Initially, chromium, lead, and other heavy metals were employed in automotive coatings. The use of toxic chemicals and compounds is prohibited due to introduction of several environmental regulations, leading to use of water-based paints and coatings.
Automotive OEM coatings are the specialty paints and coatings used in automobiles for decoration and protection purposes. The layer formed by the application of both paints and coatings amounts to approximately 100 µm.
Around 85% of the lacquer paint evaporates into the air, which pollutes the atmosphere. To overcome the undesired effects of these toxic chemicals, enamel paint is being widely used globally.
The market has witnessed tremendous opportunities globally, owing to increase in the production and demand for automobiles, growth in demand for advanced technologies, and better-quality products. Furthermore, rise in per capita disposable incomes and the overall economic growth is further anticipated to boost the market growth during the forecast period.
Upsurge in number of vehicle collisions demanding servicing and reconditioning of the vehicle is in turn boosting the overall demand for automotive OEM coatings. Moreover, rise in demand for recreational vehicles especially among youngsters, growth in demand for repair, maintenance and renovation of old vehicles as well as rising consumption of powder coatings, owing to its superior characteristic properties, such low emissions of volatile compounds and relatively thicker layer as compared to traditional automotive coatings are some factors anticipated to bring impetus in the global market.
However, volatile prices of raw materials and difficulty in sourcing these raw materials are some key elements anticipated to hamper the market growth.
The global automotive OEM coatings market is categorized on the basis of type, layer, vehicle type, and geography. The type segment is categorized into solvent-borne, water-borne, powdered, and others.
On the basis of layer, the market is broadly classified into primer, basecoat, electrocoat, and clearcoat. On the basis of vehicle type, the market is categorized into passenger cars, light commercial vehicles, heavy commercial vehicles, and others.
Geographically, the market is analyzed across four regions, which include North America, Latin America, Europe, Asia-Pacific, and LAMEA.
The key players in the global automotive OEM coatings market have adopted various market penetration and growth strategies such as mergers & acquisitions with the local and established players. They have focused on developing new products, such as brighter and relatively thinner coatings to avoid extra weight and to reduce the overall costs.
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