The research report includes specific segments by region (country), by manufacturers, by Type and by Application. Each type provides information about the production during the forecast period of 2016 to 2027. by Application segment also provides consumption during the forecast period of 2016 to 2027. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
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Segment by Type:
- Solvent-Borne
- Waterborne
- Powdered
Segment by Application:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Company:
- BASF
- Evonik
- Axalta Coating Systems
- PPG
- Nippon Paint
- Kansai Paint
- AkzoNobel
- Sherwin-Williams Company
- Covestro AG
- Arkema SA
- Beckers Group
- Berger Paints India Limited
- Eastman
- Clariant AG
- Royal DSM
- Lord Corporation
Production by Region:
- North America
- Europe
- China
- Japan
Consumption by Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Russia
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Australia
- Taiwan
- Indonesia
- Thailand
- Malaysia
- Philippines
- Vietnam
- Latin America
- Mexico
- Brazil
- Argentina
- Middle East & Africa
- Turkey
- Saudi Arabia
- U.A.E
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A number of factors such as the rising technological advancements and innovations and expanding automotive industry in the developing countries will drive the automotive original equipment manufacturer (OEM) coatings market at a CAGR of 4.2% during the forecast period (2019–2024).
The market was valued at $10,997.4 million in 2018 and it is projected to reach $13,661.4 million revenue by 2024.
In recent years, the surging preference for powder coatings over liquid coatings has become a prominent market trend, due to the lower content of volatile organic compounds (VOCs) in the former.One of the key growth drivers of the automotive OEM coatings market is the increasing technological advancements being made in automotive OEM coatings in the Asia-Pacific (APAC) region.
Automobile manufacturers are opting for coatings with greater functionality, low maintenance cost, and reduced emissions.
The end users are looking out for advanced coatings to comply with the stringent government regulations.Moreover, the flourishing automobile industry in countries such as Indonesia, India, and Thailand will also contribute to the market growth in the coming years.
The mounting sales of four-wheeler and two-wheeler vehicles in these countries, primarily on account of the escalating purchasing power and improving road connectivity and infrastructure, are driving the demand for these coatings in these Southeast Asian nations.
The automotive OEM coatings market was valued at around USD 7.93 billion in 2019, and is expected to reach USD 13.12 billion by 2030, with a CAGR of 4.6% during the forecast period.Automotive coatings are used to cover the surface of automobiles and to represent the innovative technologies capable of maximizing overall efficiency, manufacturing durable surfaces, alongside meeting all the environmental norms.
Automotive coatings also help in enhancing the overall appearance and durability of a vehicle and also safeguard it from extreme temperatures, foreign particles, and UV radiations.
These coatings help protect the underlying synthetic body or metal panels from harsh environments.
But with the introduction of many environmental norms, use of lethal chemicals has been prohibited, which has resulted in a switch to water-based coatings.Request Sample copy of this report at https://www.nextmsc.com/automotive-oem-coatings-market/request-sampleThe global market for automotive OEM coatings market is segmented into type, layer, vehicle type, and region.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and RoW, with further bifurcation into major countries such as the the U.S., the U.K., France, and others.Growth in the production of automobiles especially in the emerging countries such as India, China, Brazil, South Korea, Mexico, and Africa due to growth in population and rise in disposable income boosts the market growth.
Furthermore, rise in inclination toward lowering the maintenance cost of vehicles and change in consumer preference toward vehicle protection from environmental susceptibilities is further augmenting market growth as these coatings are applied on the surface of automobiles to improve durability and resistance of the vehicle against rusting, corrosion, dust, acid rain, and foreign particles.Inquire before purchase at https://www.nextmsc.com/automotive-oem-coatings-market/inquire-before-buyingThe need for automotive OEM coatings is likely to increase considerably in the future; thus, creating massive growth opportunities for this market.
