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.