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(Transportation-News.com, December 18, 2019 ) Automotive OEM Coatings Market Overview
The Global Automotive OEM Coatings market is growing with a CAGR of around 5 % during the forecast period from 2019 to 2026.
Automotive OEM Coatings Market Drivers and Restraints
• Increasing automobile demand, aging vehicles, development in infrastructure, and environmental concerns are the forces behind the increasing demand for automotive OEM coatings.
• Increasing vehicle production in countries such as the U.S., Germany, China, Japan, Mexico, South Korea, along with aging vehicles is a primary driver for the market.
• The stringent regulations and environmental norms in the developed regions like the U.S. and Europe are accelerating the demand for eco-friendly coatings such as Water-borne coatings, powder coatings and UV coatings in these regions and thus boosting the overall market demand as well.
• The increasing technological advancements and rising R&D investments will also augment the market growth in the coming years.
• The fluctuations in the prices of raw materials like resins, pigments, titanium oxides, and additives can restrain the growth of the market during the forecast period.
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Automotive OEM Coatings Industry Analysis
• The Global Automotive OEM Coatings Market report segments the market by Type, layer and vehicle type.
• Type segment includes Solvent-borne, Water-borne, powdered, and UV-cured. Solvent-borne OEM coatings had a significant market share in 2017, and are the most traditionally used coatings.
• However, the Water-borne segment is estimated to be the most lubricative segment during the forecast period; and is expected to register the highest growth.
• Water-borne OEM coatings are the future of automotive OEM coatings, and currently the transition from Solvent-borne coatings to Water-borne OEM coatings is taking place quickly in the automotive industry.
• The increasing pressure from regulatory bodies has prompted the automotive coatings industry to move towards more sustainable materials and processes.
• Solvent-based automotive paints contain VOCs and hazardous air pollutants that contribute to air pollution and cause numerous adverse health effects, including eye/skin irritation, and central nervous system effects.
• As water-borne OEM coatings use water as a solvent to dissolve a resin, these are more environmentally friendly and safe for the human health.
• The other advantages of Water-borne OEM coatings which are boosting its demand are increased productivity, reduced costs and better durability of the surface.
• Further, based on the layer the market can be segmented as Primer, Basecoat, E-coat, and Clearcoat. Also, the vehicle type segment consists of Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Others.
Global Automotive OEM Coatings Regional Share
• The report segments the market by geographic region which includes North America, South America, Europe, Asia-Pacific, and Others.
• Asia-Pacific was the largest market for Automotive OEM coatings in 2017 and is also expected to dominate the market in the coming years.
• The increasing automobile production in countries like China, South Korea, India, Japan, Thailand, and Indonesia is a primary reason for the large share of the APAC region in the market.
• The rapid economic growth, increasing governments’ investments, and advancements in road infrastructure especially in China and India, is also spurring the demand for Automotive OEM coatings in the region.
• The strong presence of key players and rising investments in the area is further boosting the market growth.
• The market growth in North American and European region will mostly occur because of the stringent regulations and environment safety norms, which will drive the market for Water-borne, Powdered and UV-coated Automotive OEM coatings.
Automotive OEM Coatings Manufacturers
• The Global Automotive OEM Coatings market report profiles the following companies-
• BASF, Axalta Coating Systems, Nippon Paint, AkzoNobel, PPG Industries, Sherwin-Williams Co., Valspar, Kansai Paint, Coventry AG (Bayer), DuPont, KCC Corporation, Arkema SA.
Key market segments covered
By Type
• Solvent-borne
• Water-borne
• Powdered
• UV-cured
By Layer
• Primer
• Basecoat
• E-coat
• Clearcoat
By Vehicle Type
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Others
By Region
• Asia Pacific
• Europe
• North America
• South America
• Rest of the World
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