Demand for Automotive OEM Coatings Increasing due to Technological Advancements

The demand for vehicles has been rising significantly since the past few years, majorly in emerging economies. The economic situation in countries including India and China has improved considerably, owing to which, larger number of people are able to afford vehicles. Moreover, now with the emergence of electric vehicles and new technologies, the demand for automobiles has also increasing in developed countries. As the adoption of vehicles is increasing, it is quite natural that the demand for products that are used in their manufacturing will rise as well. It is because of such factors that the demand for automotive original equipment manufacturers (OEM) coatings has been growing.

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Automotive OEM coatings are applied on vehicles to protect them from different weather conditions and corrosion and to provide the vehicle an attractive finishing. The automotive OEM coatings market is projected to register considerable growth in the coming years because of technological advancements in the domain. Manufacturers are now focusing on developing new products and technologies and processes for car manufacturers. These advancements are aimed towards making coatings more functional and less costly. In addition to this, regulatory compliance and less carbon emissions from these coatings is also being expected by end users.

Moreover, these days, the demand for powder coatings has also been rising in the automotive industry. Powder coatings release lesser volatile organic compounds as compared to liquid coatings, which is why automakers are increasing making their use. For example, Bayerische Motoren Werke AG plants in the European region are shifting towards powder coatings, especially for the clearcoat process. In addition to all this, powder-based clearcoats provide various advantages, such as no wastewater or paint sludge during application and uniform film thickness.

The global automotive OEM coatings market is predicted to reach a value of over $13,661.4 million by 2024, increasing from $10,997.4 million in 2018, and is projected to advance at a 4.2% CAGR during 2019-2024. In terms of layer, the market is categorized into clearcoat, electrocoat, basecoat, and primer, out of which, the clearcoat category is projected to account for the largest share of the market in 2024, in terms of volume. The application of clearcoats protect vehicles from ultra-violet rays, which is why a thicker coat is needed to be applied of this layer. This is creating a high-volume demand for clearcoats in the automotive industry across the globe.

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Geographically, Asia-Pacific has been contributing the largest share, both in terms of value and volume, to the automotive OEM coatings market, as per a report by P&S Intelligence. The region is further expected to register the highest CAGR of 3.7%, in terms of volume, and 4.9%, in terms of value, during the forecast period. This can be ascribed to the rising automobile production in Indonesia, China, and India, which is leading to a high demand for automotive OEM coatings. Moreover, China is a major automobile market across the globe, owing to which, the demand for products such as automotive OEM coatings is high in the country.

Hence, the need for automotive OEM coatings is growing due to the increasing automobile production and technological advancements.

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