NEW YORK, Dec. 6, 2016 /PRNewswire/ -- The Automotive Coatings Manufacturing industry's performance is expected to trend higher over the five years to 2016. During the economic recovery, consumers released pent-up demand for nonessential vehicle alterations and new vehicle purchases in light of rising disposable income, bolstering demand for automotive coatings. To this end, industry revenue is expected to rise at an annualized rate of 3.9% to $7.9 billion over the five-year period, lifted by an estimated 2.3% jump in 2016.
For the full report, visit IBISWorld's Automotive Coatings Manufacturing in the U.S. industry report page.
Several new styles of automobile coatings, including those with ultraviolet light-cured finishes and those that incorporate nanotechnology, have supported industry demand. Water-based coatings are the future of automotive coating technology and are expected to boost demand for coating customization, given their ease of use and lower potential cost once the technology is widely adopted. All of these factors will bode well for automotive coatings manufacturers. According to IBISWorld Industry Analyst Iris Peters, "Industry operators are expected to experience growing demand for their products over the next five years, prompted by an expanding economy." Industry revenue is expected to grow over the five years to 2021.
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IBISWorld Industry Report Key Topics
Products & Markets
Globalization & Trade
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