What Has Been the Growth of the OEM Coatings Market So Far?
The oem coatings market has seen considerable growth due to a variety of factors.
• In recent times, there has been a significant increase in the size of the OEM coatings market. The market is projected to expand from $73.99 billion in 2024 to $78.39 billion in 2025, representing a compound annual growth rate (CAGR) of 6.0%. The expansion during the historical period can be credited to factors such as the growth of the automotive industry, surge in manufacturing activities, strict environmental policies, high demand for performance-oriented coatings, emphasis on aesthetic appeal in consumer products, and advancements in powder coatings.
What Is the Forecasted Market Size and Growth Rate for The OEM Coatings Market By 2029?
The OEM Coatings market is expected to maintain its strong growth trajectory in upcoming years.
• The OEM coatings market is anticipated to witness a significant expansion in the upcoming years, with a predicted growth to $101.13 billion in 2029, at a compound annual growth rate of 6.6%.
The surge in the market during the projected period can be credited to the rising demand for bio-based and sustainable coatings, advances in waterborne coatings, customization and color trends, a growing aerospace industry, an increase in the renewable energy sector, and the emphasis on lightweight materials in the automotive industry. The forecast period is expected to see several key trends such as the utilization of smart coating technologies, a growing demand for UV-cured coatings, digitalization and the integration of Industry 4.0, strategic alliances and partnerships, a concentration on anti-microbial and hygienic coatings, regulatory adherence, and a reduction in volatile organic compounds (VOC).
What Factors Are Driving Growth In The OEM Coatings Market?
The surge in requirements from final consumer industries is forecasted to boost the expansion of the OEM coatings market. These coatings, referred to as OEM, are utilized during the integration of other firms' products into the substrate process or application. They prove to be beneficial for a variety of end-user sectors, including automotive and consumer electronics, by reducing expenses and improving effectiveness, thereby escalating the demand for OEM coatings. For example, in March 2024, the European Automobile Manufacturers' Association, a trade group based in Belgium, reported that the EU car market had experienced a substantial growth of 13.9% in 2023 compared to 2022, achieving a volume of 10.5 million units. Hence, the escalating demand from end-use industries is fueling the expansion of the OEM coatings market.
What Are The Main Segments Of The Global OEM Coatings Market?
The 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 Or 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
Subsegments:
1) By Powder Coatings: Thermosetting Powder Coatings, Thermoplastic Powder Coatings
2) By Water-Borne Coatings: Acrylic Water-Borne Coatings, Polyester Water-Borne Coatings, Epoxy Water-Borne Coatings
3) By Solvent-Borne Coatings: Alkyd Solvent-Borne Coatings, Epoxy Solvent-Borne Coatings, Acrylic Solvent-Borne Coatings
4) By Radiation Curable Coatings: UV Curable Coatings, Electron Beam (EB) Curable Coating
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What Emerging Trends Are Influencing The Growth Of The OEM Coatings Market?
The emergence of product innovation as a dominant trend in the OEM coatings market is noteworthy. To fortify their market standing, key firms in this sector are focusing on developing cutting-edge products. A perfect example of this principle in action was when BASF SE, a German chemical corporation, introduced the ColorBrite Airspace Blue ReSource basecoat in December 2022, based on the biomass balance approach and certified by REDcert. This novel automotive coating employs renewable raw materials, and its distinct characteristics lead to a reduction of the product's carbon footprint by approximately 20%.
Who Are the Key Players In The OEM Coatings Market?
Major companies operating in the OEM coatings market include:
• 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
What Is The Most Dominant Region In The OEM Coatings Market?
Asia-Pacific was the largest region in the OEM coatings market in 2024. The regions covered in the OEM coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
