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Monday, 16 September 2019
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Markets & companies, Coatings market

Growth projected in U.S. automotive coatings industry

Friday, 15 June 2012

According to a report by market research firm IBISWorld, U.S. automotive coatings manufacturing industry’s revenue is expected to grow 3.5 % in 2012 to USD 1.3 billion.

Water-based coatings are the future of automotive coating technology and are expected to boost demand for coating customization. Source: Arsdigital.de – Fotolia.com
Water-based coatings are the future of automotive coating technology and are expected to boost demand for coating customization. Source: Arsdigital...

The U.S. automotive coatings manufacturing industry's performance has been streaky during the past five years. However, according to a report by market research firm IBISWorld, industry revenue is expected to grow 3.5 % in 2012 to USD 1.3 billion. The recession has had lingering effects on the industry, with consumers holding off nonessential vehicle alterations and new vehicle purchases hurting demand for automotive coatings, said IBISWorld industry analyst Nima Samadi. However, motor vehicle manufacturing revenue has rebounded aggressively from 2009 to 2012. The success of the past few years has helped reinvigorate demand for automotive coatings from motor vehicle manufacturers. The recession has also had lingering effects on the car body-shop industry, which is a major market for automotive coatings.

Water-based coatings are the future of automotive coating technology and are expected to boost demand for coating customization, given their ease of use and lower potential cost once the technology is widely adopted. All of these factors bode well for the automotive coatings manufacturing industry. Industry firms will experience growing demand for their products over the next five years, prompted by an expanding economy. Revenue is expected to grow in the five years to 2017.

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