How is Growing Vehicle Production Driving Automotive OEM Coatings Market?

The automotive industry has been witnessing considerable growth since the past few years, which can be ascribed to the rising disposable income of people and introduction of electric vehicles in the market. In addition to this, a number of developing countries, such as Brazil and India, are registering economic growth, which is why people are able to afford more-expensive vehicles. For example, luxury automobile manufacturers are focusing on expanding their business in these countries for tapping into the middle-class and upper-middle class populations. Owing to these reasons, the requirement for allied products, including automotive original equipment manufacturing (OEM) coatings and automobile accessories, is also growing.

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Automotive OEM coatings are utilized for providing finishing touches to an automobile. However, the process is not as simple as it sounds, since the paint does not become useful until and unless several coats have been applied continuously, under precise conditions. Automotive OEM coatings make sure that the vehicle is provided with protection against high stress, different weather conditions, and ultraviolet (UV) radiation, among other things. Due to this growing demand for these products, the automotive OEM coatings market is predicted to reach a value of over $13,661.4 million by 2024, from $10,997.4 million in 2018, advancing at a 4.2% CAGR during the forecast period (2019–2024).

Such materials can be based on the UV-cured, water-borne, powder, or solvent-borne technologies. While the demand for solvent-borne coatings was higher in the past, the adoption of water-borne coatings is expected to grow considerably in the years to come. This is due to the rising environmental concerns and strict regulations regarding emission of volatile organic compounds. These coatings are utilized by both commercial-vehicle and light-vehicle OEMs. In 2018, commercial vehicle manufacturers made more use of these materials, on account of the surging production of commercial vehicles for passenger conveyance and trade purposes.

Asia-Pacific was the largest automotive OEM coatings market in the past, which is owing to the growing automotive production in countries including Indonesia, India, and China. China is the largest commercial vehicle and passenger car manufacturer and the second largest two-wheeler manufacturer across the globe. The adoption of lightweight vehicles and electric vehicles is also increasing in the country, which is resulting in a rising requirement for coatings among vehicle producing firms.

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Created on Jun 1st 2020 10:12. Viewed 306 times.

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