DUBLIN--(BUSINESS WIRE)--The "Automotive OEM Coatings Market Research Report: By Layer, Technology, Application, End User, Geographical Outlook - Global Opportunity Analysis and Demand Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
In 2018, the automotive original equipment manufacturer (OEM) coatings market valued $10,997.4 million, and it is predicted to reach $13,661.4 million by 2024.
In many societies, owning a vehicle is not only a result of necessity, but also a symbol of luxury and class. This is why automobile sales have skyrocketed across the world in the last decade, especially in developing economies. As such countries are experiencing economic prosperity, the disposable income is rising, encouraging consumers to purchase things, which were earlier unaffordable, such as vehicles. Apart from private transport, vehicles are also used for mass transit, military transportation, and freight moving, the rate of all of which is rising. As the demand for automobiles is growing, manufacturers are increasing their production volumes, which is leading to an ever-increasing consumption of automotive components and materials, such as paints and coatings.
A key driver, as mentioned above, for the growth in demand for automotive coatings is the expansion of the global automobile industry. Nations including Thailand, India, the Philippines, Indonesia, and South Korea display immense potential, as far as the two- and four-wheeler sales are concerned. The tier-II and tier-III cities in these countries are witnessing rapid urbanization and increase in the disposable income, which is expected to raise personal vehicle adoption here. With improvements in road connectivity in rural and semi-urban areas, automobile sales are expected to rise further, in turn, leading to an increased consumption of OEM coatings.
Coatings are applied to metal as well as plastic parts of automobiles, of which metal parts accounted for the higher application of such materials during 2014-2018. This is because of the simple reason that the majority of the automobile parts are made of metal. Of the two major types of end users, based on the type of vehicles they manufacture - light and commercial - light vehicle OEMs consumed the higher amount of coatings during the historical period, and they are expected to maintain their dominance on the market in the future.
The automotive OEM Coatings market growth is predicted to be the most significant in Asia-Pacific (APAC). This is because India, China, and Japan are three of the largest automobile markets globally. A large number of auto giants are based in APAC, such as Toyota, Hyundai, Nissan, and Suzuki; further, the region is also home to the manufacturing plants of European and North American automakers, including Ford, BMW, Volkswagen, and Daimler. Additionally, several non-APAC automakers are signing pacts with regional OEMs for automobile production. For instance, in April 2017, Volkswagen signed an agreement with India-based Tata Motors to manufacture vehicles for India and other nations.
It is developments like these, which would lead to an even higher automobile production in APAC, which would, in turn, result in a rising demand for OEM coatings.
Key Topics Covered:
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Layer
1.3.2 Market Segmentation by Technology
1.3.3 Market Segmentation by Application
1.3.4 Market Segmentation by End User
1.3.5 Market Segmentation by Geography
1.3.6 Analysis Period
1.3.7 Market Data Reporting Unit
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.2 Value Chain Analysis
4.3 Market Dynamics
Chapter 5. Global Market Size and Forecast
5.1 By Layer
5.2 By Technology
5.3 By Application
5.4 By End User
5.5 By Region
Chapter 6. North America Market Size and Forecast
6.1 By Layer
6.2 By Technology
6.3 By Application
6.4 By End User
6.5 By Country
Chapter 7. Europe Market Size and Forecast
7.1 By Layer
7.2 By Technology
7.3 By Application
7.4 By End User
7.5 By Country
Chapter 8. APAC Market Size and Forecast
8.1 By Layer
8.2 By Technology
8.3 By Application
8.4 By End User
8.5 By Country
Chapter 9. ROW Market Size and Forecast
9.1 By Layer
9.2 By Technology
9.3 By Application
9.4 By End User
9.5 By Country
Chapter 10. Competitive Landscape
10.1 Market Share Analysis of Key Players
10.2 Competitive Benchmarking of Key Players
10.3 List of Other Players
10.4 Strategic Developments of Key Players
Chapter 11. Company Profiles
11.1 BASF SE
11.2 Merck Group
11.3 CHT Group
11.4 HMG Paints Limited
11.5 PPG Industries Inc.
11.6 Axalta Coating Systems
11.7 Nippon Paint Holdings Co. Ltd.
11.8 Akzo Nobel N.V.
11.9 Kansai Paint Co. Ltd.
11.10 The Sherwin-Williams Company
For more information about this report visit https://www.researchandmarkets.com/r/gf43tl