Automotive OEM Coatings Market: Global Demand, Growth Potential & Opportunity Outlook 2030
Automotive OEM Coatings Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2020-2030-Growth in the production of vehicles and rapid development of transportation infrastructure are expected to drive the growth of the automotive OEM coatings market.
The automotive OEM coatings market was valued at around USD 7.93 billion in 2019, and is expected to reach USD 13.12 billion by 2030, with a CAGR of 4.6% during the forecast period.
Automotive coatings are used to cover the surface of automobiles and to represent the innovative technologies capable of maximizing overall efficiency, manufacturing durable surfaces, alongside meeting all the environmental norms. Automotive coatings also help in enhancing the overall appearance and durability of a vehicle and also safeguard it from extreme temperatures, foreign particles, and UV radiations. These coatings help protect the underlying synthetic body or metal panels from harsh environments. Initially, lead, chromium, and other heavy metals were used in making these coatings. But with the introduction of many environmental norms, use of lethal chemicals has been prohibited, which has resulted in a switch to water-based coatings.
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The global market for automotive OEM coatings market is segmented into type, layer, vehicle type, and region. On the basis of type, the market is divided into solvent-borne, waterborne, powdered, and others. Based on layer, the market is fragmented into primer, basecoat, electro coat, and clear coat. On the basis of vehicle type, the market is divided into passenger cars, light commercial vehicles (LCV), heavy commercial vehicles (HCV), and others (Motorbikes).Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and RoW, with further bifurcation into major countries such as the the U.S., the U.K., France, and others.
Growth in the production of automobiles especially in the emerging countries such as India, China, Brazil, South Korea, Mexico, and Africa due to growth in population and rise in disposable income boosts the market growth. Besides, budding necessity of automotive refinish due to vehicle repair and maintenance is further stimulating the demand for coatings and paints globally. Furthermore, rise in inclination toward lowering the maintenance cost of vehicles and change in consumer preference toward vehicle protection from environmental susceptibilities is further augmenting market growth as these coatings are applied on the surface of automobiles to improve durability and resistance of the vehicle against rusting, corrosion, dust, acid rain, and foreign particles.
The need for automotive OEM coatings is likely to increase considerably in the future; thus, creating massive growth opportunities for this market. High economic growth rates, competitive manufacturing costs, and surge in the product’s end user applications are some of the other factors that boost the automotive OEM coatings market in Asia-Pacific. Besides, these factors attract various companies to adopt expansion and carry research and development activities to meet the global demand. Market players are also focusing to gain substantial market shares in the developing economies. Various producers are moving their production base to India and China, owing to low raw material and labor costs in these countries. North America and Europe also hold a considerable share in the automotive OEM coatings market.
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The major market players profiled in the automotive OEM coatings market include BASF SE, Axalta Coating Systems, PPG Industries, Kansai Paint, Nippon Paint, AkzoNobel, KCC Paint, Sherwin-Williams Company, Arkema SA, and Bayer AG.
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