Africa Automotive Refinish Coatings Market Size, Growth Analysis Report, Forecast to 2033
According to Future Market Insights (FMI), Africa’s automotive refinish coatings market size is forecast to reach US$ 108.9 million in 2023. Total sales of automotive refinish coatings across Africa are slated to rise at 4.3% CAGR from 2023 and 2033, generating a market valuation of US$ 165.5 million by the end of 2033.
Booming automotive industry and increasing spending on maintaining the aesthetic appearance of vehicles are key factors driving the Africa automotive refinish coatings market. In recent years, increase in per capita income of people has led to a surge in the sales of passenger cars, especially luxury and executive cars.
Vehicle owners, today, focus on the maintenance of their vehicles, which has led to increased investments in the insurance of vehicles covering refinish coatings and repair costs, etc. People are refurbishing their old cars, which is creating enormous demand for automotive refinish coatings across African countries and the trend is expected to continue during the projection period.
Government initiatives to encourage the adoption of electric vehicles is also contributing to the expansion of the automotive refinish coatings market in Africa. FMI predicts electric vehicle sales to increase rapidly across African countries such as South Africa and Egypt due to growing pollution levels and rising fuel prices. This in turn will create lucrative growth opportunities for automotive refinish coating manufacturers.
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Who is Winning?
New product launches, facility expansions, partnerships, acquisitions, and collaborations are few of the key strategies adopted by automotive refinish coating manufacturers across Africa.
Top companies listed in the report include Nippon Paint Holdings Co., Guangzhou Zhenroumei Chemical Coating Limited, AkzoNobel N.V., James Briggs Limited, Axalta Coating Systems TOA Performance Coating Corporation CO., Ltd., Kansai Paint Co., Ltd., The Sherwin-Williams Company, The Lubrizol Corporation, HMG Paints Ltd., The Dow Chemical Company, Ltd., PPG Industries, Inc., KAPCI Coatings, 3M Company, NOVOL Sp. Z o.o., Sheboygan Paint Company, Cresta Paint Industries Ltd., NOROO Paint, and Coatings Co., Ltd., Reichhold LLC, Yashm Paint and Resin Industries, Allnex Group, and Covestro AG among others.
Africa Automotive Refinish Coatings Market Segmentation
By Material Type:
Polyurethane
Acrylics
Alkyd
Nitrocellulose
By Product Type:
Commercial Tents
Primer
Base Coat
Top Coat
Clear Coat
Fillers
By Technology:
Solvent Borne
Water Borne
UV Care
By Vehicle Type:
Passenger Cars
Commercial Vehicles
End Use:
OEM
Aftermarket
By Countries:
Egypt
South Africa
Algeria
Morocco
Kenya
Ethiopia
Ghana
Nigeria
Tunisia
Democratic Republic of Congo
Uganda
Liberia
Rest of Africa
“Consistently growing demand from the automotive industry, particularly in countries such as Egypt and South Africa, will continue to boost Africa’s automotive refinish coating market during the next ten years,” said an analyst at FMI.
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