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forecast period (from 2016 to 2024). Electrocoats are likely to drive the market since they are anti-
corrosion and anti-rust agents. The demands for clearcoat are estimated to grow as it provides
protection against sun and UV rays.
Application-wise, the metal sector dominated the industry and it is further expected to witness huge
growth in the near future. Plastic coatings are projected to be the fastest-growing application sector
due to its increasing usage in automobile manufacturing as it is flexibility, lightweight, corrosion-
resistant, durable, cost-effective, and recyclable.
Light vehicle OEM led the end-use sector in 2015 and it is said to experience a considerable growth
during the next few years. The automotive refinish sector is likely to have rapid growth on account of
growing consumer spending levels in developing economies of the APAC region.
Asia-Pacific was the dominant regional market in 2015. The region is projected to experience rapid
growth with a CAGR of over 6 % over the estimated years. Europe is likely to drop its market share in
the automotive refinishes sector to APAC due to lesser accident levels in the region. The Middle East &
Africa will also have huge growth as a result of rising production facilities in the region.
The key players of the automotive coatings market include Axalta Coating Systems; PPG Industries;
Jotun A/S; BASF SE; AkzoNobel N. V.; and Kansai Paint Co. Ltd.
Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/paints-coatings-
and-printing-inks-industry
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