Market Size of Spain Automotive OEM Coatings Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | > 3.50 % |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Spain Automotive OEM Coatings Market Analysis
Spain Automotive OEM Coatings Market was valued at USD 200 million by the end of this year, and the market is projected to register a CAGR of 3.5% during the forecast period. COVID-19 negatively impacted the market in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is forecasted to grow steadily.
- The driving factors that tend to the market growth include rising demand for electric and hybrid vehicles.
- The stringent regulations regarding the VOC limits and other toxic substances in paints and coatings create hindrances in the market.
- The growing options for bio-based coatings are further likely to provide opportunities for the studied market during the forecast period.