Global OEM Coatings market share 2024, Forecast To 2033
4 Mar, 2024
The OEM coatings market has witnessed strong growth, projected to increase from $70.08 billion in 2023 to$74.48 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. This growth is attributed to factors such as the expansion of the automotive industry, rising manufacturing activities, stringent environmental regulations, and the demand for high-performance coatings across various sectors including automotive and consumer goods. Forecasts suggest continued strong growth, with the market expected to reach $94 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. Drivers for this growth include the demand for bio-based and sustainable coatings, advancements in waterborne coatings, expansion of the aerospace industry, and the growth of the renewable energy sector. Major trends in the forecast period encompass the adoption of smart coating technologies, rising demand for UV-cured coatings, digitalization and integration with Industry 4.0 principles, strategic collaborations, and the focus on anti-microbial and hygienic coatings, along with regulatory compliance and VOC reduction.
Global OEM Coatings Market Key Driver
The increase in demand from end-use industries is expected to propel the growth of the OEM coatings market going forward. OEM coatings refer to the coatings that are used in the process or application on the substrate while integrating other companies’ products. OEM coatings are helpful for various end-user industries, such as the automotive and consumer electronics industries, by lowering costs and enhancing performance, thus increasing demand for OEM coatings. For instance, in April 2022, according to the European Automobile Manufacturers Association, a Belgium-based lobbying and standards group for the automobile industry, 79.1 million motor vehicles were produced around the world in 2021, an increase of 1.3% when compared to the year 2020. Furthermore, according to a report shared by GFU, Consumer & Home Electronics GmbH, a Germany-based corporation supporting consumer electronics, the consumer electronics sector saw a rise of 2.5% in 2021 compared to 2020, with sales of 31.2 billion euros (USD 31.34 billion). Therefore, the increasing demand from end-use industries is driving the growth of the OEM coatings market. The 2023, 2024, and 2028 market size values underscore the significance of OEM coatings in various industries as they seek cost-effective and high-performance coating solutions for their products.
Get A Free Sample Of The Global OEM Coatings Market ReportGlobal OEM Coatings Market Segments
The global oem coatings market covered in this report is segmented –
1) By Types: Powder Coatings, Water-Borne Coatings, Solvent-Borne Coatings, Radiation Curable Coating
2) By Application: Automotive, Wood/ Non-Wood Furniture, Metal Building Finishes, Paper and Paperboard, Electrical Insulation, Other Applications
3) By End - Use: Transportation, Consumer Products, Heavy Equipments and Machinery, Other End-Users
By Geography: The regions covered in the oem coatings market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the OEM coatings market in 2023. The regions covered in the oem coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major OEM Coatings Industry Players
PPG Industries Inc., Akzo Nobel N.V., The Sherwin-Williams Company, The Valspar Corporation, Axalta Coating Systems Ltd., Jotun, BASF SE, Nippon Paint Holdings Co. Ltd., Kansai Paint Co. Ltd., 3M Company, DuPont, Taralac, US Coatings, Allnex, Reliable Paints, Arkema S.A., Berger Paints India Ltd., Covestro AG, Dymax Corporation, Eastman Chemical Company, HMG Paints Ltd., KAPCI Coatings, KCC Corporation, Krylon Industrial, Lord Corporation, RPM International Inc., Sika AG, Solvay S.A., The Chemours Company, Tiger Coatings GmbH & Co. KG
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OEM Coatings Market Overview
OEM coatings refer to thin layers of a covering substance that are deposited or applied to the surface of any object, for enhancing key characteristics and building a barrier against the surface's deterioration brought on by interactions with the environment.
OEM Coatings Global Market Report 2023 provides data on the global oem coatings market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The oem coatings market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.