Market Research Report
Automotive OEM Coatings Market by Type, by Layer, by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Others - Global Opportunity Analysis and Industry Forecast, 2022 - 2030
|Automotive OEM Coatings Market by Type, by Layer, by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Others - Global Opportunity Analysis and Industry Forecast, 2022 - 2030|
Published: January 1, 2022
Next Move Strategy Consulting
Content info: 276 Pages
Delivery time: 1-2 business days
The Global Automotive OEM Coatings Market size was valued to USD 7.23 billion in 2021, with a volumetric turn-over of 1706.9 kilotons; is predicted to garner USD 13.12 billion by 2030 with an expected volumetric turn-over of 2,864.1 kilotons, demonstrating a respective CAGR of 8.1% and 7.0% from 2022-2030.
Automotive OEM coatings are paints applied to coat the surface of automobiles for both protection of the vehicle surface as well as for enhancing its aesthetic appearance. These are majorly solvent-borne, waterborne, powdered, and of such other types. These coatings along with increasing the durability of vehicles, offer high protection shield against extreme temperature ranges, intense ultraviolet exposure, acid rain and other foreign particles. Due to stringent regulatory standards, the automotive OEM coatings are formulated as per the environment standards abiding to environmental norms.
The automotive OEM coatings market is gaining traction due to growing demand for commercial utility vehicles, higher inclination towards efficient transport, increased trend of possessing personal automotive transports especially in premium vehicles segment, as well as growing demands for passenger cars.
Besides, market trends such as, higher preferences towards light weight vehicles offering lower fuel-consumption and higher efficiency, plus growing demand for electric and hybrid vehicles offering lower carbon emissions, are expected to create new opportunities in the global automotive OEM coatings market throughout the forecast period.
However, high cost raw materials, strict environmental emission standards, and concerns related to use of solvent-borne automotive coatings that impose the risk of environmental hazard, are the factors responsible to impede the growth of global automotive OEM coatings market during the forecast period.
Moreover, investments in R&D activities for new production alternatives, strategic collaborations, and new product launches by market players, are to create lucrative opportunities in the global automotive OEM coatings market in future.
The global automotive OEM coatings market share analysis is based on type, layer, vehicle type and geography. Based on type, the market is segmented into Solvent-Borne, Waterborne, Powdered, and Others. Based on layer, the market is fragmented into Primer, Basecoat, Electrocoat, and Clearcoat. Based on vehicle type, the market is divided into Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV), and Others (Motorbikes). Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
North America region is expected to account for the major market share in the global automotive OEM coatings market, over the forecast period owing to the increased adoption of automotive OEM coatings. Furthermore, increase in technological advancements, well-established automotive infrastructures as well as higher adoption of electronic vehicles are to fuel-up the market growth in this region.
Asia-Pacific region dominated the global automotive OEM coatings market, and is expected to maintain its dominance throughout the forecast period, growing with the highest CAGR both by value and volume. This is attributable to increase in innovation and strategic collaboration among the market players as well as growing demand for commercial and light weight vehicles in this region.
Some of the major market players driving the automotive OEM coatings market are BASF SE, Axalta Coating Systems, PPG Industries, Kansai Paint, Nippon Paint, AkzoNobel, KCC Paint, Sherwin-Williams Company, Arkema SA and Bayer AG among others.
The prominent players have adopted product launches and collaborations as their key strategies to gain substantial share in the global automotive OEM coatings market.
For instance, in November 2019, AkzoNobel's new color collections helped turn the ordinary into the extraordinary. The color had taken on a new lease of life for customers of AkzoNobel's Powder Coatings, as well as Automotive and Specialty Coatings businesses following the launch of two hotly anticipated on-trend color collections.
In February 2020, one of the major market players of the global automotive OEM coatings market, Nippon Paint used its first-ever velocity system to paint the car in a single day, at one of its unit based in India. The car painted using Spray guns and Nax-Pro preparation; was polished and finalized using various finishing products. Nippon Paint augmented finishing solutions offer a complete range of paint, preparation, finishing and maintenance products.