PUBLISHER: Acute Market Reports | PRODUCT CODE: 1251911
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1251911
Automotive OEM Coatings Market Is Projected to Expand At A CAGR Of 6.1% Between 2023 And 2031. Automotive coatings are employed to coat automobile surfaces and demonstrate innovative technologies which are proficient in manufacturing sturdy surfaces, maximizing overall vehicle efficiency while meeting environmental regulations. Automotive OEM coatings improve the overall appearance and durability of a vehicle and help in protecting it from extreme temperatures, UV radiation, and foreign particles.
Innovation is fuelling the growth of the global automotive OEM coatings industry since new variants such as waterborne and e-based products are penetrating both consumer automotive as well as automotive OEMs. Ultraviolet-based coatings are projected to witness high demand. Although, currently the applications of UV coatings are in their infancy stage, a steady shift toward UV cure coatings is estimated to happen over the forecast period. Moreover, several benefits such as lower energy costs and ease of application are some major aspects fostering the adoption of automotive OEM coatings across the value chain. Additionally, the increase in per capita disposable incomes of consumers especially in developing economies such as China, India, Thailand, etc. has propelled the overall demand for passenger cars. Thus, automotive manufacturers are setting up their manufacturing facilities in the aforementioned countries to cater to this burgeoning demand. These manufacturers are progressively shifting towards high-performance and low-cost OEM coatings manufactured by regional vendors. Amplified by the launch of newer products with relatively more sophisticated and unique functionalities, local players are focusing on collaborating with major automotive OEMs to come up with tailored solutions for consumers.
The automotive OEM coatings market is segmented by type into water-borne, solvent-borne, powdered, and others. The solvent-borne segment accounted for the largest share in 2022 and is chiefly driven by increasing preference towards low-priced coatings, especially for basecoat applications. On the basis of layer, the global automotive OEM coatings market is segmented into primer, basecoat, electrocoat and clearcoat. Based on type of vehicle, the market is categorized into light commercial vehicles, passenger cars, heavy commercial vehicles, and others (bicycles, motorbikes, etc.) Passenger cars segment accounted for the largest share owing to increasing automobile production, especially in China, India, and Brazil. Moreover, increasing disposable incomes and changing lifestyles of consumers are further expected to supplement the demand for passenger cars over the coming years.
Passenger cars segment proposes the maximum potential in the global automotive OEM coatings market due to the rise in demand for general utility vehicles and passenger cars globally along with an increase in expenditure toward public transportation. Moreover, the rising inclination of consumers towards easy and efficient transportation facilities further augments the overall demand for such coatings in passenger cars. Owing to persistent growth in the disposable incomes of consumers coupled with an increase in demand for commercial vehicles on account of rapid growth in logistics and transportation, the use of automotive OEM coatings in commercial vehicles has foreseen key developments. The passenger cars segment is estimated to witness significant growth during the forecast period. However, an increase in apprehensions related to several environmental perils associated with the use of solvent-borne coatings might hamper the overall growth, although increasing investments in research & development activities in the production of newer and relatively safer alternatives are projected to pose lucrative growth opportunities.
In 2022, in terms of demand/consumption, globally, Europe was the major market for automotive OEM coatings closely followed by the Asia Pacific and North American regions. As of 2022, China was the largest exporter of automotive OEM coatings globally. The other Asia Pacific countries leading in exports of automotive OEM coatings are India, Japan, and Indonesia. Latin America is expected to foresee rapid growth due to the presence of untapped and emerging markets such as Mexico, Peru, Argentina, Ecuador, and Columbia among others.
Key Developments
September 2022: BASF Coatings started a new research center for electrophoretic dip coating at Munster-Hiltrup, Germany
June 2022: AkzoNobel signed an agreement to acquire Kansai Paint, a provider of automotive, industrial, and decorative coatings, to further strengthen its footprint in Africa
May 2021: PPG Industries, Inc. completed the acquisition of Worwag, a global manufacturer of coatings for industrial and automotive applications
Key players across the Automotive OEM Coatings Market value chain are:
BASF SE, Akzo Nobel N.V., The Sherwin-Williams Company, PPG Industries, Inc., Axalta Coating Systems, Kansai Paint Co., Ltd., Jotun A/S, Hempel A/S, Berger Paints India Limited, Nippon Paint Holdings Co., Ltd., The Valspar Corporation, KCC Corporation and others.
Historical & Forecast Period
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Automotive OEM Coatings market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users and consumption volume, price and value.
Geographical revenues generate by countries considered in the report
Micro and macro environment factors that are currently influencing the Automotive OEM Coatings market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
Market Segmentation
Type
Solvent Borne
Water Borne
Powdered
Others
Layer
Primer
Basecoat
Electrocoat
Clearcoat
Type of Vehicle
Passenger Cars
Light Commercial Vehicles (LCV)
Heavy Commercial Vehicles (HCV)
Others (Bicycles, Motorbikes, etc.)
Region Segment (2021-2031; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Automotive OEM Coatings market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2031.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Automotive OEM Coatings market?
Which is the largest regional market for Automotive OEM Coatings market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Automotive OEM Coatings market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Automotive OEM Coatings market worldwide?