Global Oem Coatings Market to Grow with a CAGR of 4.86% through 2028
Increasing demand for polyurethane coating is expected to drive the Global
Oem Coatings Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Oem Coatings
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Oem Coatings Market stood at USD68.35
billion in 2022 and is anticipated to grow with a CAGR of 4.86% in the forecast
period, 2023-2028. The initiatives taken by government based on oem coatings has
led to favorable market conditions for the Global Oem Coatings Market. Several
factors contribute to the growth of various oem coatings market products.
In the United
States, for instance, there has been a significant decline in automotive
production in recent years, with a substantial 16% decrease observed in 2021
compared to the previous year. This decline has raised concerns about the
future of the industry and its impact on the economy. In response, the
government has undertaken several proactive initiatives to strengthen the
automotive manufacturing sector and ensure its long-term sustainability. These
initiatives include not only financial support but also policy measures aimed
at promoting innovation, improving infrastructure, and fostering collaboration
between industry stakeholders.
Another instance
that highlights the industry's commitment to innovation and sustainability is a
specific project funded by the U.S. Department of Energy. This project focuses
on developing a lower energy, higher productivity automotive coating system
that has the potential to significantly reduce manufacturing costs. By
leveraging advanced materials and process optimization techniques, this
initiative aims to create a more efficient and environmentally friendly coating
solution for the automotive industry. This reflects a broader trend within the
coatings industry, where there is a growing emphasis on adopting sustainable
and efficient processes to minimize environmental impact while maximizing
productivity and cost-effectiveness.
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Polyurethane
coatings are in high demand due to their exceptional properties, making them a
preferred choice across various industries. These coatings offer a wide range
of benefits, including impact resistance, low odor, flexibility at low
temperatures, high tensile strength, chemical resistance, water resistance, mar
resistance, non-flammability, alkali resistance, high elongation, UV
resistance, abrasion resistance, and compatibility with acrylic emulsions.
Due to these
versatile properties, polyurethane coatings find application in numerous
sectors such as industrial, textile, electrical and electronics, automotive and
transportation, aerospace, wood and furniture, and construction. This
widespread usage across diverse industries is expected to drive the market
growth rate in the forecast period, as the demand for these coatings continues
to rise.
The Global Oem
Coatings Market is segmented into type, application, regional distribution, and
company.
Based on its type, the water-borne coatings segment held
the largest share in the market. One of the key factors driving the dominance
of water-borne coatings in the market is the influence of regulatory trends. As
environmental regulations pertaining to volatile organic compound (VOC)
emissions continue to tighten, manufacturers are recognizing the need for
compliant solutions. Water-borne coatings have emerged as a preferred choice
due to their ability to meet these stringent regulations while still delivering
high-quality performance and durability. By adopting water-borne coatings,
manufacturers can ensure both regulatory compliance and customer satisfaction,
making it a win-win solution for all stakeholders involved.
Based on region, Asia Pacific segment is expected to
grow during the forecast period.
The rapid urbanization and industrialization in the
region have significantly contributed to the growth of the OEM coatings market.
As economies in the region continue to expand, there is an increasing demand
for transportation infrastructure, resulting in a surge in vehicle production.
This, in turn, leads to a higher demand for OEM coatings to protect and enhance
the appearance of these vehicles. With the rising need for advanced and durable
coatings that can withstand harsh environmental conditions, the OEM coatings
market is poised for continued growth in the coming years.
Major companies operating in Global Oem Coatings
Market are:
- The Lubrizol Corporation
- BASF SE
- Kao Corporation
- PPG Industries, Inc.
- Hempel A/S
- Jotun A/S
- The Sherwin-Williams Company
- Akzo Nobel N.V.
- Nippon Paint Holdings Co., Ltd
- Allnex GMBH
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“Growing application of oem coatings in various end
user industries are key drivers of the oem coatings market. Growth in competitive
landscape and presence of well-established companies in the market who are
dedicated to enhance their productivity of oem coatings with every passing year
are anticipated to register an impressive growth to Global Oem Coatings Market in
the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Global Oem Coatings Market By Type
(Powder Coatings, Water-borne Coatings, Solvent-borne Coatings, Radiation
Curable Coatings), By Application (Transportation, Consumer Products, Heavy
Equipment, Machinery), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Oem Coatings Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Oem Coatings Market.
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