LONDON, March 28, 2017 /PRNewswire/ --
The global automotive paints and coatings market is projected to grow from $27.55 billion in 2017 to $40.73 billion by 2025 growing at a CAGR of 5.01% during the forecast period.
The automotive paints and coatings market is segmented on the basis of technology, coat type, vehicle type and geography. On the basis of coat type, the automotive paints and coatings market is segmented into base coat, electro coat, clear coat and primer. The automotive paints and coatings market by vehicle type is further segmented into passenger cars, light commercial vehicles and heavy commercial vehicles. On the basis of geography, the automotive paints and coatings market is segmented into Europe, Asia-Pacific, North America and Rest of the world.
An increase in demand for eco-friendly paints and coatings from the automotive industry and the booming automobile industry are major driving factors for the growth of the automotive paints and coatings market. On contrary, stringent regulations and policies by the government, environmental issues like VOC and CO2 emissions are restraining the market growth.
Asia Pacific automotive paints and coatings market holds the largest market share in the global automotive paints and coatings. Europe is projected to be the second largest market for automotive paints and coatings due to the fastest market growth during the forecast period. North America is estimated to grow throughout the forecast period.
The leading market players in the automotive paints and coatings market are Valspar, The Sherwin-Williams, RPM International, PPG Industries Inc., Nippon Paint Holdings Ltd, Kansai Paint Co. Ltd., Foretch Products Inc., BASF Coatings, Axalta Coating Systems and Akzonobel.
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