Global automotive coatings market was currently valued at $14.05 billion in 2014 and is expected to reach $19.36 billion by 2020 showing a CAGR of 5.5 per cent. Among all the regions in the world, Asia Pacific is the largest market for automotive coatings owing to the huge base of automotive industries in that region. It is also the fastest growing market during the period 2014-2020 due to the technological advancement and maximum number of vehicles produced. It was estimated that more than 50.1 billion vehicles were manufactured in Asia Pacific growing at a CAGR of more than 7 per cent for the next six years.
Passenger cars is the largest segment to drive the global automotive coatings market. Among technology type eco-friendly means of producing coatings is a new trend due to the stringent regulations being made by organisations. Hence Waterborne, Ultraviolet cure and Powder coatings are in large use over solvent borne which is being banned in many places.
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