Global Demand for Automotive Coatings to Grow 2.5% Annually Through 2024

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May 20, 2021, 13:27 ET

CLEVELAND, May 20, 2021 /PRNewswire/ -- Demand for automotive coatings is forecast to rise 2.5% per year to 3.9 million metric tons in 2024.

The Asia/Pacific region is the largest outlet for automotive coatings due in large part to China's large national market. Demand will grow at a rate above the global average through 2024, driven by expanding motor vehicle production and rising incomes, supporting larger rates of vehicle ownership.

These and other trends are included in the new Freedonia Group study Global Automotive Coatings.

The Africa/Mideast is forecast to be the fastest growing, since the region's automotive production base will increase at a rapid pace due to rising domestic demand for motor vehicles and growing investment by foreign automakers in manufacturing capabilities in order to serve domestic and nearby export markets.

Demand growth for automotive coatings in North America and Western Europe will be challenged by market maturity and weak motor vehicle production and motor vehicle parc outlooks.

Global Automotive Coatings is part of a series of studies available on the global paints and coatings industry and is targeted at customers with a specific interest in the automotive market. A broader perspective on competition among various paints and coatings products can be found in our comprehensive report Global Paints & Coatings.

About the Freedonia Group - The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.

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SOURCE The Freedonia Group