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The APAC automotive OEM coatings market size is forecast to increase by USD 700 million at a CAGR of 3.2% between 2023 and 2028.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
In the market, waterborne coatings are gaining popularity due to their eco-friendly properties. These coatings consist primarily of water as a solvent, with minimal additives of glycol ethers. The longer evaporation time of waterborne coatings, influenced by environmental conditions, is offset by their reduced environmental impact and ease of application. However, they may release volatile organic compounds (VOCs) when mixed with reducers, although in lower quantities than solvent-borne coatings. Automotive OEM coatings in APAC encompass a range of products, including UV-curable coatings, nanocoatings, specialty products, powder coatings, and liquid coatings. company selection is crucial for automakers In the luxury, middle-class, and upper-middle-class segments, as they prioritize energy-efficient transportation and address environmental concerns.
Coating manufacturers cater to the metal parts and plastic parts categories with offerings like Acrythane 4G, Hempaprime Shield 700 HS, epoxy primer, clearcoat, basecoat, primer, e-coat, polyurethane, acrylic, epoxy, and alkyd. commercial vehicles. and commercial utility vehicles also utilize coatings to enhance their durability and appearance. Macroeconomic growth and increasing motor vehicle registrations, particularly In the EU, New passenger Cars, and commercial vehicle segments, are driving market demand. As the industry evolves, there is a growing focus on energy-efficient transportation and reducing wastewater and paint sludge. High-solid coatings and UV-cured coatings are gaining traction due to their lower VOC content and faster curing times.
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The water-borne segment was valued at USD 1.38 billion in 2018 and showed a gradual increase during the forecast period.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The availability of coatings designed for fuel-efficient automobiles is the key driver of the market.
Growing adoption of UV-curable coatings and nanocoatings is the upcoming trend In the market.
Stringent regulations affecting market growth is a key challenge affecting the market growth.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, market forecast partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the market.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market In the Asia Pacific (APAC) region is experiencing significant growth due to the increasing demand for vehicles In the region. This market encompasses a wide range of coatings, including UV-curable coatings, nanocoatings, and specialty products. The automotive industry in APAC is driven by the expanding middle-class and upper-middle-class populations, leading to an increase in motor vehicle registrations. The luxury automotive segment also contributes to the growth of the OEM coatings market, as consumers seek high-quality finishes for their vehicles. The coatings market caters to both metal and plastic parts In the automotive industry.
Moreover, UV-curable coatings and high solid coatings are popular choices for their energy efficiency and reduced volatile organic compound (VOC) emissions. However, solvent-borne coatings, such as acrythane 4G, continue to be used in certain applications due to their superior film thickness and durability. Coating manufacturers are focusing on developing innovative solutions to address environmental concerns. For instance, waterborne coatings and powder coatings are gaining popularity due to their lower VOC emissions and reduced wastewater generation. Coating manufacturers are also developing e-coat primers and clearcoats that offer improved corrosion resistance and better UV protection. The market is highly competitive, with several key players vying for market share.
Furthermore, coating manufacturers are investing in research and development to offer advanced coatings that cater to the specific needs of the automotive industry. The clearcoat category is a significant segment of the automotive OEM coatings market, as it provides a protective layer against the sun's UV rays and other environmental factors. UV-curable clearcoats offer superior UV protection and faster curing times, making them a popular choice among automakers. The use of coatings in commercial vehicles and commercial utility vehicles is also on the rise, as these vehicles are subjected to heavy usage and harsh operating conditions. Coatings with improved durability and corrosion resistance are preferred in this segment.
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Market Scope |
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Report Coverage |
Details |
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Page number |
173 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.2% |
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Market Growth 2024-2028 |
USD 700 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.06 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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