New market study for automotive paints and coatings
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 customisations to make it unique in appearance from others, which is also supporting the industry growth. The application of paints and coats not only improves the vehicle aesthetics but also protects the exterior from corrosion causing elements.
The rising cases of accidents and crashes will propel repair and restoration services which will further provide significant traction for the market outlook. According to a research report by Global Market Insights, automotive paints and coatings market size will cross 24,9 billion Euro by 2025.
High sales expectation for passenger cars
The availability of broad spectrum of economical cars coupled with hassle free financing has been driving the automotive industry growth. Rise in per capita income along with shifting preferences for personal mobility are supporting the industry growth. Passenger cars are expected to witness high sales during the forecast timeframe, which will result in elevated demand for paints and coatings products.
The study is available on the website of Global Market Insights.