Automotive Coatings Market 2019 Industry Trends and Growing Popularity, Top Manufacturers: PPG INDUSTRIES, BASF SE, AXALTA COATING SYSTEMS, SHERWIN-WILLIAMS COMPANY, AKZONOBEL N.V.

The global automotive coatings market is expected to register a moderate CAGR during 2018 to 2023, (the forecast period). Asia-Pacific accounted for the largest share, accounting to more than 35% of the global market in 2017, while North America is estimated to register the second-fastest CAGR through the forecast period, 2018-2023.

Detailed Sample Copy of Updated Analysis @ https://marketprognosis.com/sample-request/17526
Note: “If this link doesn’t work in Internet Explorer, kindly try copy pasting it in other browsers”.

Rising Demand for Light Vehicles is a Driving Factor for OEM Coatings
The global automotive coatings market is primarily divided into two sub-markets u2013 OEM coatings and refinish coatings. The OEM coatings segment dominated the global automotive market, with a share of more than 50% in 2017. The OEM market is driven by rising demand for light vehicles, primarily passenger cars. Increasing demand for passenger cars, primarily in Asia-pacific, is one of the major factor boosting the demand for OEM coatings. The increasing demand for bus coatings in various developed nations is another factor propelling the demand for OEM coatings.

Key Developments in the Market
• April 2017: Axalta opened regional auto refinish training center in Dubai. This facility is also likely to offer refinish services in the region
• March 2017: PPG expanded new waterborne and high solids coating production plant in Wuhu, China

Major Players: PPG INDUSTRIES INC., BASF SE, AXALTA COATING SYSTEMS, SHERWIN-WILLIAMS COMPANY, AKZONOBEL N.V. amongst others.

Request Discount on this report @ https://marketprognosis.com/discount-request/17526
Note: “If this link doesn’t work in Internet Explorer, kindly try copy pasting it in other browsers”.

Increasing Automotive Production in Asia-Pacific
In the automotive sector, coatings are used in interior as well as exterior parts of the vehicle, and they impart protection and appeal to vehicles. In Asia-Pacific, China is the largest producer of automobiles with more than 28 million vehicles (passenger and commercial vehicles combined) produced in 2016. Used car sales have also grown significantly in China. In 2016, the exponential growth of 14.5% in automotive production, over 2015, is one of the major driving factors augmenting the automotive coatings market. Countries, such as Thailand, Singapore, and Malaysia, have seen a slower growth rate in automotive production in 2016.

Demand from Asia-Pacific to Expand at a Fast Rate
Increasing production in China, India, and other ASEAN countries, is likely to propel the demand for automotive coatings at a high rate. North America is likely to dominate the refinish coatings market, followed by Europe. Asia-Pacific is expected to expand at a healthy rate in the automotive refinish coatings market.

Enquiry Before Buying @ https://marketprognosis.com/enquiry/17526
Note: “If this link doesn’t work in Internet Explorer, kindly try copy pasting it in other browsers”.

About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

Contact us:
ProgMark Pvt Ltd,
Thane - 421501
India.
Contact No: +1 973 241 5193
Email: sales@marketprognosis.com

This release was published on openPR.