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Over $13,000.0 Million Revenue Expected in Global Automotive OEM Coatings Market by 2024

The two most important factors determining the saleability and popularity of a vehicle are its appearance and performance. From the developed nations of Europe and North America to the emerging economies of Asia-Pacific, it has been observed that the vehicles possessing both of these features become the talk of the town in a very short span of time. Apart from enhancing the aesthetic appeal of the vehicle, the coatings also enhance the performance, component durability, and environment-friendliness of the vehicle and protect it against scratches, wear and tear, and various other types of damaging elements.

Due to the above-mentioned factors, the demand for high-quality automotive coatings is surging across the world, especially in the various Southeast Asian countries such as Thailand, Indonesia, and India, on account of the soaring automobile manufacturing and rapid technological advancements in the automobile industry in these countries. Furthermore, the increased spending power of consumers and the huge improvements in road infrastructure and connectivity in these nations have massively boosted the utilization of four-wheeler and two-wheeler vehicles, which has, in turn, fuelled the surge in the demand for automotive coatings in these countries.

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Thus, owing to the growing requirement of automotive coatings in several countries, the global automotive original equipment manufacturer (OEM) coatings market is predicted to exhibit a CAGR of 4.2% from 2019 to 2024 (forecast period). Additionally, the market is expected to observe a huge increase in its value, from $10,997.4 million to more than $13,661.4 million during 2018—2024. Primer, electrocoat, clearcoat, and basecoat are the most common types of coatings applied on automobiles all over the world. Out of these, the application of clearcoat was found to be the highest in vehicles in the last few years.

Historically, the automotive OEM coatings market demonstrated the highest growth in Asia-Pacific (APAC). Moreover, this trend is predicted to continue in the coming years as well, because of the existence of major automobile manufacturing companies in the various APAC countries. As per many industry experts, China is predicted to observe the highest utilization of automotive coatings in the APAC region in the future years. This is mainly because of the booming production of vehicles in the country, so much so, that the country became the largest manufacturer of commercial vehicles and passenger cars in the world in 2 ...

News Release: Over $13,000.0 Million Revenue Expected in Global Automotive OEM Coatings Market by 2024
Submitted on: July 10, 2020 11:43:09 AM
Submitted by: Manish Baghel
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