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North America Region To Witness Robust Growth In Refinish Paint Market for Automotive Through 2026

North America Region To Witness Robust Growth In Refinish Paint Market for Automotive Through 2026

The report "Refinish Paint Market for Automotive by Layer (Clearcoat, Basecoat, Primer, & Sealer), Resin (PU, Epoxy, & Acrylic), Technology (Waterborne, Solventborne & Powder), Vehicle (Passenger Cars, Commercial Vehicles), and Region - Global Forecast to 2022", The refinish paint market for automotive is projected to grow from USD 7.00 Billion in 2017 to USD 8.50 Billion by 2022, at a CAGR of 4.0% from 2017 to 2022. The growth of this market is driven by the increasing demand for cars, high collision rate, rising income of the middle-class population, and the propensity of car owners to repair their vehicles post any collision. In 2016, the passenger car segment accounted for the largest share of the overall automotive refinish coating market.

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Based on resin, the polyurethane segment is projected to witness the highest growth during the forecast period.

Polyurethane resins are widely used in clearcoat and basecoat. This resin helps formulate automotive coatings with higher gloss and excellent finish. The polyurethane resin based coating offers superior durability, thereby, lowering maintenance requirements significantly. The growth of polyurethane resin is also backed by its excellent resistance to UV rays, chemicals, and corrosion.

Based on technology, solventborne coating is projected to be the largest segment of the market during the forecast period.

Solvent borne coating dominates the overall automotive refinish coating market. Solvent borne coating technology offers higher gloss level and excellent adhesion when compared to other technologies. It is also less affected by environmental conditions such as temperature and humidity during the curing phase. However, due to stringent environmental regulations in North America and Europe, there is a shift from solventborne to waterborne and powder coating.

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Axalta (US), PPG Industries (US), BASF (Germany), Sherwin-Williams (US), Kansai Paint (Japan), Nippon Paint (Japan), KCC Corporation (Korea), and AkzoNobel (Netherlands) are some of the leading players in the refinish paint for automotive market.

Axalta (US) is one of the leading companies in the refinish paint for automotive market. The company offers refinish paint for various layers such as clearcoat, basecoat, primer, and sealer. The company has acquired High Performance Coatings (HIPIC) (Malaysia), and Metalak Benelux (Netherlands) to strengthen its market and enhance its technology portfolio.

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