The automotive original equipment manufacturer (OEM) coatings market stood at $10,997.4 million in 2018, which is projected to reach $13,661.4 million by 2024, progressing at a CAGR of 4.2% during the forecast period of 2019–2024. The market growth can be driven by technological innovations and developments and the booming automobile industry in developing countries. Besides, the shift toward power coatings from liquid coatings, due to reduced emission of volatile organic compounds (VOCs), is the current trend being observed in the market.
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Additionally, advancement and innovation in the market will add to its growth during the forecast period. This can be ascribed to the increasing focus of OEM paint and coating producers toward novel products, technologies, and processes, to offer premium products for car manufacturers. Besides, automotive producers are seeking technological initiatives and advancements that cover different features and benefits in automobile coatings. These benefits include low maintenance cost, regulatory compliance, greater functionality, and reduced emission.
The technology segment of the market is classified into the powder coatings, solvent-borne coatings, water-borne coatings, and UV-curved coatings. Of these, the water-borne coatings category is expected to grow the fastest in the automotive OEM coatings market till 2024. This can be credited to the increasing inclination toward water-borne coatings over solvent-borne coatings, due to several environmental benefits offered by them. Also, the stringent norms regarding the emission of VOCs are adding to the high-volume demand for water-borne automotive coatings.
Due to the presence of few major players, the automotive OEM coatings market has a consolidated nature. This consolidated market is led by only seven manufacturers: Akzo Nobel N.V., BASF SE, PPG Industries Inc., Nippon Paint Holdings Co. Ltd., Axalta Coating Systems Ltd., The Sherwin-Williams Company, and Kansai Paint Co. Ltd. These players are adopting measures like product launches, geographical expansions, strategic alliances, and mergers, to gain a competitive edge in the market.
Thus, the increasing demand for automobiles is driving the growth of the market during the forecast period.
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