Global Automotive Refinish Coatings market trends 2024, Forecast To 2033

The automotive refinish coatings market size has shown strong growth in recent years, rising from $9.22 billion in 2023 to$9.76 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period is attributed to automotive repair and maintenance, an increased number of vehicles on the road, an aging vehicle fleet, rising incidence of accidents, consumer preferences for aesthetics, and the global expansion of the automotive market. Looking ahead, the market size is expected to witness strong growth, reaching $12.24 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. This growth in the forecast period is driven by advancements in coating formulations, increased emphasis on sustainability, rising demand for high-performance coatings, digital color matching solutions, globalization of automotive repair chains, and changing consumer preferences. Major trends in the forecast period include technological advancements in coating formulations, waterborne coatings for environmental compliance, increased adoption of UV-cured coatings, growing popularity of matte finishes, rising adoption of clearcoat technologies, and increased investment in training and certification.