OEM Coatings Global Market 2023 - Growth Opportunities, Top Countries, Future Trends, Revenue And Forecast 2032

They are designed to offer dust, moisture, and UV resistance.

Initially, vehicle coats had been metallic (lead, chromium, and heavy metals), however, because of expanded recognition approximately their poisonous tendencies, the market shifted to the utility of water-primarily based totally on paints.

The predominant drivers fueling the increase of this market are progressed existence and overall performance of merchandise on the utility of OEM coatings and the expanded vehicle manufacturing in each advanced and rising market.

The predominant demanding situations confronted via way of means of this market consist of the instability in uncooked fabric prices, and environmental problems concerning VOC’s which have ended in a declining solvent-primarily based totally coating market in desire of water-primarily based totally and powder coatings.

Radiation cured coatings appoint UV mild as opposed to heat, which removes waste streams normally visible in solvent coatings.

The biggest give-up consumer is the auto enterprise, observed via way of means of furnishings, and aerospace industries.

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.

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