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(I-AutoNewsWire.com, December 18, 2019 ) Automotive OEM Coatings Market Overview
The Global Automotive OEM Coatings market is growing with a CAGR of around 5 % during the forecast period from 2019 to 2026.
Automotive OEM Coatings Market Drivers and Restraints
Increasing automobile demand, aging vehicles, development in infrastructure, and environmental concerns are the forces behind the increasing demand for automotive OEM coatings.
Increasing vehicle production in countries such as the U.S., Germany, China, Japan, Mexico, South Korea, along with aging vehicles is a primary driver for the market.
The stringent regulations and environmental norms in the developed regions like the U.S. and Europe are accelerating the demand for eco-friendly coatings such as Water-borne coatings, powder coatings and UV coatings in these regions and thus boosting the overall market demand as well.
The increasing technological advancements and rising R&D investments will also augment the market growth in the coming years.
The fluctuations in the prices of raw materials like resins, pigments, titanium oxides, and additives can restrain the growth of the market during the forecast period.
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Automotive OEM Coatings Industry Analysis
The Global Automotive OEM Coatings Market report segments the market by Type, layer and vehicle type.
Type segment includes Solvent-borne, Water-borne, powdered, and UV-cured. Solvent-borne OEM coatings had a significant market share in 2017, and are the most traditionally used coatings.
However, the Water-borne segment is estimated to be the most lubricative segment during the forecast period; and is expected to register the highest growth.
Water-borne OEM coatings are the future of automotive OEM coatings, and currently the transition from Solvent-borne coatings to Water-borne OEM coatings is taking place quickly in the automotive industry.
The increasing pressure from regulatory bodies has prompted the automotive coatings industry to move towards more sustainable materials and processes.
Solvent-based automotive paints contain VOCs and hazardous air pollutants that contribute to air pollution and cause numerous adverse health effects, including eye/skin irritation, and central nervous system effects.
As water-borne OEM coatings use water as a solvent to dissolve a resin, these are more environmentally friendly and safe for the human health.
The other advantages of Water-borne OEM coatings which are boosting its demand are increased productivity, reduced costs and better durability of the surface.
Further, based on the layer the market can be segmented as Primer, Basecoat, E-coat, and Clearcoat. Also, the vehicle type segment consists of Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Others.
Global Automotive OEM Coatings Regional Share
The report segments the market by geographic region which includes North America, South America, Europe, Asia-Pacific, and Others.
Asia-Pacific was the largest market for Automotive OEM coatings in 2017 and is also expected to dominate the market in the coming years.
The increasing automobile production in countries like China, South Korea, India, Japan, Thailand, and Indonesia is a primary reason for the large share of the APAC region in the market.
The rapid economic growth, increasing governments investments, and advancements in road infrastructure especially in China and India, is also spurring the demand for Automotive OEM coatings in the region.
The strong presence of key players and rising investments in the area is further boosting the market growth.
The market growth in North American and European region will mostly occur because of the stringent regulations and environment safety norms, which will drive the market for Water-borne, Powdered and UV-coated Automotive OEM coatings.
Automotive OEM Coatings Manufacturers
The Global Automotive OEM Coatings market report profiles the following companies-
BASF, Axalta Coating Systems, Nippon Paint, AkzoNobel, PPG Industries, Sherwin-Williams Co., Valspar, Kansai Paint, Coventry AG (Bayer), DuPont, KCC Corporation, Arkema SA.
Key market segments covered
By Vehicle Type
Light Commercial Vehicles
Heavy Commercial Vehicles
Rest of the World
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