Refinish Paint Market to be Worth $8.5B by 2022
Dec.14, 2017—MarketsandMarkets has found that the refinish paint market is projected to be worth $8.5 billion by 2022; a growth of 18 percent from $7 billion in 2017.
The growth of the market is due to increasing demand for cars, high collision rate, rising income of the middle-class population and the propensity of car owners to repair their vehicles past collision.
The market, based on layer (clearcoat, basecoat, primer and sealer), resin (PU, epoxy and acrylic), technology (waterborne, solventborne and powder), vehicle (passenger cars, commercial vehicles), and region, has found that the clearcoat segment is expected to be the largest of the market, in terms of volume.
Based on resin, the polyurethane segment is projected to witness the highest growth and based on technology, solvent-borne coating is projected to be the largest segment of the market during the forecast period.