The global automotive original equipment manufacturers (OEM) coatings market generated a revenue of $10,997.4 million in 2018 and is expected to reach $13,661.4 million in 2024, registering a 4.2% CAGR during the forecast period (2019–2024). The market is witnessing growth due to the expanding automotive industry in developing nations and technological advancements. Paints utilized on automobiles for protection and decoration purposes are automotive coatings. OEM automotive coatings provide durable and gleaming finish to the automobiles. These coatings are applied on metal and plastic parts.
When layer is taken into consideration, the automotive OEM coatings market is divided into primer, clearcoat, electrocoat, and basecoat. Out of these, the clearcoat division dominated the market during the historical period (2014–2018), both in terms of value and volume, and is projected to hold the largest share of the market during the forecast period as well. This is ascribed to the advantages clearcoat provides, such as protection from ultraviolet (UV) rays and sun. The fastest growth is predicted to be witnessed by the basecoat division during the forecast period.
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A major driving factor of the automotive OEM coatings market is technological advancements taking place in the domain. The automotive OEM coatings and paint manufacturers are increasingly focusing on new technologies and processes and products for providing the most efficient products for car manufacturers. Advanced and efficient coatings can help reduce cost per part and further require less maintenance. Greater functionality, reduced emissions, and regulatory compliance are some other features and benefits that the automobile manufacturers are becoming inclined towards. Hence, in order to cater to these requirements different innovations are taking place.
In terms of technology, the automotive OEM coatings market is categorized into UV-cured coatings, solvent-borne coatings, powder coatings, and water-borne coatings. Among these, the solvent-borne coatings accounted for the major value share of the market during the historical period and is projected to hold more than 43.8% value share in 2024. However, the preference for water-borne coatings over solvent-borne coatings is increasing due to their different environmental benefits they offer. Because of this, water-borne coatings are predicted to grow at the fastest pace during the forecast period, in terms of volume.
The expansion of automotive industry in emerging economies is another key driving factor of the automotive OEM coatings market. The developing countries in Asia-Pacific, including Thailand, the Philippines, India, South Korea, and Indonesia, hold immense potential for the growth of the automobile industry due to the rising requirement for two-wheeler and four-wheeler vehicle. This is primarily taking place in tier-2 and tier-3 cities because of the rise in the spending power of the consumers and improving road connectivity and infrastructure. This is expected to drive the demand for automotive OEM coatings from vehicle manufacturers.
A key trend being observed in the automotive OEM coatings market is the development of powder coatings. Automobile manufacturers have started making use of powder coatings instead of liquid coatings as they emit zero or near zero VOCs. In addition to this, powder coatings comply with environmental standards and regulations imposed by governments of several countries. Moreover, the combination of powder and liquid coatings would enable the clearcoat and basecoat to be applied in a single layer, thereby streamlining the painting process.
Hence the market is being driven by the expansion of automotive industry in developing countries and technological innovations.
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