Report Predicts Automotive Coatings Market to Reach $27.5 Billion by 2025
SELBYVILLE, DE — In a new study, market research firm Global Market Insights Inc. reports that rapid proliferation of the global automotive industry has been driving the automotive paints and coatings market size. Additionally, there is a rising trend of vehicle customizations to give products a unique appearance, which is also supporting industry growth. The application of paints and coatings not only improves the vehicle aesthetics but also protects the exterior from corrosion-causing elements. The study predicts that a rise in accidents and crashes will propel repair and restoration services, which will further provide significant traction for the market. The report expects the automotive paints and coatings market to exceed $27.5 billion by 2025.
The availability of a broad spectrum of economical cars coupled with hassle-free financing has been driving growth in the automotive industry. A rise in per capita income and shifting preferences for personal mobility are supporting industry growth. Passenger cars are expected to witness high sales during the forecast timeframe, which will result in elevated demand for coatings products.