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Technological Advancements Driving Automotive OEM Coatings Market

03-25-2020 08:42 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: P&S Intelligence

Technological Advancements Driving Automotive OEM Coatings

The global automotive original equipment manufacturers (OEM) coatings market attained a value of $10,997.4 million in 2018 and is predicted to reach a value of $13,661.4 million by 2024, registering a 4.2% CAGR during the forecast period (2019-2024). The market is growing because of the growth potential of automotive industry in emerging economies and technological advancements. Paints that are used on automobiles for protection and decoration purposes are referred to as automotive coatings. Automotive OEM coatings are used for providing a gleaming and durable finish to the automobiles.

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When technology is taken into consideration, the automotive OEM coatings market is divided into ultraviolet-cured coatings, water-borne coatings, powder coatings, and solvent-borne coatings. Among these, the solvent-borne coatings division dominated the market during the historical period (2014-2018) and is projected to contribute a revenue share of 43.8% in 2024. In terms of application, the market is divided into plastic parts and metal parts, between which, the metal parts category accounted for the largest share of the market during the historical period and is expected to retain its position during the forecast period.

A major trend being observed in the automotive OEM coatings market is the development of powder coatings. Automobile manufacturers have started making use of powder coatings instead of liquid coatings because they emit zero or near zero volatile organic compounds. Apart from this, powder coatings have the ability to be utilized in the primer surface as well as the clearcoat coatings. The combination of powder and liquid coatings would enable clearcoat and basecoat to be applied in a single layer, which helps streamline the process. Attributed to these factors, different manufacturers are focusing on adopting powder coatings.

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Recent Strategic Developments of Major Automotive OEM Coatings Market Players

In recent years, major players in the automotive OEM coatings market have taken several strategic measures such as product launches, mergers & acquisitions, and facility expansions to gain a competitive edge in the industry. For instance, in April 2019, PPG Industries Inc., completed its acquisition of automotive OEM coatings manufacturer, Germany based Hemmerlrath Lackfabrik GmbH. Additionally, with this acquisition, the company aimed to increase its market share in the European automotive OEM coatings market.

Moreover, in March 2019, HMG Paints Ltd, the U.K. based paint manufacturer announced the launch of commercial vehicle topcoat, Acrythane 4G which is a high gloss and high solids acrylic polyurethane coating, and developed to meet and exceed the stringent requirements of the commercial vehicle market.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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