International.
Analyst firm MarketsandMarkets has estimated that the size of the automotive coatings market will grow from $11.57 billion in 2016 to $16.24 billion by 2021, at a CAGR of 7.02% between 2016 and 2021.
Consumer demand for different colors and textures, favorable policy sales, rising purchasing power parity (PPA), and the purchasing power of people in emerging economies is driving the automotive coatings market.
Transparent lacquer is the fourth and last layer applied to the body of a car after the base layer, e-layer, and first. This shield represented the maximum market share in 2015. It does not bring color color to the body of cars, only a transparent layer.
In 2015, Asia-Pacific was estimated to be the fastest growing market, both in terms of volume and value, and is projected to continue to do so during the forecast period. Emerging Asia-Pacific markets such as China, India, South Korea and Southeast Asian countries are attracting global players to establish their manufacturing base in this region.
In countries like China and India, the broad customer base is pulling manufacturers to anticipate the growing demand for cutting-edge technology and quality products. Increasing investments in various technology, infrastructure and R&D sectors is driving the automotive coating market in the Asia-Pacific region.
