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Car Coatings Market Growth Rates
- Jan 15, 2018 -

The global coatings industry experienced good growth in 2017 with car coatings  experienced good growth.In general, we expect growth to continue in 2018; although at a slightly slower pace than in 2017. 

Auto OEM coatings are driven by automotive units build. In 2017, the total number of global  automotive builds was estimated to have grown 1.7% which resulted in auto OEM coatings growing at about 1.7% in volume terms and 3% in value terms. 

Auto refinish is driven by the number of cars on the road, vehicles miles driven and the accident rate. All of these values have grown at a moderate rate in 2017. Other industrial coatings includes all sorts of different coating applications including non-automotive OEM applications, powder coatings, wood, coil, packaging, industrial maintenance, protective coatings and marine. Generally, these markets grow at the rate of growth in industrial production. Industrial production grew at 7.0% in China, 2.0% in Europe, and 1.6% in the United States.  These growth rates track the rate of growth in the Other Industrial Coatings markets.

2018 Outlook

The key drivers of the global coatings market are GDP,automotive and industrial production.If we look at each of these drivers individually, we can discern that the likely 2018 global coatings market growth should be good but slightly lower than that in 2017.

Global GDP is expected to increase slightly from a 2017 estimated value of 3.58% to a forecasted 2018 level of 3.74%. Of the major coatings markets, China’s GDP growth is expected to remain stable in 2018 at 6.7%. India’s GDP growth rate is expected to increase from 5.9% in 2017 to 7.0% in 2018.  Thus, the Indian paint and coatings market should continue growth at a fast rate. The European Union’s (EU) GDP growth rate is also expected to remain stable at 2.3% in 2018.  GDP in the United States is expected to slightly increase from 2.2% to 2.5%.    Thus, overall global GDP is expected to grow slightly faster in 2018 than in 2017 and this provide a slight boost to overall coatings market growth rates.