US Automotive Coatings Market to Grow at 2.7% Till 2017, Forecasts Companies & Markets
- Aug 16, 2012
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 $1.5 billion in 2017.
Over the five years to 2012 the industry didn't 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 $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.
Things took a turn for the worse in 2009 though, as US vehicle sales fell to historic lows and motor vehicle manufacturing revenue plummeted at an alarming rate of 36.5%.
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.
Water-based 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.
Companiesandmarkets.com is home to one of the world's largest databases of market research reports and company profiles from leading global publishers and industry analysts. Multinational brands across major industries rely daily on companiesandmarkets.com for strategic market research and incisive company profiles.
Clients have access to over 350,000 regularly updated market research reports, company profiles with financials and SWOT analysis reports. This leading-edge business intelligence can be easily browsed by industry sector, or by searching their database by keyword, geography or report type.
This document was provided by SpecialChem's editor. If you want to share your press
release, please send it to email@example.com.
SpecialChem reserves the right to refuse any article or news item.