04.07.23
Increasing demand for refinish paints from the aerospace and automotive sectors is generating lucrative opportunities for refinish paint manufacturers. Fact.MR, a provider of market research and competitive intelligence, in its newly published research report, reveals that the global refinish paints market is anticipated to reach a valuation of US$ 14.5 billion by the end of 2033, expanding at a CAGR of 5.1% from 2023 to 2033.
There is a constant increase in the demand for regular maintenance of automobiles to retain the appearance and recover damages, which are caused due to external sources, including accidental damages, extreme temperatures, and others. The adoption of innovative technologies and rising accidents across developing economies are expected to generate lucrative opportunities in the target industry for market players.
Refinished paints ensure the protection of surfaces from UV, scratches, radiation, rust, heat, stains, and others. Refinish paints protect surfaces from extensive environmental parameters. The constant growth in the automotive industry is attributed to the increasing production of automobiles around the world.
Key Takeaways from Market Study
• The global refinish paints market is valued at US$ 8.8 billion in 2023.
• Sales of refinish paints are projected to reach US$ 14.5 billion by the end of 2033.
• Worldwide demand for refinish paints is estimated to increase at a CAGR of 5.1% from 2023 to 2033.
• The polyurethane segment is forecasted to reach a valuation of US$ 5.3 billion by the end of 2033.
“Rising utilization of refinished paints by automotive repair centers and body shops for the refinishing of vehicles is anticipated to generate lucrative opportunities for market players,” said a Fact.MR analyst.
There is a constant increase in the demand for regular maintenance of automobiles to retain the appearance and recover damages, which are caused due to external sources, including accidental damages, extreme temperatures, and others. The adoption of innovative technologies and rising accidents across developing economies are expected to generate lucrative opportunities in the target industry for market players.
Refinished paints ensure the protection of surfaces from UV, scratches, radiation, rust, heat, stains, and others. Refinish paints protect surfaces from extensive environmental parameters. The constant growth in the automotive industry is attributed to the increasing production of automobiles around the world.
Key Takeaways from Market Study
• The global refinish paints market is valued at US$ 8.8 billion in 2023.
• Sales of refinish paints are projected to reach US$ 14.5 billion by the end of 2033.
• Worldwide demand for refinish paints is estimated to increase at a CAGR of 5.1% from 2023 to 2033.
• The polyurethane segment is forecasted to reach a valuation of US$ 5.3 billion by the end of 2033.
“Rising utilization of refinished paints by automotive repair centers and body shops for the refinishing of vehicles is anticipated to generate lucrative opportunities for market players,” said a Fact.MR analyst.