Refinish Paints Market: Introduction

Refinish paints are made from resins, additives, solvents, and pigments. The resin binds and holds all the pigments together. The refinish paints industry is a raw material intensive industry. Rise in demand for passenger & recreational vehicles, implementation of new technologies, increase in disposable income, growth in the number of road accidents and inclination of vehicle owners to repair their vehicles after collisions are anticipated to drive the global refinish paints market. Volatility in raw material costs, dearth of skilled professionals, and environmental issues regarding solventborne paints are key restrains to the market.

Refinish Paints Market: Segmentation

Global refinish paint market can be segmented based on resin, vehicle type, technology, and region. In terms of resin, the refinish paints market can be divided into polyurethane resins, epoxy resins, acrylic resins. Polyurethane resin coating provide superior finish and resistance to corrosion, UV rays, and chemicals. It requires less maintenance due to superior strength. These attributes of the resin are anticipated to boost the demand for polyurethane resins during forecast period.

Based on vehicle type, the global refinish paints market can be segregated into light commercial vehicles, heavy commercial vehicles, busses, and passenger cars. The passenger cars segment is projected to dominate the refinish paints market due to the increase in demand for passenger car globally. Additionally, the trend of customization of cars and rise in income of middle class population propel the refinish paints market.

In terms of technology, the refinish paints market can be categorized into solventborne and waterborne. Solventborne refinish paints provide netter finish in terms of glossiness and uniform film formation and strong resistance to deformation of layer. These factors drive the solventborne segment. However, shift from solventborne refinish paints to waterborne refinish paints or powder coatings is increasing due to environmental norms in the US and countries in Europe .

Refinish Paints Market: Region

In terms of region, the global refinish paints market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to continue to dominate the refinish paints market during the forecast period due to high disposable income and inclination of vehicle owners to repair their vehicles after collision.

The refinish paints market in Asia Pacific is anticipated to expand at a considerable pace during the forecast period. Demand for passenger vehicles and recreational vehicles is rising in developing economies such as China and India. Furthermore, rise in disposable income and rapid urbanization are expected to drive the demand for passenger vehicles in these countries during the forecast period. Various global refinish paints market are planning to set up their manufacturing units in this region. This, in turn, is estimated to boost the refinish paints market in Asia Pacific

Refinish Paints Market: Competitive Landscape

Manufactures operating in the refinish paints market adopt various strategies such as mergers and acquisitions, expansion of product line, joint ventures, and collaborations to increase their share in the refinish paints market.

Major players operating in the global refinish paints market include Akzo Nobel N.V., Donglai., Novol SP. Z o.o., Noroo Paint & Coatings Co., Ltd. (subsidiary of noroo holdings co., ltd.), the Lubrizol Corporation, Nippon Paint Holdings Co., Ltd. , KCC Corporation., Mipa SE, Cresta Paint Industries LTD., The Sherwin-Williams Company, Alpscoating., Guangzhou Zhenroumei Chemical Coating Limited, KAPCI Coatings, PPG Industries, Inc. , BASF SE, 3M, Axalta Coating Systems, LLC, and Kansai Paint CO.,LTD. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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