Automotive OEM Coatings Market Size
According to the
latest reports published by Research Cosmos, Automotive OEM Coatings Market was
valued at USD 6000 million in 2015 and projected to reach USD 9000 million by
2022 growing at a CAGR of 5.4% during the forecast period 2016 to 2022.
Automotive OEM Coatings
improve the durability and appearance of a vehicle and also protect it from UV
rays, extreme temperatures and foreign particles such as dust and soot. The
growing preference of consumers for high quality automotive coatings is a key
factor in the market.
Browse TOC and other details of 150 pages Automotive
OEM Coatings Market Research Report @
Automotive OEM Coatings
Market – Growth Drivers, Restraints and Opportunities
The market for automotive OEM coatings is
witnessing many opportunities, due to the growing demand for recreational
vehicles, population growth and increased revenues. In addition, it is also
expected that the increased demand for high quality automotive OEM Coatings
will drive overall growth. The increased consumption of powder coatings, due to
their superior characteristics, such as low volatile emissions and a relatively
thicker layer compared to conventional automotive coatings, should boost the
market. These coatings are expected to register the fastest growth in passenger
cars, driven by higher per capita disposable income and consumers' growing
preference for new, low-emission, low-consumption models.
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In
addition, rapid urbanization and greater mobility needs of people should
stimulate market growth. Automotive OEM Coatings offer benefits such as
increased reliability, longer equipment life cycle, lower maintenance costs and
lower toxicity emissions. However, volatility in commodity prices, along with
strict government standards for the use of OEM toxic coatings for the
automotive industry, are key factors that could hamper overall growth.
Automotive OEM Coatings Market – Geographical Overview:
Geographically, the
automotive OEM coatings market has been distributed over Asia Pacific, North
America, Europe, Middle East & Africa, and Latin America. The Asia Pacific
region was an important market in 2015 and is expected to grow due to the
growth of the automotive industry. The use
in light commercial vehicles has increased significantly due to constant
increases in disposable income per capita and subsequent demand of commercial
utility vehicles.
The market is expected to move from the developed economies
to the developing Asian economies due to the less strict environmental
regulation adopted by them. The market for the automotive OEM Coatings in China
and India is expected to experience a high growth rate as a result of progress
in end-use sectors, technological developments and new innovative products
launched in these countries, creating huge product demand in Asia-Pacific
during the forecast period.
Some of the promising companies leading the Automotive OEM
Coatings Market are:
- Axalta Coating
Systems
- PPG Industries
- BASF SE
- Kansai Paint
- Nippon Paint And
more
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