According to a report by P&S Intelligence, the global automotive OEM coatings market is expected to generate a revenue of over $13,661.4 million by 2024, rising from $10,997.4 million in 2018, and is predicted to advance at a 4.2% CAGR during the forecast period (2019–2024). These coatings are utilized for providing finishing to automobiles, and they also protect vehicles from extreme weather conditions, corrosion, ultraviolet (UV) exposure, and dust. These days, owing to technological advancements, manufacturers are developing advanced products, which are more efficient and effective. These developments are focused towards different benefits, including reduced emissions, greater functionality, less maintenance cost, and regulatory compliance.
However,
the demand for water-borne automotive OEM coatings is predicted to
increase considerably in the years to come, which is primarily due to
the surging concerns regarding environmental deterioration.
Solvent-borne coatings contain volatile organic compounds (VOC) that are
extremely harmful for the environment. In addition to this, governments
of different countries have implemented strict regulations regarding
VOC emissions, due to which, the adoption of water-borne coatings is
growing. Automotive OEM coatings are applied on plastic and metal parts.
The demand for these coatings was higher for application on metal parts
of vehicles, which can be attributed to the fact that most of the
automotive parts and components are made of metal.
Geographically, the Asia-Pacific region has been the largest automotive OEM coatings market
up till now, and it is further projected to be the major user of these
products in the coming years as well. The major reason for this is the
growing automotive production in countries including Indonesia, China,
and India. Moreover, China has emerged as a major automotive industry
across the globe and the increasing production of electric and
lightweight vehicles in the country are driving the demand for
automotive OEM coatings.
Hence, the increasing penetration of
luxurious vehicles in developing countries is driving the requirement
for automotive OEM coatings.
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