Global Market for Automotive Coatings Expected to Reach $23.1 Billion in 2018
Wellesley, Mass. (PRWEB) September 10, 2014
BCC Research (http://www.bccresearch.com) reveals in its new report, AUTOMOTIVE COATINGS: TECHNOLOGIES AND GLOBAL MARKETS, the global market for automotive coatings is expected to grow to $23.1 billion by 2018, with a five-year compound annual growth rate (CAGR) of 5.2%. With the recovery of the global economy, including rapidly growing emerging economies such as China and India, vehicle sales activities have geared up globally, resulting in increased demand for automotive coatings.
The Asia-Pacific market, the fastest performing regional segment, is projected to move at a CAGR of 6.8%, reaching $11.7 billion in 2018. One of the drivers of this growth is that this region has become the hub for Western markets to outsource the manufacture of their automotive coatings.
By 2018, the North American market, the second largest segment of the overall market, is projected to grow to $4.9 billion, registering a CAGR of 3.2%.
The pressure to comply with the application of environmentally friendly automotive coatings poses a threat to the small domestic players in the emerging markets, which are struggling to ensure that their products meet global standards.
"As a result of a steadily improving global economy, vehicle sales activities have geared up around the world," says BCC Research chemicals analyst Aneesh Kumar. "At the same time, increasing raw material prices and stricter environmental regulations on volatile organic compounds (VOC) levels in automotive coatings have forced companies to focus on the development of coatings with advanced technologies in order to comply with current environmental regulations."
AUTOMOTIVE COATINGS: TECHNOLOGIES AND GLOBAL MARKETS provides an overview of the global market for automotive coatings. It includes analyses of global market trends, with data from 2012 and 2013, projections of CAGRs through 2018, and profiles of companies important in the industry.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming(at)bccresearch(dot)com.
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