Automotive OEM Interior Coatings Market: By Application (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles and Other); By Product Type (Epoxy, Polyurethane, Acrylic and Other), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Automotive OEM Interior Coatings Market is expected to surpass USD 5.10 billion by 2032 from USD 2.24 billion in 2021 at a CAGR of 5.2% in the coming years, i.e., 2022-32.
One of the most important parts of the automotive manufacturing industry is automotive OEM coatings. It serves the function of protection against the harsh environment. Automotive coatings are of the highest calibre and durability. Additionally, automotive coatings have excellent mechanical qualities to protect cars from chemical exposure and scratches. Interior automobile coatings provide the surface an aesthetic boost and add tangible qualities to exude comfort and luxury. The automotive coating is widely used in the automotive industry to enhance the vehicle's appearance and performance. Water-based or solvent-based paints used to coat the outside of cars are referred to as automotive original equipment manufacturer (OEM) coatings. They help make cars more durable, make them seem better, and shield them from harsh weather, powerful ultraviolet (UV) rays, chemical stains, and acid rain.
The Automotive OEM Interior Coatings Market is expected to project a notable CAGR of 5.2% in 203
Automotive OEM Interior Coatings Market is expected to surpass USD 5.10 billion by 2032 from USD 2.24 billion in 2021 at a CAGR of 5.2% in the coming years, i.e., 2022-32. Due to rising per capita disposable income, particularly in Asia-developing Pacific's economies like China, India, and Thailand, consumers are becoming more and more interested in automotive coatings, which is boosting the region's automobile sales and fueling the expansion of the automotive OEM coatings market. Additionally, the market for automotive OEM coatings is expanding due to the escalating competition among major automotive players. In addition, the development of eco-friendly coatings and waterborne UV-curved technologies is anticipated to open up lucrative potential prospects for market participants.
The Epoxy segment is expected to grow with a higher CAGR during 2022-32
Automotive OEM Interior Coatings Market is categorized on the basis of Product Type into Epoxy, Polyurethane, Acrylic and Other. Due to its unique qualities and advantages over other types of resin, epoxy resin has the highest market share in the Automotive OEM Interior Coatings market as of 2021. This market is predicted to expand over the coming years. It offers a wide range of qualities, including ease of processing, resistance to corrosion, and decreased sensitivity to heat, water, and other elements. Epoxy resins are also easier to produce, offer excellent adherence to many types of fibres, high strength, high mechanical qualities, and are therefore perfect for usage in Automotive OEM Interior Coatings. Therefore, it is highly likely that each of these variables will accelerate market expansion in the next years. clarity, stability, and real-time tracking.
The Passenger cars segment is expected to grow with a higher CAGR during 2022-32
Automotive OEM Interior Coatings Market is categorized on the basis of Application into Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles and Other. In 2021, the market for automotive OEM Interior Coatings has the highest demand for the passenger automobile sector. Different kinds of single- and multi-component, solvent-borne and aqueous coatings are used to cover different substrates, like ABS and polycarbonate materials, in the interiors of passenger cars. They are used to cover a variety of interior components, including steering wheels, door trim, handles, instrument panels, speaker grills, armrests and armrest bezels, centre clusters, metre clusters, and instrument panels. Compared to the commercial and other vehicle segments, the demand for automotive OEM interior coatings from the passenger car segment is anticipated to rise at a faster rate after the recovery because of the shift in mobility preferences for personal modes of transportation in the wake of social distancing policies.
Rising Need for High-Quality Paints and Increased Use of Technological Advancements Is Driving Growth
Due to the rise in youth leisure vehicle demand, population growth, and rising income levels, the global market for automotive OEM coatings has seen impressive potential. Additionally, factors like the rising need for high-quality paints and coatings for autos are contributing to the increase. The global Automotive OEM Coatings Market is also predicted to grow in consumption due to powder coatings' good characteristic qualities, such as decreased volatile compound emissions and a considerably thicker layer compared to previous automotive coatings. In addition, technological advancements and unrealized potential in developing markets present exciting growth prospects.
Increasing Demand for Commercial Utility Vehicles Is Expected To Surge Demand
One of the key factors propelling the automotive OEM coatings market toward growth is the considerable expansion of the automotive industry, combined with the rising demand for commercial utility vehicles and energy-efficient transportation due to the growing environmental concerns. Along these lines, another factor driving expansion is the widespread use of solvent- and water-borne coatings for painting different interior components of the car, such as metre clusters, instrument panels, speaker grills, steering wheels, door trim, and armrest bezels. The elimination of volatile organic compounds (VOC) by the combination of these components with UV-curved technology and eco-friendly coatings is assisting in the market's expansion. A good outlook for the market is being created by other variables like strategic alliances between important competitors and ongoing investments in research and development (R&D) efforts for the introduction of novel product versions.
Raw Material Price Volatility and Environmental Risks Is Likely To Hamper The Market Growth
The market expansion will be hampered by a number of limitations and challenges. The market expansion is being constrained by factors like raw material price volatility. Additionally, the worldwide market for automotive OEM coatings may be constrained by the difficulties in obtaining raw materials and the rise in worries about the environmental risks connected with solvent-borne vehicle coatings.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Automotive OEM Interior Coatings Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. In 2021, APAC had the largest share in the market of Automotive OEM Interior Coatings. The largest market for automotive OEM interior coatings is Asia-Pacific. The enormous automobile production base and growing investments in the Asia-Pacific area, especially from major economies like China, India, and ASEAN nations, are what are driving the regional market's growth. Expanding the manufacturing base and growing expenditures in innovative technologies for vehicle production are predicted to usher in a new era of autos, which will have a beneficial impact on the automotive OEM Interior Coatings.
The COVID-19 epidemic is anticipated to have a number of immediate and long-term effects on the automotive sector, which will probably have an impact on the market for OEM interior coatings. There has been a delay in the supply of many components from China. Due to this, the global automotive industry is currently running out of production-related materials. The market for OEM automobile interior coatings is significantly impacted in the mid-term with a poor recovery rate throughout the latter part of the forecast period due to the industry's slowing production and the COVID-19 pandemic.
Market Size Value in 2021
USD 2.24 billion
Revenue Forecast in 2032
USD 5.10 billion
CAGR of 5.2% from 2022 to 2032
Base Year for Estimation
Revenue in USD billion and CAGR from 2022 to 2032
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Product Type, Application and Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key Companies Profiled
BASF SE, Akzo Nobel N.V., Axalta Coating Systems, Fujikura Kasei Co. Ltd, Kansai Nerolac Paints Limited, NB Coatings, PPG Industries, The Sherwin-Williams Company, KCC Corporationand Other Prominent Players
The Automotive OEM Interior Coatings Market size was estimated at USD 2.24 billion in 2021 and is expected to reach USD 5.10 billion in 2032.
One of the most important parts of the automotive manufacturing industry is automotive OEM coatings. It serves the function of protection against the harsh environment. Automotive coatings are of the highest calibre and durability.
The passenger cars and epoxy segments accounted for the larger share of the Automotive OEM Interior Coatings Market.
Key players in the Automotive OEM Interior Coatings Market are BASF SE, Akzo Nobel N.V., Axalta Coating Systems, Fujikura Kasei Co. Ltd, Kansai Nerolac Paints Limited, NB Coatings, PPG Industries, The Sherwin-Williams Company, KCC Corporation. and Other Prominent Players
The government's increased investment in R&D and the rising demand for commercial utility vehicles are anticipated to fuel market expansion.
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