, Inc.
- Cabot
Corporation
- Berger
Paints India Limited
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“The
Global Refinish Paint Market is expected to rise in the upcoming years and
register a significant CAGR during the forecast period. The Refinish Paint
Market offers significant growth prospects, driven by the expansion of the
automotive repair and refurbishment sectors, particularly considering the
increasing vehicle population. The rising trend of DIY vehicle maintenance,
coupled with a heightened focus on vehicle aesthetics and demand for premium
finishes, is boosting market demand. Furthermore, innovations in
environmentally sustainable, low-VOC, and water-based paint formulations create
new opportunities for manufacturers to cater to the growing eco-conscious
consumer segment. The robust expansion of the automotive aftermarket industry,
combined with rising disposable incomes in emerging markets, further
strengthens the market's growth potential and opens new avenues for strategic
development. Therefore, the Market of Refinish Paint is expected to boost in
the upcoming years.,” said Mr. Karan Chechi, Research Director of TechSci
Research, a research-based global management consulting firm.
“Refinish
Paint Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
Segmented, By Resin (Polyurethane, Epoxy, Acrylic & Others), By Technology
(Solventborne, Waterborne & Powder), By Vehicle (Passenger Car, LCV, Truck
& Bus), By Layer (Clearcoat, Basecoat, Primer & Sealer), By Region, By
Competition, 2020-2030F”,
has evaluated the future growth potential of Global Refinish Paint Market and
provides statistics & information on the Market size, structure, and future
Market growth. The report intends to provide cutting-edge Market intelligence
and help decision-makers make sound investment decisions. The report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Global Refinish Paint Market.
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