Automotive OEM Coating Market to Grow at 7.7% CAGR by 2030
The Automotive OEM Coating Market is expected to grow at the CAGR of 7.7% and 6.7% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Automotive coatings are used to coat the surfaces of automobiles and exemplify the futuristic technologies to improve the durability and look of the vehicles. The advanced coating material is also used to safeguard automotive vehicles from UV radiation, extreme temperature, and foreign particles.
According to the report, the growth of this market is primarily driven by an increase in vehicle sales throughout the globe. The other factors that drive the automotive OEM coatings market growth include increase in demand for durable products, growth in demand for advanced coating in automotive vehicles, and adoption of coating in automotive OEM. Furthermore, growth in adoption of automotive OEM coatings in modern vehicles is likely to change the automotive OEM coatings market trend across the globe. In addition, increase in number of electric vehicles in developing countries is expected to boost the global automotive OEM coatings market.
Based on the type, the automotive OEM coating market is segmented into solvent-borne, waterborne, powdered, and others. On the basis of layer type, the market is fragmented into Primer, Basecoat, Electrocoat, and Clearcoat. On the basis of vehicles type, the global market is categorized into passenger cars, light commercial vehicles (LCV), heavy commercial vehicles (HCV), and others (motorbikes). The passenger cars segment holds the major global automotive OEM coating market share. In recent years, role of the automotive OEM coating in passenger cars has been changed dramatically, resulting in change in material of automotive OEM coating. Moreover, continuously increasing demand for PCV across the globe drives the automotive OEM coating market.
Region wise, the market is studied across North America, Europe, Asia-Pacific (APAC), and Latin America, Middle East & Africa (LAMEA). North America is expected to account for the significant share of the global automotive OEM coating market, owing to high adoption of the automotive vehicles in the region. In addition, high disposable income and rise in awareness regarding vehicle driving are some of the other factors that are expected to support the automotive OEM coating market growth. The Europe automotive OEM coating market is the second leading market for automotive brake pads. Germany is the hub for automotive technological advancements, which is driving the market for automotive OEM coating in Europe, owing to increased sale of vehicles in the past few years. Europe automotive OEM coating market is anticipated to account for significant share of the market. The Asia-Pacific is the fastest growing region for the market. Constantly growing population in China is demanding for increased number of vehicle production, which in turn has increased the demand for automotive OEM coating in the OEM as well as aftermarket segment. LAMEA holds the least share in the global automotive OEM coating market, owing to the presence of the poor economy especially in African region. The Brazil automotive OEM coating is forecasted to account for low to medium share of the market, owing to the lack of awareness regarding the automotive OEM coating. In addition, lack of major players in the region and no government support are some of the factors that restrain the automotive OEM coating market growth.
According to the report, some of the major player in the market include BASF SE, Axalta Coating Systems, PPG Industries, AkzoNobel, Sherwin-Williams Company, Nippon Paint, Kansai Paint, KCC Paint, Clariant AG, Arkema SA, Eastman Chemical Company, Valspar Corporation, Beckers Group, Cabot Corporation, Berger Paints, Bayer AG, Deft, Inc., Lord Corporation, Jotun A/S, Royal DSM, and Solvay S.A.
Browse key industry insights from the report at https://www.nextmsc.com/report/automotive-oem-coatings-market in detail along with the table of contents:
Key Insights from the Automotive OEM Coating Market Report:
- North America region is expected to dominate the global market during the forecast period.
- Next Move Strategy Consulting has identified key players in the Automotive OEM Coating market, such as BASF SE, Axalta Coating Systems, PPG Industries, AkzoNobel, Sherwin-Williams Company, Nippon Paint, Kansai Paint, KCC Paint, Clariant AG, Arkema SA, Eastman Chemical Company, Valspar Corporation, Beckers Group, Cabot Corporation, Berger Paints, Bayer AG, Deft, Inc., Lord Corporation, Jotun A/S, Royal DSM, and Solvay S.A.
The report Automotive OEM Coating Market – Segmented by Type, Layer, Vehicle, and Region
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