Refinished Paint Market Size, Share, Trends, Growth 2032

Refinished Paint Industry Prospective:

The global refinished paint market size was evaluated at $9 billion in 2023 and is slated to hit $11 billion by the end of 2032, with a CAGR of nearly 4.9% between 2024 and 2032.

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 Refinished Paint Market: Overview

Refinished paint is designed to restore the original appearance of various surfaces damaged or torn out. It finds a plethora of applications in the marine, automotive, and industrial sectors for repairing scratches, fading, and chips, as well as other imperfections of surfaces. Reportedly, these products are formed to match the original color and finishing of the surface that needs repair, thereby ensuring a visually appealing & professional look of the surface. For the record, refinished paints are available in metallic, gloss, and matte.  

Key Insights

• As per the analysis shared by our research analyst, the global refinished paint market is projected to expand annually at the annual growth rate of around 4.9% over the forecast timespan (2024-2032)
• In terms of revenue, the global refinished paint market size was evaluated at nearly $9 billion in 2023 and is expected to reach $11 billion by 2032.
• The global refinished paint market is anticipated to grow rapidly over the forecast timeline owing to an increment in the production and sale of automobiles has led to a humungous demand for refinished paints.
• In terms of resin type, the polyurethane segment is slated to register the highest CAGR over the forecast period.
• Based on technology, the water-borne segment is predicted to contribute majorly towards global industry surge in the ensuing years.
• On the basis of layer, the clearcoat segment is expected to dominate the market size in the coming years.
• Based on end-user, the automotive segment is anticipated to lead the segmental growth over the analysis period.
• Region-wise, the European refinished paint industry is projected to register the fastest CAGR during the assessment timespan.

Refinished Paint Market: Growth Factors

A surge in vehicle manufacture to boost the market expansion across the globe over 2024-2032

An increment in the production and sale of automobiles has led to a humungous demand for refinished paints, propelling the global refinished paint market surge. With a rise in the number of vehicles on the road, there is a requirement for their maintenance & repairs, which will prop up the global market trends.

In addition, an increase in vehicle ownership, along with an escalating need for customization of the products, will prompt global market trends. Breakthroughs in refinishing paint technologies are expected to embellish the expansion of the global market. A high focus on sustainability has led to the manufacture of eco-friendly products, thereby driving the market space in the years ahead.  

Refinished Paint Market: Restraints

Inefficient supply chain activities leading to scarce raw material availability to restrict the global industry surge  

Supply chain oscillations and the scarce availability of skilled labor have inhibited the expansion of the global refinished paint industry. Furthermore, achieving accurate color matching has proved to be a huge challenge for the automotive refinishing sector, thereby hindering the growth of the global industry.  

Refinished Paint Market: Opportunities

Launching new coatings and an increase in demand for hybrid vehicles can generate new panoramas of growth for the global market

Technological breakthroughs in coating formulations and a rapidly aging fleet are a few of the major factors that are likely to open new vistas of growth for the global refinished paint industry.

Furthermore, the flourishing electric vehicle sector and the use of digital technologies in the coatings sector will prop up the global industry expansion. The need for value-added services such as mobile repair services and an increase in the collaboration among insurance firms and automotive manufacturers will sketch a favorable roadmap for the global market.   

Refinished Paint Market: Challenges

Surging prices of products can challenge the global industry surge over the coming eight years

Oscillations in raw material costs and competition from substitute repair methods such as paint-less dent repair & plastic welding can challenge the swift growth of the global refinished paint industry. Growing costs of refinished paints have further posed a big threat to the expansion of the global industry.

Refinished Paint Market: Report Scope

Refinished Paint Market: Segmentation

The global refinished paint market is divided into resin type, technology, layer, end-user, and region.                             

In terms of resin type, the refinished paint market across the globe is segmented into polyurethane, epoxy, and acrylic segments. The polyurethane segment, which accrued nearly half of the global market revenue in 2023, is predicted to register the fastest CAGR from 2024 to 2032 as a result of excellent performance, versatile nature of polyurethane, and constant innovation in polyurethane technology. 

Based on technology, the global refinished paint industry is sectored into water-borne, powder, and solvent-borne segments. Furthermore, the water-borne segment, which accounted remarkably for the global industry size in 2023, is likely to lead the global industry in the next few years owing to its sustainable nature and the ability of water-borne paints to reduce volatile organic compound emissions.

Moreover, strict implementation of environmental laws has boosted the acceptance of water-borne paints, thereby embellishing the growth of the segment. Constant research on improving water-borne paint formulations to improve the latter’s performance has driven the segmental surge.        

On the basis of layer, the refinished paint market globally is divided into sealer, primer, clearcoat, and basecoat segments. Moreover, the clearcoat segment, which led the global market space in 2023, is expected to proliferate the size of the market globally over the forecast period. The growth of the segment can be credited to the humungous demand for durable & high-gloss finishing, which leads to a rise in the sale of clearcoats of high quality. Reportedly, clearcoats help improve the complete appearance of the surface as well as the aesthetic appeal of automobiles.

Based on the end-user, the refinished paint industry across the globe is bifurcated into automotive, aerospace, industrial, and marine segments. In addition, the automotive segment, which registered the highest rate of annual growth in 2023, is anticipated to lead the segment in the upcoming years. The growth of the segment can be due to a prominent increase in road collisions, wear & tear, and customization of vehicles.       

Refinished Paint Market: Regional Insights

Asia-Pacific is projected to maintain a key position in the global market over the analysis timeline

Asia-Pacific, which accounted for nearly 70% of the global refinished paint market size in 2023, is expected to lead the global market during the forecasting timeline. In addition, the exponential expansion of the market in APAC in the next seven years can be credited to the presence of key vehicle manufacturing firms in countries such as India, China, Malaysia, Thailand, Indonesia, Japan, and South Korea.

Moreover, a surge in the disposable income of the middle-income group population in Asia has led to massive sales of consumer goods such as vehicles, which require constant repair and paints, thereby steering the growth of the market in the region.    

The European refinished paint industry is set to record the highest CAGR in the forecast period. The swift progress of the industry in Europe can be credited to the presence of giant automotive firms such as Volkswagen AG, Mercedes-Benz, Rolls-Royce, Renault, BMW, and Porsche in European countries. Apart from this, demand for personalization of vehicles and favorable insurance policies are likely to boost the growth of the industry in the region.       

Refinished Paint Market: Competitive Space

The global refinished paint market profiles key players such as:

• Kansai Paint
• Sherwin-Williams Company
• AkzoNobel S.A.
• PPG Industries Limited
• BASF SE
• Nippon Paints
• Axalta Coating Systems
• RPM International Inc.
• Asian Paints Ltd.
• Jotun

The global refinished paint market is segmented as follows:

By Resin Type

• Polyurethane
• Epoxy
• Acrylic

By Technology

• Water-Borne
• Powder
• Solvent-Borne

By Distribution Channel

• Sealer
• Primer
• Clearcoat
• Basecoat

By End-User 

• Automotive
• Aerospace
• Industrial
• Marine

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa