Boom Expected in Asia-Pacific Automotive Original Equipment Manufacturer Coatings Market in Future

1. Boom Expected in Asia- Pacific Automotive OEM Coatings Market in Future 1 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

2. A number of factors such as the rising technological advancements and innovations and expanding automotive industry in the developing countries will drive the automotive original equipment manufacturer coatings market at a CAGR of 4.2% during the forecast period (2019–2024). The market was valued at $10,997.4 million in 2018 and it is projected to reach $13,661.4 million revenue by 2024. In recent years, the surging preference for powder coatings over liquid coatings has become a prominent market trend, due to the lower content of volatile organic compounds (VOCs) in the former. One of the key growth drivers of the automotive OEM coatings market is the increasing technological advancements being made in automotive OEM coatings in the Asia-Pacific (APAC) region. Coating manufacturing companies in APAC are largely focusing on developing novel products, processes, and technologies to meet the ever-changing demands of automakers. Automobile manufacturers are opting for coatings with greater functionality, low maintenance cost, and reduced emissions. The end users are looking out for advanced coatings to comply with the stringent government regulations. Moreover, the flourishing automobile industry in countries such as Indonesia, India, and Thailand will also contribute to the market growth in the coming years. The mounting sales of four-wheeler and two-wheeler vehicles in these countries, primarily on account of the escalating purchasing power and improving road connectivity and infrastructure, are driving the demand for these coatings in these Southeast Asian nations. Additionally, the growing strategic alliances between automakers will also fuel the expansion of the market in the forecast years. Browse detailed report on Automotive OEM Coatings Market Trend, Advancement, Growth and Business Opportunities Currently, the players operating in the automotive OEM coatings market are taking strategic measures such as facility expansion, mergers and acquisitions, and product launches to gain a competitive edge. For instance, in March 2019, HMG Paints Ltd., introduced Acrythane 4G, a glossy commercial vehicle topcoat. This coating is developed to meet the stringent requirements of the commercial vehicle industry. Other companies following the same trend are PPG Industries Inc., Axalta Coating Systems Ltd., Kansai Paint Co. Ltd., Akzo Nobel N.V., BASF SE, and The Sherwin-Williams Company. The layer segment of the automotive OEM coatings market is categorized into clearcoat, electrocoat, basecoat, and primer. Among these, the clearcoat category generated the highest revenue in 2018, and it is expected to maintain its dominance throughout the forecast period. This is because of the increasing adoption of clearcoats on vehicles, owing to their ability to provide protection from ultraviolet (UV) and sun rays. Whereas, the basecoat category is expected 2 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

3. to demonstrate the fastest growth during the forecast period. Globally, Asia-Pacific will account for the largest share in the automotive OEM coatings market throughout the forecast period, while progressing at the highest rate. This can be primarily credited to the presence of leading automobile companies in the region, particularly in India, China, and Indonesia. Among APAC nations, China will generate the highest revenue in the market in the foreseeable future, due to the large-scale production of vehicles in the region. According to the International Trade Administration, the annual domestic automobile production in China will reach around 35 million units by 2025. Get the sample pages of this report: https://www.psmarketresearch.com/market-analysis/automotive- oem-coatings-market/report-sample Thus, the increasing technological advancements being made in the APAC automotive industry and prospering automobile sector in developing countries will support the market growth in the immediate future. Market Segmentation by Layer Electrocoat Primer Basecoat Clearcoat Market Segmentation by Technology Water-borne Coatings Solvent-borne Coatings Powder Coatings UV-cured Coatings Market Segmentation by Application Metal Parts Plastic Parts Market Segmentation by End User Light Vehicle OEM Commercial Vehicle OEM Market Segmentation by Geography North America Automotive OEM Coatings market • • • • • • • • • • • • • oBy layer oBy technology oBy application 3 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

4. oBy end user oBy country – U.S. and Canada Europe Automotive OEM Coatings market • oBy layer oBy technology oBy application oBy end user oBy country – Germany, Spain, France, U.K., and Rest of Europe Asia-Pacific (APAC) Automotive OEM Coatings market • oBy layer oBy technology oBy application oBy end user oBy country –China, Japan, India, and Rest of APAC Rest of the World (RoW) Automotive OEM Coatings market • oBy layer oBy technology oBy application oBy end user oBy country –Mexico, Brazil, Turkey, and Others 4 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

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