International. The global market for automotive coatings is projected to generate 998.7 million gallons by 2018 with revenues of $11.7 billion, according to a new report from consulting firm MarketsandMarkets.
Asia-Oceania is the region that produces the most vehicles compared to other geographies, it is estimated that more than 47.2 million vehicles will be produced in 2013, growing a CAGR of 7.85% for the next five years.
The automotive industry in Europe is recovering from the recession it faced in 2009, and is forecast to grow at a steady pace during the period covered by the market study. Europe is the second largest producer of vehicles in the world, and it is estimated that around 18.4 million units will be manufactured in 2013, which would grow at a CAGR of 4.15% over the next five years.
North America is the third largest producer of vehicles in the world, and it is anticipated that around 17.9 million units will be produced in 2013. It is projected that by 2018, North America will move to Europe and become the second largest producer of vehicles in the world, growing at a CAGR of 7.5%.
