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Refinish Coatings Market: By Resin Type, By Technology, By Application and Region Forecast 2020-2031
Refinish Coatings Market size was valued at US$ 12,850.0 million in 2024 and is projected to reach US$ 20,365.8 million by 2031 at a CAGR of 6.8% from 2025-2031. Moreover, the U.S. Refinish Coatings Market is projected to grow at 6.6% over the forecast period.
The market, within the broader industrial coatings segment, encompasses specialty coatings formulated for the repair, restoration, or aesthetic enhancement of industrial equipment, machinery, and vehicles. These coatings are used to restore surface integrity, provide corrosion resistance, and improve the visual appearance of products in sectors such as automotive aftermarket, aerospace, marine, railways, and heavy machinery.
The market is driven by the need for maintenance and refurbishment of aging equipment, machinery, and transportation fleets. With increasing industrial activity, there is growing demand for durable coatings that resist chemicals, abrasion, and harsh environmental conditions. Key trends include the shift toward eco-friendly, low-VOC, and high-performance coating solutions, as regulatory bodies tighten environmental compliance standards. Asia-Pacific is emerging as a dominant region due to rapid industrialization and infrastructure development, while North America and Europe continue to be strong markets owing to a well-established industrial base and technological advancements in coating formulations.
Based on the resin type
Based on resin type, polyurethane is anticipated to lead the market due to its superior performance characteristics and growing demand across industrial applications. A key driver behind this dominance is polyurethane’s exceptional durability, chemical resistance, and ability to withstand harsh environmental conditions, making it ideal for protecting heavy machinery, equipment, and transportation vehicles. Additionally, polyurethane coatings offer excellent gloss retention and flexibility, which are critical for maintaining both aesthetic appeal and structural integrity. As industries increasingly seek long-lasting and low-maintenance solutions for asset protection, the adoption of polyurethane-based refinish coatings continues to rise, securing its leading position in the market.
Based on the technology
Based on technology type, water-borne coatings are anticipated to lead the market due to rising environmental regulations and growing industry preference for low-VOC solutions. The key driver of this segment’s growth is its environmentally friendly composition, which significantly reduces volatile organic compound emissions compared to solvent-borne alternatives. Water-borne coatings also offer enhanced worker safety, easier cleanup, and compliance with stringent global environmental standards, especially in North America and Europe. Moreover, ongoing innovations have improved their drying times, corrosion resistance, and application versatility. As sustainability becomes a strategic priority across industries, water-borne technology is gaining widespread acceptance, positioning it as the leading segment in the global refinish coatings market.
Based on the application
Based on application, automotive and commercial vehicles are expected to dominate the market, driven by the continuous growth of the global vehicle fleet and the rising demand for vehicle repair, maintenance, and aesthetic enhancement. A major factor fueling this segment’s leadership is the increasing number of road accidents and minor collisions, which generate consistent demand for refinishing services in the aftermarket. Additionally, aging vehicles, especially in developed regions like North America and Europe, require regular surface restoration to maintain their appearance and resale value. With growing consumer awareness regarding vehicle aesthetics and advancements in color-matching technologies, the automotive and commercial vehicle segment remains the most prominent contributor to market revenues.
Study Period
2025-2031Base Year
2024CAGR
6.8%Largest Market
North AmericaFastest Growing Market
Asia Pacific
Increased demand for maintaining and extending the life of industrial equipment and infrastructure is expected to fuel the Global Refinish Coatings Market. As capital expenditure on new machinery and assets remains high, many industries are prioritizing refurbishment and preventive maintenance. Refinish coatings offer a cost-effective solution to restore worn-out surfaces, protect against corrosion, and maintain operational efficiency. This is particularly critical in sectors such as construction, manufacturing, marine, and heavy machinery, where equipment is exposed to extreme weather, chemicals, and physical abrasion. By applying high-performance refinish coatings, companies can avoid expensive downtime, reduce replacement frequency, and ensure compliance with safety and quality standards. This focus on sustainability and cost control has positioned refinish coatings as an essential component of industrial asset management, thus driving robust demand across global markets.
A significant restraint impacting the market is the increasing stringency of environmental regulations related to volatile organic compound (VOC) emissions. Many traditional solvent-based coatings used in refinish applications release harmful VOCs that contribute to air pollution and pose health risks to workers. Regulatory bodies across regions, including the U.S. Environmental Protection Agency (EPA) and the European Chemicals Agency (ECHA), have implemented strict guidelines and limits on permissible VOC content in industrial coatings. As a result, manufacturers are under pressure to reformulate products and shift towards low-VOC or waterborne alternatives, which often involve higher production costs and performance trade-offs. Additionally, small and mid-sized enterprises (SMEs) in emerging markets may face challenges in adopting these compliant formulations due to limited resources and technical know-how. These regulatory hurdles not only increase operational complexity but also slow down product approval and market entry, thereby restraining the overall growth of the refinish coatings segment.
Emerging economies present a substantial growth opportunity for the market, particularly in the context of industrial expansion, urbanization, and infrastructure development. Countries such as India, Brazil, Indonesia, and Vietnam are witnessing rapid industrial growth, which is driving demand for construction equipment, manufacturing machinery, rail systems, and commercial vehicles. As these assets age, there is a rising need for protective and aesthetic coatings to ensure functionality and durability. Moreover, the growing emphasis on industrial safety and environmental standards in these regions is prompting local companies to adopt high-quality refinish coatings that meet international benchmarks. Global manufacturers are increasingly investing in setting up local production and distribution networks in these markets to tap into rising demand. This shift not only improves product accessibility but also offers significant cost advantages and customization options. Thus, emerging markets are poised to become pivotal revenue generators for the global refinish coatings industry in the coming years.
A prominent trend shaping the industrial market is the growing shift towards sustainable, eco-friendly, and high-performance coating technologies. Increasing awareness of environmental impact, coupled with stricter government regulations, has accelerated the adoption of waterborne, powder-based, and UV-curable coatings. These technologies offer reduced VOC emissions, lower energy consumption during curing, and superior resistance to corrosion and wear. In addition, smart coatings that offer self-healing properties or respond to external stimuli are gaining traction in high-end industrial applications. Manufacturers are also investing heavily in R&D to enhance the performance characteristics of coatings, such as faster drying times, enhanced adhesion, and longer durability in extreme environments. This innovation-led transformation is helping companies differentiate their products, meet evolving client demands, and stay competitive. As end-users prioritize both environmental compliance and operational efficiency, the transition towards advanced and sustainable refinish coating solutions is expected to redefine the future trajectory of the market.
Report Benchmarks |
Details |
Report Study Period |
2025-2031 |
Market Size in 2024 |
US$ 12,850.0 million |
Market Size in 2031 |
US$ 20,365.8 million |
Market CAGR |
6.8% |
By Resin Type |
|
By Technology |
|
By Application |
|
By Region |
|
PBI Analysts anticipate that the market, particularly within the industrial segment, is experiencing steady growth driven by rising maintenance needs across sectors such as automotive, machinery, marine, and aerospace. Increasing demand for durable, high-performance coatings and the shift toward environmentally friendly formulations, like water-borne and powder coatings, are shaping market dynamics. Polyurethane resins and water-borne technologies are gaining dominance due to their superior protective and sustainable qualities. Asia-Pacific is emerging as the fastest-growing region due to rapid industrialization and infrastructure development, while North America leads in innovation. Overall, the market reflects a strong blend of regulatory compliance, technological advancement, and end-user demand.
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Refinish coatings market size was valued at US$ 12,850.0 million in 2024 and is projected to reach US$ 20,365.8 million by 2031 at a CAGR of 6.8%.
Polyurethane is the most used resin type due to its excellent durability, chemical resistance, and flexibility. It provides long-lasting protection and a high-gloss finish, making it ideal for both functional and aesthetic applications.
Water-borne coatings are gaining traction due to their low VOC content, compliance with environmental regulations, and improved worker safety. They also offer competitive performance and are becoming more technologically advanced, making them a preferred choice in many regions.
Key drivers include the aging global vehicle fleet, increased industrial asset maintenance, rising demand for eco-friendly coatings, and growing infrastructure development in emerging economies.
Asia-Pacific is anticipated to experience the fastest growth, driven by rapid industrialization, urban development, and increased investment in manufacturing and transportation infrastructure.
1.Executive Summary |
2.Global Refinish Coatings Market Introduction |
2.1.Global Refinish Coatings Market - Taxonomy |
2.2.Global Refinish Coatings Market - Definitions |
2.2.1.Resin Type |
2.2.2.Technology |
2.2.3.Application |
2.2.4.Region |
3.Global Refinish Coatings Market Dynamics |
3.1. Drivers |
3.2. Restraints |
3.3. Opportunities/Unmet Needs of the Market |
3.4. Trends |
3.5. Product Landscape |
3.6. New Product Launches |
3.7. Impact of COVID 19 on Market |
4.Global Refinish Coatings Market Analysis, 2020 - 2024 and Forecast 2025 - 2031 |
4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5.Global Refinish Coatings Market By Resin Type, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
5.1. Polyurethane |
5.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.1.3. Market Opportunity Analysis |
5.2. Epoxy |
5.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.2.3. Market Opportunity Analysis |
5.3. Acrylic |
5.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.3.3. Market Opportunity Analysis |
5.4. Alkyd |
5.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.4.3. Market Opportunity Analysis |
5.5. Others |
5.5.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
5.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.5.3. Market Opportunity Analysis |
6.Global Refinish Coatings Market By Technology, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
6.1. Solvent-borne |
6.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. Water-borne |
6.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
6.3. UV-cured |
6.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.3.3. Market Opportunity Analysis |
6.4. Powder Coatings |
6.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.4.3. Market Opportunity Analysis |
6.5. Others |
6.5.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.5.3. Market Opportunity Analysis |
7.Global Refinish Coatings Market By Application, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
7.1. Automotive & Commercial Vehicles |
7.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.1.3. Market Opportunity Analysis |
7.2. Industrial Machinery & Equipment |
7.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.2.3. Market Opportunity Analysis |
7.3. Marine |
7.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.3.3. Market Opportunity Analysis |
7.4. Aerospace |
7.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.4.3. Market Opportunity Analysis |
7.5. Railways |
7.5.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.5.3. Market Opportunity Analysis |
7.6. Construction Equipment |
7.6.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.6.3. Market Opportunity Analysis |
7.7. Others |
7.7.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.7.3. Market Opportunity Analysis |
8.Global Refinish Coatings Market By Region, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
8.1. North America |
8.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.1.3. Market Opportunity Analysis |
8.2. Europe |
8.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.2.3. Market Opportunity Analysis |
8.3. Asia Pacific (APAC) |
8.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.3.3. Market Opportunity Analysis |
8.4. Middle East and Africa (MEA) |
8.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.4.3. Market Opportunity Analysis |
8.5. Latin America |
8.5.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.5.3. Market Opportunity Analysis |
9.North America Refinish Coatings Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
9.1. Resin Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.1.1.Polyurethane |
9.1.2.Epoxy |
9.1.3.Acrylic |
9.1.4.Alkyd |
9.1.5.Others |
9.2. Technology Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.2.1.Solvent-borne |
9.2.2.Water-borne |
9.2.3.UV-cured |
9.2.4.Powder Coatings |
9.2.5.Others |
9.3. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.3.1.Automotive & Commercial Vehicles |
9.3.2.Industrial Machinery & Equipment |
9.3.3.Marine |
9.3.4.Aerospace |
9.3.5.Railways |
9.3.6.Construction Equipment |
9.3.7.Others |
9.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.4.1.United States of America (USA) |
9.4.2.Canada |
10.Europe Refinish Coatings Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
10.1. Resin Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.1.1.Polyurethane |
10.1.2.Epoxy |
10.1.3.Acrylic |
10.1.4.Alkyd |
10.1.5.Others |
10.2. Technology Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.2.1.Solvent-borne |
10.2.2.Water-borne |
10.2.3.UV-cured |
10.2.4.Powder Coatings |
10.2.5.Others |
10.3. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.3.1.Automotive & Commercial Vehicles |
10.3.2.Industrial Machinery & Equipment |
10.3.3.Marine |
10.3.4.Aerospace |
10.3.5.Railways |
10.3.6.Construction Equipment |
10.3.7.Others |
10.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.4.1.Germany |
10.4.2.France |
10.4.3.Italy |
10.4.4.United Kingdom (UK) |
10.4.5.Spain |
11.Asia Pacific (APAC) Refinish Coatings Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
11.1. Resin Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.1.1.Polyurethane |
11.1.2.Epoxy |
11.1.3.Acrylic |
11.1.4.Alkyd |
11.1.5.Others |
11.2. Technology Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.2.1.Solvent-borne |
11.2.2.Water-borne |
11.2.3.UV-cured |
11.2.4.Powder Coatings |
11.2.5.Others |
11.3. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.3.1.Automotive & Commercial Vehicles |
11.3.2.Industrial Machinery & Equipment |
11.3.3.Marine |
11.3.4.Aerospace |
11.3.5.Railways |
11.3.6.Construction Equipment |
11.3.7.Others |
11.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.4.1.China |
11.4.2.India |
11.4.3.Australia and New Zealand (ANZ) |
11.4.4.Japan |
11.4.5.Rest of APAC |
12.Middle East and Africa (MEA) Refinish Coatings Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
12.1. Resin Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.1.1.Polyurethane |
12.1.2.Epoxy |
12.1.3.Acrylic |
12.1.4.Alkyd |
12.1.5.Others |
12.2. Technology Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.2.1.Solvent-borne |
12.2.2.Water-borne |
12.2.3.UV-cured |
12.2.4.Powder Coatings |
12.2.5.Others |
12.3. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.3.1.Automotive & Commercial Vehicles |
12.3.2.Industrial Machinery & Equipment |
12.3.3.Marine |
12.3.4.Aerospace |
12.3.5.Railways |
12.3.6.Construction Equipment |
12.3.7.Others |
12.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.4.1.GCC Countries |
12.4.2.South Africa |
12.4.3.Rest of MEA |
13.Latin America Refinish Coatings Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
13.1. Resin Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.1.1.Polyurethane |
13.1.2.Epoxy |
13.1.3.Acrylic |
13.1.4.Alkyd |
13.1.5.Others |
13.2. Technology Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.2.1.Solvent-borne |
13.2.2.Water-borne |
13.2.3.UV-cured |
13.2.4.Powder Coatings |
13.2.5.Others |
13.3. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.3.1.Automotive & Commercial Vehicles |
13.3.2.Industrial Machinery & Equipment |
13.3.3.Marine |
13.3.4.Aerospace |
13.3.5.Railways |
13.3.6.Construction Equipment |
13.3.7.Others |
13.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.4.1.Brazil |
13.4.2.Mexico |
13.4.3.Rest of LA |
14. Competition Landscape |
14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
14.2.1.PPG Industries, Inc |
14.2.2.Axalta Coating Systems |
14.2.3.Akzo Nobel N.V |
14.2.4.BASF SE |
14.2.5.Sherwin-Williams Company |
14.2.6.Nippon Paint Holdings Co., Ltd |
14.2.7.Kansai Paint Co., Ltd |
14.2.8.3M Company |
14.2.9.Jotun Group |
14.2.10.Hempel A/S |
15. Research Methodology |
16. Appendix and Abbreviations |
Key Market Players