Demand for customized and specialty coatings tailored to specific applications is on the rise, which includes coatings that offer unique properties, such as anti-microbial, self-cleaning, or fire resistant coatings
WILMINGTON, Del., Nov. 2, 2023 /PRNewswire/ — The global OEM coating market was estimated to have acquired US$ 79.0 billion in 2022. It is anticipated to register a 4.6% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 116.6 billion.
Continuous research and development efforts in materials science and nanotechnology are leading to the development of advanced coatings with improved performance characteristics.
The integration of digital technologies in manufacturing and coatings processes, such as automated quality control and IoT enabled systems, can improve efficiency and product quality, driving growth.
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OEM Coatings Market Report Scope:
|
Report Coverage |
Details |
|
Forecast Period |
2023-2031 |
|
Base Year |
2021 |
|
Size in 2022 |
US$ 79.0 Bn |
|
Forecast (Value) in 2031 |
US$ 116.6 Bn |
|
Growth Rate (CAGR) |
4.6 % |
|
No. of Pages
|
430 Pages |
|
Segments covered
|
Chemistry,Layer,Technology,Application,End-use |
Key Findings of the Market Report
The rise of electric vehicles presents an opportunity for specialized coatings, as EV manufacturers often prioritize lightweight and corrosion resistant materials, which require specific coatings.
The development of smart coatings, which can respond to environmental changes or have functional properties like self healing or self cleaning, is an emerging trend that can create new opportunities for OEM coatings.
The healthcare sector relies on specialized coatings for medical devices and equipment. The aging population and advances in medical technology are driving growth in this segment.
The eCommerce boom has led to increased demand for protective coatings for packaging materials, especially to prevent damage during shipping.
Market Trends for OEM Coatings
The automotive sector is one of the largest consumers of OEM coatings. There is a growing demand for high performance coatings that offer protection, aesthetics, and environmental benefits, as global vehicle production continues to rise.
Advancements in coating technologies, such as the development of low volatile organic compounds coatings, have gained prominence due to increasing environmental regulations and consumer demand for sustainable products.
The expansion of aerospace industry, driven by increased air travel and defense spending, presents opportunities for specialized coatings to enhance the performance, durability, and safety of aircraft components.
The proliferation of electronics, including smartphones, tablets, and laptops, continues to drive the demand for protective coatings to safeguard sensitive electronic components.
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Global Market for OEM Coating: Regional Outlook
Various reasons are propelling the growth of the OEM coating market in different regions. The regions include,
Asia Pacific
Asia Pacific is a major hub for automotive production and sales. The growing middle class population and increasing disposable income in the region are driving higher demand for vehicles, which, in turn, increases the need for automotive coatings.
The Asia Pacific region is a global leader in electronics manufacturing. Coatings are used in electronic devices to protect sensitive components and enhance their performance.
North America
The construction industry in North America, particularly in the United States, is experiencing robust growth. Coatings are widely used in architectural applications for protection and aesthetics in residential and commercial buildings.
The aerospace and defense industries are significant consumers of high performance coatings for aircraft, missiles, and other defense related equipment.
Global OEM Coating Market: Key Players
The following companies are well known participants in the global OEM coating market:
The Lubrizol Corporation
BASF SE
Kao Corporation
PPG Industries, Inc.
Hempel A/S
Jotun A/S
The Sherwin-Williams Company
Akzo Nobel N.V
Nippon Paint Holdings Co., Ltd
KANSAI HELIOS Group
Carboline
SilcoTek
Allnex GMBH
Others
Some key developments by the players in this market are:
|
Company name |
Key Development |
|
PPG |
· In 2023, PPG announced the acquisition of Wörwag, a global manufacturer of coatings for industrial and automotive applications. The acquisition will expand the product portfolio of PPG and give it access to new markets. |
|
AkzoNobel |
· In 2023, AkzoNobel announced the launch of its new Interpon Futura Collection, which features three brand new fashionable color palettes including Soft Abstraction, Merging World, and Healing Nature. |
|
BASF |
· In 2023, BASF announced the expansion of its automotive coatings production in North America, which is expected to help the company meet the growing demand for automotive coatings in the region. |
Global OEM Coating Market Segmentation
Chemistry
Acrylic
Vinyl
Vinyl Acetate Ethylene (VAE)
Alkyd
Polyurethane
Epoxy
Polyester
Others
Layer
Primer
Basecoat
Clearcoat
Electrocoat
Technology
Liquid Coatings
Water based Coatings
Solvent based Coatings
Powder Coatings
Others
Application
Vehicle (Metal and Plastic)
Wood
Paper & Paperboard
Others
End Use
Automotive & Transportation
Metal & Mining Industry
Industrial & Heavy Equipment
Aerospace
Oil & Gas
Marine
Others
Region
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
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