Boom Predicted in Asia-Pacific Automotive OEM Coatings Market in Near Future
Owing to the surging manufacturing and sales of automobiles, especially in the Asia-Pacific (APAC) region, the global automotive original equipment manufacturer coatings market generated a revenue of $10,997.4 million in 2018. Moreover, the market value is expected to surge to $13,661.4 million by 2024, while the market will demonstrate a CAGR of 4.2% from 2019 to 2024 (forecast period), as per the estimates of the market research firm, P&S Intelligence. According to the India Brand Equity Foundation (IBEF), the automotive industry in India will reach a value of Rs. 16.16-18.18 trillion (US$ 251.4-282.8 billion) by 2026. Besides, the APAC region is witnessing rapid technological advancements and innovations in automotive OEM coatings, which is also fueling the expansion of the automotive OEM coatings market. Many coating producing companies are increasingly focusing on developing novel technologies, processes, and products in order to meet the rising demands of automobile manufact...