North America Leads Global CAS Market
North America and Asia-Pacific are leading the global automotive coatings, adhesives, and sealants market.
North America and Asia-Pacific are leading the global automotive coatings, adhesives, and sealants (CAS) market, according to a recent report from Persistence Market Research. Rising production of lightweight vehicles is pushing the growth of global CAS market in these two regions. In 2014, North America was the largest producer of light commercial vehicles with 9,864,262 units, which reflected a growth of 9.7% over 2013. Asia-Pacific was the second-largest producer of light commercial vehicles with total production of 5,037,972 units in 2014.
The Asia-Pacific automotive CAS market is reportedly growing at a faster rate as compared to Europe and North America. The Europe and North America automotive CAS market recovered at a high rate midway through 2012 after witnessing a slower growth on account of the financial crisis suffered by the U.S. and Europe economies in 2011, wherein the major impact was observed in Europe. Due to these financial crises, the production of light commercial vehicles was hampered, which negatively impacted the growth of automotive CAS market. During 2011 and 2012, the commercial vehicle production in Europe witnessed a decline of 9.1%.
On the basis of end-users, the market is segmented into two categories: original equipment manufacturers (OEMs) and aftermarket; a majority of the share is held by the OEM market. The OEM and aftermarket end-user industry is further segmented into: light vehicle, medium and heavy duty vehicles market, where the light vehicle segment is leading the market in both OEM and aftermarket end-user industry. On the basis of application, the market is segmented into four categories including: exterior, interior, under the hood, and other applications. Exterior application is generating a majority of the revenue followed by interior application.
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