Automotive Refinish Coating Market Share

North America Market Analysis

North America in automotive refinish coating market is projected to dominate over 30.7% revenue share by 2037. The inflated automobile industry of this region is propelling the industry to expand. Increased vehicle ownership is subsequently growing the number of collisions. Thus, the surge in refurbishing services, such as refinishing has also multiplied. The region owns global market leaders including PPG Industries, Axalta Coating Systems, BASF, and others, who are contributing to technical development. In May 2024, PPG announced an investment of USD 0.3 billion to build a new paint and coatings manufacturing facility in Tennessee. The facility will accommodate an advanced manufacturing plant to produce high-quality coating solutions.

The U.S. is augmenting the market to present significant growth. The rise of DIY automobile repair and refinishing projects is fueling the industry with lucrative opportunities. Evolving consumer preferences about old vehicle restorations are leveraging the demand for specialized refinish products. Cost-effective solutions are reshaping the growth dynamics. In April 2024, BASF launched the Glasurit 100 Line which can be a cost-effective option for car body shops. The usage of 100 Lines can reduce process timing by 40% and material input by 30%, resulting in expense reduction. The availability of such budget-efficient options are encouraging for more innovative solutions.

The Canada automotive refinish coating market is poised to generate remarkable revenue. Easy and high-performance applications have made coating solutions popular for DIY projects. Frequent need for vehicle repair due to harsh weather conditions, leading to increased demand for refinishing services. According to an AIA Canada report published in March 2023, the aftermarket, including repair of the automobile industry is worth over USD 37.8 billion. The country embarks on further development such as UV-cured coating in refinishing coating solutions. Enhanced efficiency for implementing coatings has influenced the market to grow more.

APAC Market Statistics

The Asia Pacific automotive refinish coating market is estimated to experience significant growth during the forecast period. The growing adoption of autonomous technologies in the automobile industry is fueling the sector. The shift of consumer trends and regulatory development toward sustainability has inspired the penetration of bio-based materials. The expanding distribution network of raw materials is also captivating foreign investments. Regulations on VOC emissions are pushing manufacturers to introduce eco-friendly refinish coatings. In April 2024, BASF launched eco-efficient clearcoats and undercoats in this region. The new product portfolio offers higher productivity, reducing CO2 emissions.

India is emerging to be one of the largest consumer bases for the market. Global leaders are opting to grasp the investment and expansion opportunities in this country. In October 2023, PPG Asian Paints launched Cartisan, a state-of-the-art car detailing service provider in India. The launch was a strategic move to expand the automotive refinish portfolio in India market. The booming automobile and aftermarket sector due to increasing disposable income is creating lucrative growth opportunities. Rapid urbanization is driving the automotive industry to expand, additionally, rising demand for personalized refinish solutions.

China is growing to become one of the biggest resources for production in the  market. Overall economic growth is inspiring consumers to invest in personalized auto care products. Massive manufacturing facilities are also supporting local companies. Global leaders are also investing to serve the country's specific needs. In August 2024, BASF inaugurated the new application and technical center in Jiangmen, China. The expansion will focus on developing coating technologies to increase the energy efficiency of electric vehicles. This further, solidifies its portfolio by complying with the zero-emission target of China.