The 2022 global size for automotive refinish coatings market reached USD 9 billion, with an anticipated revenue Compound Annual Growth Rate (CAGR) of 5% throughout the forecast period, as per the latest report from Reports and Data.
A key driver behind the revenue growth in the automotive refinish coatings market is the increasing demand for cars, particularly in emerging economies like China, India, and Brazil. The rise in personal car ownership, fueled by greater disposable income, has led to a surge in auto sales. Consequently, there is a heightened interest among vehicle owners in maintaining and restoring their cars, driving the demand for automotive refinish coatings.
The market's revenue expansion is also influenced by the escalating costs associated with vehicle maintenance and repairs due to frequent use. Over time, regular vehicle usage results in wear and tear, including dings, scratches, and other damages. As a result, owners are turning to automotive refinish coatings to