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Coatings that Last: OEM Innovations Transforming Industries
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
Rising per capita disposable income is expected to propel the growth of the OEM coatings market going forward. Per capita disposable income refers to the amount of money an individual has available to spend or save after paying taxes and other mandated costs. As disposable incomes increase, consumers have more money to spend on discretionary items, including automobiles, appliances, and other manufactured goods, which subsequently increases the demand for OEM coatings. For instance, in March 2023, according to Statistics Iceland, an Iceland-based government agency, household gross disposable income is estimated to have increased by 9.2% from 2021 to 2022. Disposable income per capita amounted to $0.35 million (4.9 million ISK) in 2022 and is estimated to have increased by 6.5% from the previous year. Furthermore, in December 2022, according to the Ministry of Statistics and Program Implementation, an India-based commercial organization, the rise in disposable income of consumers increased to 274.13 million in 2022 from 238.57 million in 2021. Global disposable incomes and family spending are both projected to increase by 2.6% in 2022. Therefore, rising per capita disposable income is driving the growth of the OEM coatings market.
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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Major Key Players of the Market:
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
OEM Coatings Market 2024 Key Insights:
• 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%.
• End-Use Industry Demand Boosts Growth In Oem Coatings Market
• Revolutionizing Oem Coatings With Sustainable Solutions
• Asia-Pacific was the largest region in the OEM coatings market in 2023
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