Press release
How is Automotive Sector of Asia-Pacific (APAC) Fuelling Surge of Automotive Original Equipment Manufacturer (OEM) Coatings Market?
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Due to the above-mentioned factors, the global automotive OEM coatings market is expected to witness an increase in its revenue from $10,997.4 million in 2018 to more than $13,661.4 million by 2024, exhibiting a CAGR of 4.2% during the forecast period (2019–2024). Automotive OEM coatings are widely applied on the metal and plastic parts of the vehicles. Of these, the use of these materials on metal parts is expected to rise faster during the forecast period, mainly owing to the fact that most of the major components of automobiles are made of metal, thus requiring large quantities of coating materials.
Geographically, the Asia-Pacific (APAC) region recorded the highest consumption of automotive OEM coatings in 2018, and this trend is expected to continue during the forecast period. This is primarily attributed to the presence of major automotive manufacturing companies in the region. The surging production of automobiles in various APAC countries, such as India, Japan, China, and Thailand, is expected to result in the soaring demand for automotive OEM coatings in the coming years. China and India are already two of the largest automobile-producing nations in the world, due to their low raw material and labor costs.
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The automotive OEM coatings market is consolidated in nature, characterized by the presence of established companies such as PPG Industries Inc., BASF SE, Axalta Coating Systems Ltd., Nippon Paint Holdings Co. Ltd., Kansai Paint Co. Ltd., The Sherwin-Williams Company, and Akzo Nobel N.V.
PPG Industries Inc. held the number rank one in the market with largest share in the global market owing to the broad portfolio of paints, coatings, and specialty materials.
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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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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