International. Market firm Lucintel launched a recent study on the global automotive coatings market by segment and region, which estimates that this sector would grow US$18.2 billion by 2019.
Lucintel forecasts that most automotive paint segments will grow moderately from 2014-2019. strict environmental laws in North America and Europe will drive demand for water-based coatings and UV curing coatings in the prognosis period. The BRIC nations are forecast to be the center of automobile production, favored by market proximity, easy financing, and low production cost, which, according to the report, will drive demand for automotive paints in the BRIC countries.
The continued focus on research and development activities by sector players will foster new innovations in the automotive paint industry, which will ultimately drive the growth of the industry.
