Future Market Insights has released a new automotive refinish market report, titled Automotive Refinish Coatings Market by Material Type, Product, Vehicle, Technology, Commercial Vehicles, End Use & Region – Forecast 2023 - 2033. According to the report, the automotive refinish coatings market size is projected to be valued at $7.7 billion in 2023, and is expected to rise to $12.9 billion by 2033. The sales of automotive refinish coatings are expected to grow at a significant CAGR of 5.1% during the forecast period.
Due to the growth of this sector, numerous new automakers now provide a variety of distinctive models every year. Additionally, businesses frequently create eco-friendly models and charge reasonable costs for those vehicles. Emerging automotive refinish coatings market trends and the demand for improved infrastructure, logistics, and so on have pushed the automotive refinish coatings market to directly produce end-use products to meet the needs of such industries. Technological advances, combined with ongoing product development to improve the performance of refinish coatings, will drive market growth in the coming years. Furthermore, government efforts to reduce VOC emissions through the deployment of eco-friendly technology will create new market opportunities during the forecast period.
To increase the companies’ market position, major players in the market are concentrating on merger and acquisition strategies along with product development. To boost yearly turnover, the companies are still boosting their production capacity. For instance, AkzoNobel recently decided to expand its presence in Africa by signing a contract with Kansai Paint and starting its coatings-related operations there on June 1, 2022. With Kansai Paints, AkzoNobel will be able to build a foundation for future market expansion and generate €280 million in sales. Additionally, this partnership will emphasize commitment to innovation and sustainability, leading to the expansion of products and the provision of appropriate solutions for clients.
Tikkurila and its activities in the areas of governance, social responsibility, and the environment have been acquired by PPG Industries. This gave PPG access to additional growth opportunities due to an expanded selection of coatings products and emerging new technologies. With this acquisition, PPG has moved closer to its goal of reducing emissions by 15% by 2025, which is expected to open up more opportunities for the coatings sector.
Axalta Coating Systems, a supplier of liquid and powder coatings, announced in September 2021 that it had acquired U-POL Holdings Ltd. Since the acquired firm assisted them in offering accessories, coatings, aerosols, and products for the automobile industry, the acquisition of this company has produced a substantial advancement in the expansion strategy. The advantages of this acquisition and these products will enable Axalta to broaden its target market base into the refinish coatings sector, which is anticipated to experience rapid growth over the forecast period.
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