International. The global automotive coatings market is estimated to grow to $27.69 billion, according to a study by consulting firm Grand View Research, Inc.
The increasing demand for coatings is due to their ability to protect vehicles against UV radiation, acid rain, and harsh weather conditions, which is expected to drive the growth of the market.
In addition, the increasing growth of automotive production in Mexico, China, and the United States, coupled with rising middle-class revenues will drive market growth during the forecast period.
Global demand for this segment was 3,769.2 kilo tons in 2014 and is expected to exceed 5,000 kilo tons in 2022, growing at a CAGR of more than 4.5% from 2015 to 2022.
Basecoat coatings were the largest product segment in 2014 and are expected to show rapid growth at an estimated CAGR of over 5.0% from 2015 to 2022, due to the increasing use per vehicle of conveying exterior aesthetics, color along with decorative effects.
