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Original Equipment Manufacturer (OEM) Coatings Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

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:Original Equipment Manufacturer (OEM) Coatings Market report categorizes global market by formulation, product type, substrate, and end-user industry - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017-25
Original Equipment Manufacturer (OEM) Coatings
Market - Global Industry Insights, Trends, Outlook, and
Opportunity Analysis, 2018-2026
Original Equipment Manufacturer (OEM) coatings are applied on substrates for decoration
and protection purposes. These coatings prevent corrosion, and wear and tear of the substrate.
Twenty first century OEM coatings are 100µm thick. They are designed to provide dust,
moisture, and UV-resistance. The lifespan of the automobiles increase on application of OEM
coats. Initially, automobile coats were metallic (lead, chromium and heavy metals), however,
due to increased awareness about their toxic tendencies, the market shifted to application of
water based paints.
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The major drivers fueling growth of this market are improved life and performance of
products on application of OEM coatings and the increased automobile production in both
developed and emerging markets. The major challenges faced by this market include the
instability in raw material prices, and environmental concern regarding VOC’s that have
resulted in a declining solvent-based coating market in favor of water-based and powder
coatings.
The coatings applied are of two types, liquid and powder coatings. Powder coatings offer
better durability and have the environmental advantage of not possessing any solvents or
VOC’s. Water-based coatings market is ever increasing in favor of solvent based coatings.
Radiation cured coatings employ UV light instead of heat, which eliminates waste streams
commonly seen in solvent coatings.
The largest end user is the automobile industry, followed by furniture, and aerospace
industries. In addition, metal is the most coated substrate due to automobile industry’s market
share.
OEM Coatings Market Outlook
Asia Pacific is the largest market for OEM coatings. The market is driven by strong
performance of automobile and furniture industries. The rise in personal transportation and
transit of consumer goods and raw materials have boosted all segments of the automotive
industry. According to China Association of Automobile Manufacturers (CAAM) and
Society of Indian Automobile Manufacturers (SIAM), in 2016, sales of cars stood at 28.03
million and 3 million in China and India, respectively. Furniture industry growth is a result of
a flourishing residential construction, which is the result of shift in the population, from rural
to urban settlements.
North America and Europe also presented sturdy vehicle sales, with the U.S. being the
second largest cars market, after China. Furthermore, the presence of luxury car makers in
these regions, has resulted in a high value coatings market, despite the low volume of
coatings used. The solvent-based coatings market is in decline with powder and water-based
coatings as preferred alternatives.
Latin American markets have witnessed a slowdown in the automobile industry. Political
turmoil in Brazil, Argentina, Colombia, and Venezuela has contributed to this slowdown.
Uncertainty in Mexico regarding renegotiation of the North American Free Trade Agreement
(NAFTA) has caused panic amongst manufacturers who have access to the lucrative U.S.
market. Despite this, Mexico has overtaken Brazil in recent years and continues to be a major
automobile manufacturing and consumer market.
The GCC countries have witnessed burgeoning growth in the construction industry, thus
augmenting growth of the furniture industry. The large scale construction projects are partly
state-funded and are a result of a vision to make the countries less dependent on
hydrocarbons revenue. The planned privatization of Saudi Aramco is projected to bring in
billions of dollars, which the government plans to invest in other sectors including
construction.
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