OEM Coatings Market Size (2023-2028):

The Global Original Equipment Manufacturer (OEM) Coatings Market is expected to reach US$ 73.41 billion by 2028, at an annual compound rate of 7.1% from 2023-2028.

OEM Coatings Market Drivers and Restraints:

With the rapid developments in the global transportation industry, the call for OEM coatings is expected to increase as makers choose these coatings to protect their parts from corrosion and improve their durability. Also, the demand for this business is driven by continuous technological advancements in the field of OEM coatings. A thin layer of OEM coating provides a decorative finish, increasing the value of the coated product. Finished cladding is considered one of the main selling characteristics of products such as wooden furniture, automobiles, and electronic devices. Product deterioration protection and value-added characteristics are expected to stimulate the global OEM coatings market during the forecast period.

However, additional functionality and decorative quality requirements are mandatory to comply with environmental regulations. The main regulations are associated with the release of VOCs, which are frequently monitored and subject to restrictions at factory facilities. Additional criteria such as waste reduction, low fire risk, and better coating efficiency must also be met. Therefore, strict government regulations are expected to restrict the market for OEM coatings in the coming years.

The economy's GDP and vehicle sales are directly linked; Vehicle sales are increasing with the improvement in GDP. Although the OEM coatings market is growing at a rapid rate worldwide, some factors are expected to hinder its growth between 2020 and 2025.

OEM COATINGS MARKET REPORT COVERAGE:

OEM Coatings Market Segmentation as per the research report until 2028.

OEM Coatings Market - By Type:

• Architectural Coatings
• Industrial OEM Coatings
• Powder Coatings
• Others

Architectural coatings are increasingly employed in end-users like residential and commercial buildings. OEM Industrial Coatings are specially formulated to be applied during the manufacturing process. Coated products can be made of metal, wood, or plastic. These coatings are primarily used to provide protection of the substrate from other elements. They also offer an enhanced finish to the end product. Substrates like iron, steel or wood can witness damage without proper coatings.

OEM Coatings Market - By Application:

• Automotive
• Wood/Non-wood Furniture
• Metal Building Finishes
• Paper and Paperboard
• Electrical Insulation
• Others

The automotive sector was the crucial application segment of the global OEM coatings market in terms of value and volume in 2019. The resins used in the automotive application mainly include alkides, urethanes, and epoxies.

OEM Coatings Market - By Region:

• North America
• Europe 
• Asia Pacific
• Latin America
• Middle East and Africa 

The Asia-Pacific region is the world leader in the OEM coatings market in terms of value and volume, and this trend is expected to continue until 2025. Factors such as advances in the lifestyle of the masses are increasing in their purchases. Electricity and improved economic conditions in the region are expected to contribute to the growth of the region's auto industry. This, in turn, is expected to drive growth in the Asia Pacific OEM coatings market during the outlook period. Asia-Pacific had the largest share of the global OEM coatings market in the review period due to increased demand from the automotive industry in the region. China also represents a significant part of the global OEM coatings market in terms of production. North America is losing its share of the Asia Pacific market due to China's emergence as a manufacturer of low-cost OEM coatings in recent years.

Impact of COVID-19 on the OEM Coatings Market:

• Business aviation equipment and avionics manufacturers adapt to the COVID-19 landscape through a variety of measures, including cutting production and moving to provide essential medical supplies and producing respirators and other equipment to fight the virus.

• For instance, Honda Aircraft Firm will continue to analyze the situations." Garmin refused to comment on the effect of COVID-19 on the business. On April 3, Garmin posted tips on cleaning avionics systems on his blog.  Shalimar Paints has extended the closure of all operations at its offices and manufacturing sites in India from March 31, 2020, until further instructions are received from government officials, the company said in a BSE file. It closed all its factories and offices in India from March 23 to 31 for fear of Covid-19. Honeywell said that its operations in Phoenix and Rhode Island will produce 20 million N95 masks per month to combat COVID-19 in the United States.

Market Key Players:

1. PPG Industries, Inc. (U.S.)
2. Akzo Nobel N.V. (Netherlands)
3. The Sherwin-Williams Company (U.S.)
4. The Valspar Corporation (U.S.),
5. Axalta Coating Systems Ltd. (U.S.)

These major players have gotten different organic and inorganic techniques to keep their shares constant in the OEM coatings industry. These players are also stressing the advancement of eco-friendly coatings for OEM parts.

Market Key Developments:

• September 27, 2017 -The online store at basfcoatings.1688.com will showcase the new Yindi® Ready Mix Colors colour palette, an improved colour palette of 30 of the latest and most popular options for ten of the most popular car brands.

• Nippon Paint, the number one paint brand in Asia in terms of revenue, has launched advanced paint for commercial vehicles. Nippon Paint showcased its unique wet-on-wet (WoW) paint technology in India, focusing on providing a thin and highly efficient paint process for original equipment manufacturers and leading bus body manufacturers