The OEM coatings market is projected to reach USD 69.28 Billion by 2022, at a CAGR of 4.7% from 2017 to 2022. With the growing transportation industry across the globe, the demand for OEM coatings is expected to increase as OEM manufacturers are opting for these coatings to protect their OEM parts from corrosion and improve their durability. Moreover, the demand for OEM coatings is also driven by the technological advancements taking place in the field of OEM coatings.
Seattle, WA -- (SBWIRE) -- 07/05/2017 -- The report "OEM Coatings Market by Formulation (Powder Coatings, Water-borne Coatings, Solvent-borne Coatings, and Radiation Curable Coatings), End-use Industry (Transportation, Consumer Products, and Heavy Equipment & Machinery), and Region - Global Forecasts to 2022", The OEM coatings market is projected to reach USD 69.28 Billion by 2022, at a CAGR of 4.7% from 2017 to 2022.
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The growth of the OEM coatings market across the globe is fueled by the increased demand for OEM coatings from the transportation industry for coating various OEM parts used in automobiles. There is an increasing demand for OEM coatings in the Middle East & Africa, Asia-Pacific, North America, and South America.
The powder coatings formulation segment of the OEM coatings market is projected to grow at the highest CAGR from 2017 to 2022.
The powder coatings formulation segment of the OEM coatings market is projected to grow at the highest CAGR between 2017 and 2022, owing to the increased use of these coatings in different end-use industries. The market for powder coatings is large as these coatings are used in a variety of applications. Moreover, with the increasing environmental concerns regarding the presence of the volatile organic compounds (VOCs) in OEM coatings, the market for OEM coatings has been witnessing a shift towards the use of powder coatings as these coatings have low or negligible presence of volatile organic compounds (VOCs). These powder coatings are also preferred over other coatings due to their cost-effectiveness and are easily available.
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Among end-use industries, the transportation segment is projected to lead the OEM coatings from 2017 to 2022.
The transportation end-use industry segment is projected to lead the OEM coatings market during the forecast period, owing to the increased demand for OEM coatings from the transportation industry across the globe. In the transportation industry, OEM coatings are used for automotive, marine, and other transportation applications. Rising income of the middle-class population, improving economic conditions across the globe, modern lifestyle, and increasing purchasing power of the masses are the major factors expected to drive the growth of the transportation end-use industry segment of the OEM coatings market during the forecast period.
The Asia-Pacific region is the largest market for OEM coatings across the globe.
In 2016, the Asia-Pacific region led the OEM coatings market in terms of both, value as well as volume. The growth of the Asia-Pacific OEM coatings market is due to increased use of OEM coatings by different end-use industries in China, India, Japan, South Korea, and rest of Asia-Pacific. Improving economic conditions in the region have led to increased demand for automobiles in the Asia-Pacific region, thereby fueling the growth of the OEM coatings market in the region. Moreover, the continuously increasing population of the region is also contributing towards increased demand for consumer products, which, in turn, is leading to the growth of the Asia-Pacific OEM coatings market.
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There are a few global players operating in the OEM coatings market. These companies are actively investing in various strategies, such as expansions, new product launches, mergers & acquisitions, and joint ventures to increase their market shares and strengthen their position in the OEM coatings market. PPG Industries, Inc. (U.S.), Akzo Nobel N.V. (Netherlands), The Sherwin-Williams Company (U.S.), The Valspar Corporation (U.S.), Axalta Coating Systems Ltd. (U.S.), Jotun (Norway), BASF SE (Germany), Nippon Paints Holdings Co., Ltd. (Japan), 3M Company (U.S.), and Kansai Paints Co., Ltd. (Japan), among others are the leading players operating in the OEM coatings market, who have adopted various organic and inorganic strategies to ensure their growth in the market.
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