International. The automotive paints market, according to the most recent report by Markets and Markets, indicates that its size, in terms of value, is projected to grow at a CAGR of 5.15% to reach US$11,340.7 million in 2020.
The Asia-Oceania region includes countries such as China, India, Japan and developing South Korea with most of the world's vehicle production concentrated in this region. Customers demand environmentally friendly paints and reduced emissions as a result of rising pollution levels; this acts as a driver for those for cars in this region.
Penetration of water-based and powder coatings is estimated to be highest in North America and Europe. Both countries are projected to witness high growth of water-based coatings and powder coatings, due to concerns regarding environmental risks caused by solvent-based coatings, with which environmental agencies and government institutions issue regulations and guidelines to minimize the use of automotive paints that are high in volatile organic compounds.
