Automotive Original Equipment Manufacturer (OEM) Coatings Market Growing Steadily | Major Players are PPG Industries Inc., BASF SE, Axalta Coating Systems Ltd., Nippon Paint Holdings Co. Ltd.

The major factors resulting in the growth of the automotive original equipment manufacturer (OEM) coatings market are the expanding automobile sector in developing countries and technological advancements in the products. From $10,997.4 million in 2018, the market revenue is projected to rise to $13,661.4 million in 2024, at a 4.2% CAGR during the forecast period (2019-2024). Automotive OEM coatings are essentially paints used during automobile manufacturing, for decorative as well as we several functional purposes.

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On the basis of layer, the automotive OEM coatings market is categorized into primer, electrocoat, clearcoat, and basecoat. Among these, the clearcoat category held the largest share, in terms of sales volume, in 2018. This is attributed to the fact that clearcoat protects vehicles from ultraviolet radiation, to achieve which, a thick coat needs to be applied. While this category will continue holding the largest share during the forecast period, basecoat is expected to grow the fastest, as this is what imparts automobiles their aesthetic appeal.

Based on technology, the various divisions in the automotive OEM coatings market are water-borne, solvent-borne, UV-cured, and powder. During the historical period (2014-2018), solvent-borne coatings were the leading category, and these are expected to hold the largest value share, of over 43.8%, in 2024. But as these contain significant amounts of volatile organic compounds (VOC), water-borne coatings are expected to witness the fastest growth in revenue generation during the forecast period.

Browse report overview with detailed TOC on "Automotive OEM Coatings Market Research Report: By Layer (Electrocoat, Primer, Basecoat, Clearcoat), Technology (Water-Borne Coatings, Solvent-Borne Coatings, Powder Coatings, UV-Cured Coatings), Application ( Metal Parts, Plastic Parts), End User ( Light Vehicle OEM, Commercial Vehicle OEM), Geographical Outlook (U.S., Canada, Germany, Spain, France, U.K., China, Japan, India, Mexico, Brazil, Turkey) - Global Opportunity Analysis and Demand Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/automotive-oem-coatings-market

While some automakers are shifting to water-borne coatings, others are turning their attention to powder variants. As they have extremely low VOC concentration, they are environment-friendly, which is why they conform to the anti-air pollution regulations prevalent in numerous nations. Additionally, powder coatings can be used for the basecoat as well as the clearcoat of vehicles, which offers automakers convenience and saves expenditure. Apart from multiple uses and low VOC concentration, other advantages associated with such materials are no wastewater or paint sludge production during application and uniform film thickness.

Technological advancements are one of the major factors helping the automotive OEM coatings market advance. The improved products being developed have the capability to reduce the manufacturing cost of automobiles. In addition to this, these offer greater functionality, comply with environmental regulations, and lead to less emissions. Driven by the increasing investments in technological research and development, the market players are coming up with products, specifically designed for batteries and autonomous vehicles.

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Another key market growth driver is the increase in automotive production and sales in Asia-Pacific nations, including Thailand, Indonesia, India, the Philippines, and South Korea. The demand for two- and four-wheelers is rising rapidly in these nations, especially in the smaller cities. This is due to the bettering road connectivity in semi-urban and rural pockets, as well as an increase in the disposable income. Additionally, numerous automobile companies are entering into partnerships, which is leading to high vehicle production.

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This release was published on openPR.