PUBLISHER: The Business Research Company | PRODUCT CODE: 1425683
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425683
OEM Coatings Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on oem coatings market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for oem coatings? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The oem coatings market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
OEM coatings denote thin layers of a substance applied to an object's surface, aimed at augmenting crucial attributes and forming a protective shield against environmental deterioration.
The primary categories of OEM coatings include powder coatings, water-borne coatings, solvent-borne coatings, and radiation-curable coatings. Powder coating is a dry process commonly employed as a metal finish, prevalent in various applications spanning automotive, wood and non-wood furniture, metal building finishes, paper and paperboard, electrical insulation, and others. These coatings find extensive usage across transportation, consumer goods, heavy equipment, machinery, and diverse end-user industries.
The OEM coatings market research report is one of a series of new reports from The Business Research Company that provides OEM coatings market statistics, including target drones industry global market size, regional shares, competitors with an OEM coatings market share, detailed OEM coatings market segments, market trends and opportunities, and any further data you may need to thrive in the OEM coatings industry. This OEM Coatings Market Research Report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenario of the industry.
The oem coatings market size has grown strongly in recent years. It will grow from $70.08 billion in 2023 to $74.48 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth observed in the historical period can be attributed to various factors, including the expansion of the automotive industry, a rise in manufacturing activities, adherence to stringent environmental regulations, heightened demand for high-performance coatings, emphasis on aesthetic appeal in consumer goods, and advancements in the development of powder coatings.
The oem coatings market size is expected to see strong growth in the next few years. It will grow to $94 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. Anticipated growth in the forthcoming period can be attributed to several factors, including the increasing demand for bio-based and sustainable coatings, advancements in waterborne coatings technology, the influence of customization and color trends, expansion within the aerospace industry, growth in the renewable energy sector, and the automotive industry's emphasis on lightweight materials. Key trends expected in this period encompass the adoption of smart coating technologies, a rising demand for UV-cured coatings, integration of digitalization and Industry 4.0 concepts, strategic collaborations and partnerships within the industry, a focus on anti-microbial and hygienic coatings, as well as compliance with regulatory standards and a reduction in volatile organic compounds (VOCs).
The anticipated surge in demand from end-use sectors is poised to drive growth in the OEM coatings market. These coatings, integrated into the process or application on substrates using other companies' products, serve various industries such as automotive and consumer electronics. They effectively reduce costs while enhancing performance, thereby fostering heightened demand. Notably, the European Automobile Manufacturers Association reported a global production of 79.1 million motor vehicles in 2021, marking a 1.3% increase from 2020. Similarly, the consumer electronics sector witnessed a 2.5% rise in sales, amounting to 31.2 billion euros (USD 31.34 billion) in 2021, as indicated by GFU, Consumer & Home Electronics GmbH. Hence, escalating demand from end-use industries fuels the growth of the OEM coatings market.
The projected upsurge in per capita disposable income is expected to propel growth in the OEM coatings market. Increased disposable income signifies higher spending capacities for consumers, especially on discretionary items like automobiles and appliances, consequently boosting the demand for OEM coatings. Statistics Iceland reported a 9.2% increase in household gross disposable income from 2021 to 2022, with per capita disposable income reaching $0.35 million (4.9 million ISK) in 2022, a 6.5% rise from the previous year. Additionally, India's Ministry of Statistics and Program Implementation noted a significant increase in disposable income, rising from 238.57 million in 2021 to 274.13 million in 2022. This trend signifies a projected 2.6% increase in global disposable incomes and family spending in 2022, propelling the OEM coatings market's growth.
Innovation stands out as a pivotal trend shaping the OEM coatings market, with major companies focusing on pioneering products with advanced features. For instance, in December 2022, BASF SE launched the ColorBrite Airspace Blue ReSource basecoat, leveraging the biomass balance approach certified by REDcert. This automotive coating utilizes renewable raw materials, effectively reducing the product's carbon footprint by approximately 20%.
Leading players in the OEM coatings market prioritize introducing innovative technological solutions to gain a competitive edge. Wet-on-wet painting technology, a process involving applying additional paint layers onto a still-wet base coat, streamlines operations by eliminating intermediate drying steps in original equipment manufacturing. For instance, in May 2023, Nippon Paint Holdings Co. Ltd. introduced 'Wet-on-Wet' painting technology, revolutionizing commercial vehicle painting. This cutting-edge solution drastically reduces painting cycle time, energy needs, and labor costs by up to 50%, while also cutting expenses by around 20%. This technological innovation aims to enhance productivity significantly in the painting process for commercial vehicles.
In May 2022, Jamestown Coating Technologies, a Pennsylvania-based manufacturer specializing in paints and coatings, completed the acquisition of Yenkin-Majestic Paint Corporation for an undisclosed sum. This strategic move aims to harness Jamestown Coating Technologies' expertise in producing high-performance, environmentally friendly paints and coatings, thereby enhancing the company's capacity to cater to its existing clientele more effectively. Yenkin-Majestic Paint Corporation, based in Ohio, specializes in OEM coatings.
Major companies operating in the oem coatings market report are PPG Industries Inc., Akzo Nobel N.V., The Sherwin-Williams Company, The Valspar Corporation, Axalta Coating Systems Ltd., Jotun, BASF SE, Nippon Paint Holdings Co. Ltd., Kansai Paint Co. Ltd., 3M Company, DuPont, Taralac, US Coatings, Allnex, Reliable Paints, Arkema S.A., Berger Paints India Ltd., Covestro AG, Dymax Corporation, Eastman Chemical Company, HMG Paints Ltd., KAPCI Coatings, KCC Corporation, Krylon Industrial, Lord Corporation, RPM International Inc., Sika AG, Solvay S.A., The Chemours Company, Tiger Coatings GmbH & Co. KG
Asia-Pacific was the largest region in the OEM coatings market in 2023. The regions covered in the oem coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the oem coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The OEM coatings market consists of sales of architectural powder coating resins, low bake powder coating resins, low gloss powder coating resins, polyester powder coating, powder coating for wheels, TGIC powder coating, and UV curing powder coating resins. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.