New York, USA, Dec. 16, 2022 (GLOBE NEWSWIRE) -- Automotive OEM Coatings Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive OEM Coatings Market Information by Product Type, Resin, Technology, Application and Region - Forecast till 2030”, the market is estimated to grow at a 6.70% CAGR to reach USD 13879.94 Million by 2030.
Market Scope:
Automobile Original Equipment Manufacturers (OEMs) use automobile OEM coatings, the highest quality coatings available, on a wide variety of vehicles, including cars, trucks, motorcycles, and bicycles. They shield from blemishes and dings, as well as the sun and other environmental hazards, and improve the look of a building. In most cases, OEM coatings for automobiles require baking.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 13879.94 Million |
| CAGR | 6.70% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Resin, Technology, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing per capita disposable income, especially in developing economies of Asia-Pacific. |
| The increasing competition among key automotive players is also fueling the growth. |
Competitive Dynamics:
To preserve their position as market leaders and expand their global footprint, the major players in the automotive OEM coatings market are engaging in a number of different types of expansion, mergers and acquisitions, supply and distribution agreements, and new product launches.
- BASF SE (Germany)
- PPG Industries Inc. (US)
- Nippon Paints Holdings Co. Ltd (Japan)
- Akzo Nobel N.V. (The Netherlands)
- Axalta Coating Systems Ltd (US)
- Berger Paints India Ltd (India)
- Kansai Paint Co. Ltd (Japan)
- The Sherwin-Williams Company (US)
- KCC Corporation (South Korea)
- Covestro AG (Germany)
- Esdee Paints Ltd (India)
- Lubrizol Corporation (US)
Market USP:
Market Drivers
Automobile sales have been boosted by rising disposable income in developing nations of Asia-Pacific including China, India, and Thailand, which in turn is fueling the expansion of the automotive OEM coatings industry. Also contributing to the expansion of the automotive OEM coatings market is the rising intensity of rivalry between major automakers. Market companies can also anticipate significant growth prospects brought about by the introduction of waterborne UV-curved technology and environmentally friendly coatings.
Market Restraints
Solvent-borne coatings' high volatile organic content (VOC) is the key reason that will limit the market's expansion over the coming years. In addition, the biggest difficulty that the market participants confront is the ever-changing pricing of raw materials used in car OEM coatings.
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COVID-19 Analysis
The analysis of COVID-19 shows how the coronavirus epidemic has impacted the automotive coatings market. Due to the lockdown measures, most of the major manufacturers have shut down and put all active projects on hold. The automotive industry has also been impacted by the collapse of other industries. The interruption of the supply chain is yet another important effect of the COVID-19 epidemic. Demand and investment in the sector have dropped dramatically.
By 2020, COVID-19 will have had a global impact, especially in the ASEAN area. Both production and consumption of automotive coatings suffered greatly throughout the year. Although results started getting better in the latter quarter of 2020.
Market Segmentation:
By product
The clearcoat segment is poised to expand at a notable CAGR over the review period.
On the basis of resin
In terms of market share, acrylic is expected to increase at a faster rate than any other product type over the next few years. In the future years, market expansion will be driven by rising demand from the automobile industry.
By technology
The automotive industry's rising demand is largely responsible for the rapid development of waterborne technologies. When opposed to solvent-based coatings, waterborne coatings have lower VOC levels and can therefore be utilized to lower total emissions.
Based on Application
The Passenger car segment is expected to drive the market over the review period.
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Regional Analysis:
In 2018, the automotive original equipment manufacturer coatings market in Asia-Pacific grew at the quickest rate, and this growth is likely to continue during the forecast period. By value, the area accounted for over 43% in 2018. Market expansion in the region can be attributed in large part to rising manufacturing of automobiles in countries like China and Japan. Sales of automobiles in Asia and the Pacific are on the upswing as a result of increased disposable income and shifting consumer preferences, both of which contribute to the expansion of the regional market.
For automobile original equipment manufacturer coatings, Europe was the second largest market in 2018. The expansion of the German product market can be somewhat attributed to the country's thriving auto sector. In the future years, the area is forecast to experience spectacular expansion.
In 2018, the North American market was second in size, behind Europe's. The expansion of the automotive industry in the United States is providing a reliable revenue stream for automotive original equipment manufacturer (OEM) coatings, which in turn is driving the development of the automotive coatings market in the area. By the year 2029, analysts predict that North America will have had a significant growth rate. Most North American automakers are shifting production toward vehicle electrification in response to strict government regulations and norms for carbon emission, which has increased the demand for commercial vehicles and is primarily benefiting the logistics and e-commerce sector, driving the growth of the regional market.
In 2018, the OEM coatings markets in the Middle East and Africa and Latin America were smaller than the worldwide average. In 2018, the OEM coatings industry for automobiles was stunted by the region's sluggish economic growth. It is anticipated that the area will expand during the projection period as a result of rising vehicle manufacturing in nations like Brazil and Mexico. Countries in the Middle East and Africa, such as Turkey, Morocco, Egypt, and Iran, are among the world's top producers of automobiles. Iran, Saudi Arabia, Egypt, Turkey, the United Arab Emirates, and Algeria and Morocco are among the region's most important sales markets. There will likely be a rise in demand for original equipment manufacturer (OEM) coatings for automobiles in the region over the analyzed time period.
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