The automotive original equipment manufacturer coatings market stood at $10,997.4 million in 2018, which is projected to reach $13,661.4 million by 2024, progressing at a CAGR of 4.2% during the forecast period of 2019–2024.
The market growth can be driven by technological innovations and developments and the booming automobile industry in developing countries. Besides, the shift toward power coatings from liquid coatings, due to reduced emission of volatile organic compounds (VOCs), is the current trend being observed in the market.
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Also, investments in the automobile industry, especially in developing countries, are expected to increase the automotive OEM coatings market revenue size during the forecast period. For example, luxurious marques in countries, such as Indonesia, Brazil, and India, are aspiring to further increase their presence in these nations by catering to the middle-class and upper-middle-class population. Additionally, increase in disposable incomes and macroeconomic growth in these emerging economies have increased the demand for automobiles, which, in turn, has driven the demand for allied products like automotive OEM coatings and automobile accessories.
Due to the presence of few major players, the automotive OEM coatings market has a consolidated nature. This consolidated market is led by only seven manufacturers: Akzo Nobel N.V., BASF SE, PPG Industries Inc., Nippon Paint Holdings Co. Ltd., Axalta Coating Systems Ltd., The Sherwin-Williams Company, and Kansai Paint Co. Ltd. These players are adopting measures like product launches, geographical expansions, strategic alliances, and mergers, to gain a competitive edge in the market.
Thus, the increasing demand for automobiles is driving the growth of the market during the forecast period.
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