Unveiling Innovations: Analyzing Opportunities in the OEM Coatings Market

The oem coatings market size has grown strongly in recent years. It will grow from $70.08 billion in 2023 to $74.48 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to automotive industry growth, increasing manufacturing activities, stringent environmental regulations, demand for high-performance coatings, focus on aesthetic appeal in consumer goods, development of powder coatings.

The oem coatings market size is expected to see strong growth in the next few years. It will grow to $94 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to demand for bio-based and sustainable coatings, advancements in waterborne coatings, customization and color trends, expansion of aerospace industry, growth in the renewable energy sector, focus on lightweight materials in automotive manufacturing. Major trends in the forecast period include adoption of smart coating technologies, rising demand for uv-cured coatings, digitalization and industry 4.0 integration, strategic collaborations and partnerships, focus on anti-microbial and hygienic coatings, regulatory compliance and voc reduction.

Market Overview -
OEM coatings refer to thin layers of a covering substance that are deposited or applied to the surface of any object, for enhancing key characteristics and building a barrier against the surface's deterioration brought on by interactions with the environment.

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End-Use Industry Demand Boosts Growth In Oem Coatings Market
The increase in demand from end-use industries is expected to propel the growth of the OEM coatings market going forward. OEM coatings refer to the coatings that are used in the process or application on the substrate while integrating other companies' products. OEM coatings are helpful for various end-user industries, such as the automotive and consumer electronics industries, by lowering costs and enhancing performance, thus increasing demand for OEM coatings. For instance, in April 2022, according to the European Automobile Manufacturers Association, a Belgium-based lobbying and standards group for the automobile industry, 79.1 million motor vehicles were produced around the world in 2021, an increase of 1.3% when compared to the year 2020. Furthermore, according to a report shared by GFU, Consumer & Home Electronics GmbH, a Germany-based corporation supporting consumer electronics, the consumer electronics sector saw a rise of 2.5% in 2021 compared to 2020, with sales of 31.2 billion euros (USD 31.34 billion). Therefore, the increasing demand from end-use industries is driving the growth of the OEM coatings market.

Competitive Landscape -
Major companies operating in the oem coatings market report are PPG Industries Inc., Akzo Nobel N.V., The Sherwin-Williams Company, The Valspar Corporation, Axalta Coating Systems Ltd., Jotun, BASF SE, Nippon Paint Holdings Co. Ltd., Kansai Paint Co. Ltd., 3M Company, DuPont, Taralac, US Coatings, Allnex, Reliable Paints, Arkema S.A., Berger Paints India Ltd., Covestro AG, Dymax Corporation, Eastman Chemical Company, HMG Paints Ltd., KAPCI Coatings, KCC Corporation, Krylon Industrial, Lord Corporation, RPM International Inc., Sika AG, Solvay S.A., The Chemours Company, Tiger Coatings GmbH & Co. KG

Revolutionizing Oem Coatings With Sustainable Solutions
Product innovation is a key trend gaining popularity in the OEM coatings market. Major companies operating in the OEM coatings market are developing innovative products with advanced features to strengthen their position in the market. For instance, in December 2022, BASF SE, a German chemical company, launched the ColorBrite Airspace Blue ReSource basecoat based on the biomass balance approach, certified by REDcert. ColorBrite Airspace Blue ReSource basecoat is an automotive coating using renewable raw materials. The unique feature of the product helps reduce around 20% of the product's carbon footprint.

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Key Segments -

The oem coatings market covered in this report is segmented -

1) By Types: Powder Coatings, Water-Borne Coatings, Solvent-Borne Coatings, Radiation Curable Coating
2) By Application: Automotive, Wood/ Non-Wood Furniture, Metal Building Finishes, Paper and Paperboard, Electrical Insulation, Other Applications
3) By End - Use: Transportation, Consumer Products, Heavy Equipments and Machinery, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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