Automotive paint market is projected to grow at a steady CAGR percentage in the next five years. Automotive painting is one of the most profitable industrial sectors with sales amounting to US$10.1 billion in 2013 and expected sales of US$20 billion by 2020. And, with the fastest growing economies, higher prevalence of car ownership, improvements in environmental conditions and increasing innovation-driven demand for cars, automotive paint holds immense promise over the medium term.
The automobile industry has been experiencing unprecedented growth which is simultaneously driving demand for structural changes that would lead to increased production levels as well as new products and services.
Automotive paint market will be growing at faster pace for next two decades when people will be switching from ICE to electric vehicles and then it will enter a stangnant growth phase as demand for new vehicles will rpidly decline due to long operational years of electric vehicles and declining population.