Automotive OEM Coatings Market Insights
The global automotive OEM coatings market was valued at USD 7,759.5 million in 2018 and is expected to exhibit a CAGR of 6.45% during the review period, 2019−2025. The increasing consumer preference for automotive coatings and the increase in automotive sale across the globe, especially passenger cars, are the factors largely boosting the growth of the global automotive OEM coatings market. Additionally, the demand for automotive OEM coatings is dominated by solvent-borne coating technology as of 2018, however, the increasing regulatory pressure on the use of solvent-borne coatings across the globe owing to its high VOC content may hamper the product market during the forecast period.
Automotive OEM Coatings Market Segmental Analysis
The global COVID-19 analysis on automotive OEM coatings market has been segmented by application, end-use industry, and region.
By product type, the global automotive OEM coatings industry has been divided into clearcoat, basecoat, primer, E-coat, and others. The clearcoat segment held the largest market share in 2018 by value and volume due to its relatively large-scale consumption and high cost. The segment is also expected to register the highest CAGR during the forecast period.
On the basis of resin, the global automotive OEM coatings industry has been segmented into polyurethane, acrylic, epoxy, alkyd, and others. The polyurethane segment accounted for the largest share of over 45% in 2018 due to its superior performance characteristics over other resins and is also likely to grow at a significant rate in the coming years.
By technology, the global automotive OEM coatings market has been segmented into solvent-borne, water-borne, UV cured, high solid coatings, powder coatings, and others. The solvent-borne segment held the largest market share of over 50% in 2018 due to its quick drying properties and low cost. The segment’s growth is also driven by less regulatory pressure related to solvent-borne coatings in the countries of Asia-Pacific. However, water-borne technology segment is expected to exhibit the highest CAGR during the forecast period.
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Automotive OEM Coatings Market Regional Analysis
The global automotive OEM coatings market share has been studied with respect to five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific held the largest market share in 2018 and is expected to register the highest CAGR during the forecast period. Europe accounted for the second-largest market share in 2018, which is further trailed by North America. The Latin American and the Middle East & African markets are expected to witness growth during the forecast period.
Some of the key players operating in the global automotive OEM coatings market are PPG Industries Inc (US), Nippon Paints Holdings Co., Ltd (Japan), BASF SE (Germany), Axalta Coating Systems Ltd (US), Akzo Nobel N.V. (The Netherlands), Covestro AG (Germany), Berger Paints India Ltd (India), Kansai Paint Co., Ltd (Japan), The Sherwin-Williams Company (US), The Lubrizol Corporation (US), KCC Corporation (South Korea), and Esdee Paints Ltd (India).
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