Industry News

The OEM coatings market is projected to reach USD 69.28 billion by 2022, at a CAGR of 4.7% from 2017 to 2022, according to Reportlinker. Increasing demand for OEM coatings from the transportation end-use industry segment is the major driver for the growth of the OEM coatings market. The powder coatings formulation segment of the OEM coatings market is projected to grow at the highest CAGR during the forecast period from 2017 to 2022. The powder coatings formulation segment of the OEM coatings market is projected to grow at the highest CAGR during the forecast period from 2017 to 2022. The growth of this segment can be attributed to the increased use of powder coatings for steel parts as they are resistant to chemical and physical stress. These coatings are used in a number of industries as they not only protect OEM parts from corrosion but also add to their aesthetic value. The Asia-Pacific OEM coatings market is projected to grow at the highest CAGR during the forecast period. The Asia-Pacific region is the largest market for OEM coatings, globally. China is the leading market for OEM coatings in the Asia-Pacific region, owing to the large base of the automotive and consumer products industries in the region. The OEM coatings market is projected to reach USD 69.28 billion by 2022, at a CAGR of 4.7% from 2017 to 2022. Increasing demand for OEM coatings from the transportation end-use industry segment is the major driver for the growth of the OEM coatings market. However, the high content of volatile organic compounds (VOCs) in OEM coatings is the major restraint for the growth of the OEM coatings market across the globe. The OEM coatings industry is expected to grow during the forecast period due to increasing demand for OEM coatings from China, India, South Korea, and rest of Asia-Pacific. The powder coatings formulation segment of the OEM coatings market is projected to grow at the highest CAGR during the forecast period from 2017 to 2022. The growth of this segment can be attributed to the increased use of powder coatings for steel parts as they are resistant to chemical and physical stress. These coatings are used in a number of industries as they not only protect OEM parts from corrosion but also add to their aesthetic value. "The Asia-Pacific OEM coatings market is projected to grow at the highest CAGR during the forecast period." The Asia-Pacific region is the largest market for OEM coatings, globally. China is the leading market for OEM coatings in the Asia-Pacific region, owing to the large base of the automotive and consumer products industries in the region. The increasing demand for OEM coatings in China can be attributed to the growing investments by the automotive manufacturers in the country, increasing purchasing power of the masses, and initiatives undertaken by the government of China to boost the growth of various industries, such as construction, automotive, and consumer goods & appliances in the country. This study has been validated through primary interviews conducted with various industry experts, globally. These primary sources have been divided into three categories on the basis of the company type, designation, and region.