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Monday, 23 September 2019
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Markets & companies, Coatings market

US automotive coatings market to grow at 2.7 % until 2017

Thursday, 16 August 2012

The total automotive coatings market in the US is expected to reach a value of USD 1.5 billion in five years.

In 2012, the automotive coatings market is expected to reach a value of USD 1.3 billion. Source: Arsdigital.de - Fotolia.com

In 2012, the automotive coatings market is expected to reach a value of USD 1.3 billion. Source: Arsdigital.de - Fotolia.com

Revenue within the US automotive coatings manufacturing market has been forecast to grow at a compound annual growth rate (CAGR) of 2.7% over the next five years, to reach a total market value of USD 1.5 billion in 2017. According to a forecast by market research firm Companiesandmarkets.com, over the five years to 2012 the industry did not have the best of times, with revenue falling at a CAGR of 0.7 %, however this is expected to turn around in 2012 with a predicted CAGR of 3.5 % to help bump the market up to USD 1.3 billion.

The recession has had a big impact on the US automotive coatings manufacturing industry, with consumers tending to stay clear of nonessential vehicle alterations and new vehicle purchases, hurting demand for automotive coatings.

Waterbased coatings to boost demand

However, the industry looks to have turned their fortunes around with demand being encouraged by several new styles of automobile coatings, including coatings with ultraviolet light-cured finishes and coatings that incorporate nanotechnology. Waterbased coatings are the future of the US automotive coatings manufacturing market and are expected to boost demand for coating customisation, given their ease of use and lower potential cost once the technology is widely adopted.

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