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Asia-Pacific Automotive Paint Market, COVID-19 Impact, By Products Type, Companies, Forecast by 2027
Asia-Pacific Automotive Paint Market will reach US$ 7.37 Billion by 2027. COVID-19 Impact, Growth & Forecast, Industry Trends, By Products Type, Opportunity Company Analysis.
By: Renub Research
In the Asia Pacific, automotive paints are in high demand in the automobile industry due to the reduced exposure to pollutants. In Asia- Pacific, demand for automobiles has fueled the rise of the automotive paints industry. The Asia-Pacific Automotive Paint Market will grow with a CAGR of 5.67 % during 2021-2027.
Asia Pacific automotive paint market is one market, but it is an amalgamation of several markets. China is the most significant part of the Asian market, comprising lion's market share. China is the world's largest manufacturer of automobiles. However, in 2018, the country's car production fell to 27.8 Million automobiles;
COVID-19 Impact on Automotive Paint Industry of Asia
COVID-19 has harmed the Asia Pacific automotive paint market. As a result of the epidemic, numerous countries in the region went into lockdown, halting all production and building activity, negatively impacting demand in the paints and coatings sector. However, it is projected that the situation would improve in 2021, resuming the market's growth trajectory.
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