According to a recent market study published by Growth Market Reports titled, "Latin America Automotive Refinish Market by product types, resin types, technology used and by countries: Size, Share, Trends and Opportunity Analysis, 2017-2027", the market was valued at USD 835.3 Million in 2019 and is expected to grow at a healthy growth rate of 4.1% by the year 2027. The automotive refinish market is anticipated to grow significantly during forecast period. The use of automotive refinish across automotive industry is growing. Automotive industry is widely using automotive refinish to enhance the durability and appearance of a vehicle and as a protective layer for outer body of an automobile.

Latin America automotive refinish market has been fragmented based on product types, resin types, technology used and by region. In terms of product types, the Latin America automotive refinish market is categorized as Primer, Basecoat, Filler, Topcoat, and Others. Based on resin type, the market is classified as Acrylic, Alkyd, Polyurethane, and Others. Depending on technology used, market is segmented as Waterborne, Solvent borne, and UV-cured. By countries Latin America automotive refinish market is segmented as Brazil, Mexico, Argentina, Uruguay, Chile, Peru, Colombia, Ecuador, Costa Rica, Honduras, Guatemala, and Rest of Latin America.

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The effect of COVID-19 pandemic situation has led to the closure of several non-essential businesses reducing the demand for industrial goods in the world, which in turn, is affecting several industries worldwide. The COVID-19 pandemic has slowed down the production activities across automotive refinish products manufacturing units worldwide, the demand for automotive refinish has declined throughout the pandemic.

As people are spending more time at home due to lockdown there are less vehicles on street which is causing less accidents which in turn as reduced the demand for automotive refinish. Moreover, industries such as automobile industry aftermarket services have halted temporarily around the region of Latin America during the lockdown period. The crisis is likely to force some companies to think about changing their business models. Regarding the automotive refinish market as demand has been growing at low growth rate during pandemic situation, production of automotive refinish products has been stopped or halted and the market is expected to witness sluggish growth post COVID.

As per Growth Market Reports industry analyst Akshay Udavant “The increasing expenditure on refinishing the vehicles and modifying the vehicles is anticipated to drive the growth of Latin America automotive refinish market significantly. Moreover, the rising awareness about safety measures in automobile paint producing industries and growing popularity of sustainable automotive paints are anticipated to create lucrative opportunity for Latin America Automotive Refinish market during forecast period.”

Key Takeaways from the Study

  • Brazil holds highest share of automotive refinish market in Latin America. Presence of leading players in Brazil who are producing and distributing automotive refinish products is also helping the automotive refinish market to grow in the country. Brazil ranks first in terms of automotive paints and coating production. Production of refinish products is growing rapidly in Brazil from last decade owing to it high demand. This is driving the automotive refinish market.
  • In terms of Product Type, the Latin America automotive refinish market is segmented as Primer, Basecoat, Fillers, Topcoat, others. The topcoat segment accounts for a major share of the market and is anticipated to expand at a considerable CAGR during the forecast period.
  • The market is consolidated due to the presence of limited global players who have a strong network with regional distributors and suppliers. This increases competition among players operating in the automotive refinish paint market.

Report Scope

Report Metric

Details

Market Value in 2019

USD 835.3 Million

Market Growth Rate (from 2020 to 2027)

4.1%

Historical Data

2017 & 2018

Base Year

2019

Forecast Period

2020 – 2027

Market Segments

Product Types, Resin Types, Technology Used.

Regional Scope

North America, Europe, Latin America, Asia Pacific, Middle East & Africa (MEA)

Country Scope

Brazil, Mexico, Argentina, Uruguay, Chile, Peru, Colombia, Ecuador, Costa Rica, Honduras, Guatemala, Rest of Latin America

Key Companies Profiled

3M, AkzoNobel, Axalta Coating Systems, LLC, BASF SE, Covestro AG, KAPCI Coatings, Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., The Sherwin-Williams Company, Roberlo, Cabot Corporation, Kansai Paint Co. Ltd, Mitsui Chemicals, NOROO Paint and Coatings, Sinteplast

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Supply-side: Automotive Refinish products manufacturers, raw material suppliers, primary respondents, and distributors,
  • Demand Side: Automobile industry, automotive refinish industry, automobile aftermarket industry, and automobile modification industry.
  • Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies.
  • Associations and Industry Bodies: The International Council on Clean Transportation (ICCT), Autocare Association, environment protection agency (EPA). International Organization for Standardization (ISO).