PUNE, India – Research firm Persistence Market Research has released a new study that predicts the global automotive paint market will likely exhibit a compound annual growth rate (CAGR) of 5.7% during 2017-2022.
Global sales of automotive coatings are increasing due to rising vehicle production and the robust growth of the automotive sector in countries like South Korea, India, Mexico, China and Brazil. In the recent analysis, fast implementation of thermal spray technologies and highly developed powder coating are anticipated to increase the sales of the worldwide automotive paint market. The company projects that the overall market is estimated to reach approximately $12 billion by the end of 2022.
With the rise in environmental concerns, coatings manufacturers are shifting their focus toward the development of products that are non-toxic and eco-friendly. In addition, environmental bodies and government organizations are supporting the use of technologies that will help reduce emission levels.
For more information about the report, visit https://www.persistencemarketresearch.com/market-research/automotive-paint-market.asp.