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Sep 2, 2020 5:00 PM ET

Refinish Paint Market Size Forecast to Reach $5.4 Billion by 2025

Refinish Paint Marke

iCrowd Newswire - Sep 2, 2020

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.
Resin – Segment analysis 
Polyurethane resins consists the largest share in the Refinishing paint market. This resin helps formulate automotive coatings with higher gloss and excellent finish. The growth of polyurethane resin is backed by its excellent resistance to UV rays, chemicals, and corrosion. The polyurethane resin based coating also offers superior durability, thereby, lowering maintenance requirements significantly. Dow Chemical is expected to provide reactive PU plasticizers, which are considered to be useful for polyurethane moisture curing adhesives used in automotive glass bonding. Polyurethane wide range of automotive coating products portfolio ranges from automotive OEM & luxury vehicles coatings to commercial, agricultural, defense & plastic layers with auto-refinish paint manufacturers.
Formulation – Segment analysis
Waterborne paints are the mostly used refinishing paints, as it is less toxic and hazardous. Waterborne paints have been evaluated as alternatives to the Solvent based paints. The volatile organic compound (VOC) content of waterborne paints is significantly lower than conventional solvent based paints, thereby reducing VOC emissions waterborne paints are composed of synthetic resins and pigments that are kept dispersed in water by surfactants. They also contain small amounts of Coalescing Solvents waterborne paints, dry by evaporation of water. The coalescing solvents allow the resin particles to fuse together as the water evaporates to form a continuous coating. Waterborne paints must be protected from freezing and applied at a minimum temperature of 50 degrees Fahrenheit.
Waterborne paints reduce VOC emissions and worker exposure to hazardous air pollutants. These paints can also reduce the amount of hazardous waste generated depending on the type of paint used.
Application – Segment Analysis
Automotive sector has been the largest market for the Refinishing paint market. It is due to the widespread applications in the automotive sector for refinishing paints. Badische Anilin Und Soda Fabrik (BASF) a German chemical company introduces RODIM®, a new brand of paint-related products, which supports body shops in Japan to enhance their workflow and optimize the results for automotive refinishing. The comprehensive, user-friendly product portfolio offers protective wear and consumables needed for masking, sanding, mixing and painting in the refinish repair process.
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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.
In countries such as China, India, Japan are the huge market for automobiles sector. Since in these countries there is continuous growth in the automobile manufacturing sector. According to the annual report of OICA (International Organization of Motor Vehicle Manufacturers), for most vehicles manufactured in year 2018, China, India & Japan are in the top 20 countries around world. In which China has ranked 6th whereas India & Japan are ranked 14th and 18th respectively. So, in countries like these there is a chance of huge growth opportunity for Refinish paints market.
  • Increasing adoption of sustainable and environment friendly products
Stringent governments’ regulations towards using sustainable and environment friendly products is likely, to aid the refinish paint market, as waterborne paints are less toxic and hazardous than solvent-based paints. So, manufacturers are also looking more towards using sustainable products.
Challenges – Refinish Paints Market
  • Lack of Skilled Technicians
The lack of skilled technicians to apply these ever-increasingly complex coating systems had increased in last few years. So, Industries need to take it on notice to increase efficiency. According to Holmberg, the biggest challenges refinish customers face are related to efficiency and the workforce.

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Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Refinish Paints Market. 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.
Acquisitions/Technology Launches
  • In July 2017, The Sherwin-Williams Company completed the acquisition of Valspar Corporation. The acquisition has made the company one of the largest paints & coatings manufacturers in US.
  • In 2015, Axalta Coating System, commissioned a new manufacturing unit at Wuppertal, Germany to produce eco-friendly waterborne coatings. With this expansion, the company plans to address the growing demand for coatings in the Europe, Africa and Middle East markets owing to the centralized location of Wuppertal.
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.

Related Reports :

1. Automotive Refinish Coatings Market

2. Automotive Paint Additives Market

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