The Sustainable Future of the Automotive Coatings Industry

摘要

The global automotive coatings market is projected to register a CAGR of 5.2% by 2023,reaching a market size of USD 16.2 billion.The market is likely to witness high growth,with rising demand from developing countries,especially India,ASEAN countries and emerging European countries,and recovery in vehicle production especially in China,Germany and South Korea.The automotive coatings market has evolved simultaneously with the growth of the automotive industry,offering advanced technologies and eco-friendly products to buyers.The demand for automotive coatings is majorly influenced by the demand trends in the automotive industry,environmental regulations,health and safety norms,buyers’preferences,changing lifestyle,and growing economy.These factors positively impact the automotive coatings market.Attractive colors,textures and patterns make vehicles more desirable,and these act as key decision-making factors for buyers.Apart from enhanc-ing the appearance of vehicles,automotive coatings play an important role in the protection of the metal surface of vehicles from rust and other damage.