Coatings are applied on substrates for protection and decoration purposes by Original Equipment Suppliers (OEM) by various industry verticals such as automotive, aerospace and packaging among others. Coatings are applied on substrates to prevent them from wear and tear along with rust and corrosion. In the recent times coatings are as less as 100µm thick and mostly moisture, dust and UV resistant. Earlier metallic coatings were used by the automotive industry rom tier 1 to tier 2 suppliers as well as OEMs, that constitute of lead and chromium among others. However, with rising awareness of toxic influence to employees with the emission of gasses from while using metal base coatings and other Volatile Organic Compounds (VOC), the market drifted towards the usage of water-based coatings. According to Insights and Reports the global OEM Coatings market is expected to reach approximately US$ 73 Bn by 2025 growing at a prime CAGR of 4.5%. This growth can be quantified by the application of coatings in the automotive industry and is expected to account for approximately 37% of the total market.
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OEM coatings are mainly driven by the growth in application of coatings by the automotive industries such as decorative, corrosion resistant, and wear resistant coatings among others to improve the lifespan of vehicles and their parts. Additionally, demand for aerospace industry is also in the rise owing to the demand for aerospace products by emerging countries as well as developed nations. Some of the prime restraining factor for the market’s growth are environmental concerns regarding volatile organic compound (VOV) and instability of raw material prices. However, development of low VOC emitting and faster curing coating technologies posses as a huge opportunity for the OEM coating market.
Market Segmentation and Analysis
The market for OEM coatings has been segmented on the basis of formulation, coating type, substrate and industry vertical. On the basis of formulation, the market has been segmented into radiation curable, liquid based, powder and others. Liquid coating is expected to hold a lion’s share of the market owing to its massive usage in the automotive industry. On the basis of coating type the market is further segmented into primer, clear coat, base coat and electro coat. According to Insights and Reports analysis, primer coat type is expected to hold a prime share of the OEM coatings market. Additionally, the OEM coating market on the basis of industry vertical is further sub divided into automotive, aerospace, furniture, packaging, electronic and others. According to our analysis automotive industry is expected to hold a major chunk of the market owing to rising demand vehicle sale across the globe. Furthermore, on the basis of substrate the market is divided into metal, plastic, wood and others.
Asia Pacific held the prime market share in the OEM coatings market. Novel developments in automotive and furniture sales has led towards the growth of this market. Incremental demand for personal transport options has led towards the rise in sales of cars and motorbikes which in return has affected the coatings market. According to Insights and Reports analysis the China coating market is expected to grow at a prime CAGR of over 7% from 2018 to 2025. This growth factor in China can be attributed to its growth in automotive refinish and electronics market. However, in Europe recession in various countries, particularly in south has left the manufacturers of OEM coatings in a twisted position regarding the future prospect of the market. Nevertheless, strong growth in the automotive market in Europe has pushed the market towards its growth. In North America region automotive and residential construction market has favored the growth of coatings market. In this region, the production of architectural coatings is expected to see a boost in demand. However, in the recent years the slow growth of automotive market has left the growth of coating market in the hand of aerospace, construction, packaging and furniture industry.
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Some of the prominent player in the OEM coatings market are BASF, PPG Industries, Bayer AG, Axalta Coating Systems and Nippon Paint among others.
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