The global automotive coatings market is projected to grow at a compound annual rate of 5.89 percent between 2012 and 2016, according to market reserach firm Research and Markets.
One of the main factors driving the market is the increase in automotive production and sales, the report says. Automobile production is expected to largely take place in Asia and European countries over the coming years to meet the rising demand for automobiles in emerging markets.
One of the main trends witnessed in the global automotive coatings market is the increasing demand for metallic coating, especially compared with non-metallic coating, and the popularity of metallic colors continues to grow. The market report notes that meeting consumer demand for new effects is a major challenge, impaired by environmental and processing effects.
Further, the report states that one of the main challenges to the industry is increasing government regulations in both developing and developed countries, encouraging recyclability as a means to address both energy costs and environmental issues.
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