Automotive OEM Coatings Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2020-2030
The automotive OEM coatings market was valued at around USD 7.93 billion in 2019, and isexpected to reach USD 13.12 billion by 2030, with a CAGR of 4.6% during theforecast period.
Automotive coatings are used to cover the surface ofautomobiles and to represent the innovative technologies capable of maximizingoverall efficiency, manufacturing durable surfaces, alongside meeting all the environmentalnorms. Automotive coatings also help in enhancing the overall appearance anddurability of a vehicle and also safeguard it from extreme temperatures,foreign particles, and UV radiations. These coatings help protect theunderlying synthetic body or metal panels from harsh environments. Initially, lead,chromium, and other heavy metals were used in making these coatings. But withthe introduction of many environmental norms, use of lethal chemicals has beenprohibited, which has resulted in a switch to water-based coatings.
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The global market for automotive OEM coatings market issegmented into type, layer, vehicle type, and region. On the basis of type, themarket is divided into solvent-borne, waterborne, powdered, and others. Basedon layer, the market is fragmented into primer, basecoat, electro coat, andclear coat. On the basis of vehicle type, the market is divided into passengercars, 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 thethe U.S., the U.K., France, and others.
Growth in the production of automobiles especially inthe emerging countries such as India, China, Brazil, South Korea, Mexico, andAfrica due to growth in population and rise in disposable income boosts themarket growth. Besides, budding necessity of automotive refinish due to vehiclerepair and maintenance is further stimulating the demand for coatings and paintsglobally. Furthermore, rise in inclination toward lowering the maintenance costof vehicles and change in consumer preference toward vehicle protection fromenvironmental susceptibilities is further augmenting market growth as thesecoatings are applied on the surface of automobiles to improve durability and resistanceof the vehicle against rusting, corrosion, dust, acid rain, and foreignparticles.
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The need for automotive OEM coatings is likely to increaseconsiderably in the future; thus, creating massive growth opportunities for thismarket. High economic growth rates, competitive manufacturing costs, and surgein the product’s end user applications are some of the other factors that boostthe automotive OEM coatings market in Asia-Pacific. Besides, these factorsattract various companies to adopt expansion and carry research and developmentactivities to meet the global demand. Market players are also focusing to gainsubstantial market shares in the developing economies. Various producers are movingtheir production base to India and China, owing to low raw material and laborcosts in these countries. North America and Europe also hold a considerable sharein the automotive OEM coatings market.
The major market players profiled in the automotive OEMcoatings market include BASF SE, Axalta Coating Systems, PPG Industries, KansaiPaint, Nippon Paint, AkzoNobel, KCC Paint, Sherwin-Williams Company, Arkema SA,and Bayer AG.
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