AUTOMOTIVE REFINISH MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In April 2024, BASF's Coatings division, a global leader in the development and production of innovative automotive coatings based in Germany, introduced a new portfolio of eco-efficient clearcoats and undercoats. This advanced portfolio offers higher quality and increased productivity while contributing to a significant reduction in CO2 emissions. With this comprehensive range of products, BASF aims to support body shops in enhancing profitability and sustainability.
• In August 2023, PPG Industries, a global leader in paints, coatings, and specialty materials headquartered in Pittsburgh, introduced an advanced waterborne paint system specifically designed for automotive refinish applications. This innovative system offers improved color matching and reduced environmental impact, aligning with the company's sustainability goals and enhancing the efficiency of automotive refinishing processes.
• In September 2021, Axalta Coating Systems completed the acquisition of "U-POL" Holdings Limited, a move that significantly enhances its growth strategy. The acquired firm, known for its accessories, automotive refinish coatings, aerosols, and other automotive industry products, will enable Axalta to expand its target market within the automotive refinish coatings sector.
• In February 2020, AkzoNobel, a leading global paints and coatings company headquartered in the Netherlands, signed a supply agreement with BMW Group to provide vehicle refinish products and services at 44 locations worldwide. This agreement allows the use of AkzoNobel’s premium Sikkens and Lesonal brands for paint repairs on BMW and Mini Cooper vehicles at authorized dealers and BMW Group branches.