Coatings used in automobiles to protect the underlying metal or synthetic body panels from harsh environments are referred to as automotive coatings. Initially, chromium, lead, and other heavy metals were employed in these coatings. However, with the introduction of various environmental regulations, the use of toxic chemicals has been prohibited, which has resulted in a switch to water-based coatings. Growing demand from passenger cars and light commercial vehicles is expected to boost the need for automotive OEM coatings in the near future.
Based on application, the automotive OEM coatings market has been divided into the following segments: passenger cars, light commercial vehicles, and heavy commercial vehicles. Passenger cars accounted for a significant share in the global market due to the surge in vehicles in the tourism industry. This segment offers the maximum potential in the automotive OEM coatings market owing to the rising global demand for passenger cars & general utility vehicles, escalating public transportation expenditure, and increasing consumer inclination toward efficient & easy transportation, thereby boosting the overall demand for automotive OEM coatings in the passenger cars segment. On the basis of type, the market has been classified into the solvent-borne, waterborne, and powdered categories. In 2015, solvent-borne coatings constituted a significant share in the global market due to the growing demand for a smooth surface finish.
Geographically, the global automotive OEM coatings market has been distributed over Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. Asia Pacific was a major market in 2015 and is estimated to expand due to the burgeoning automotive OEM industry. The water-borne sector is anticipated to register a high growth rate over the forecast period due to stringent regulations on VOC emissions.
Developments in the automobile sector are also likely to fuel the need for automotive OEM coatings in Asia Pacific in 2015. Their use in light commercial vehicles has witnessed a major rise on account of the constantly rising per capita disposable incomes and the subsequent demand for commercial utility vehicles. China and the U.S. are predicted to hold major shares in the automotive OEM coatings market in Asia Pacific and North America respectively. The market is predicted to witness a shift from developed countries to the developing economies of Asia due to the fewer stringent environmental regulations in the latter. The automotive OEM coatings market in China and India is projected to register a high growth rate due to advancements in end-use sectors, technological developments, and new innovative products launched in these countries, thereby creating a huge demand for the product in Asia Pacific over the forecast period.
The global demand for automotive OEM coatings is poised to rise significantly in the near future, offering immense growth opportunities for the market. The rapid surge in the product’s end-use applications, competitive manufacturing costs, and high economic growth rates are propelling the automotive OEM coatings market in Asia Pacific. These factors are attracting companies to adopt expansion and R&D strategies in the region to meet the global demand. Market players are focusing on Asia Pacific to gain substantial market shares. Several producers are shifting their plants to China and India due to the high demand and low raw material and labor costs in these countries. Developments in various end-use sectors in the region have fuelled the requirement for the product during the forecast period.
Key players operating in the global automotive OEM coatings market include Beckers Group, Cabot Corporation, Berger Paints, Eastman Chemical Company, Valspar Corporation, Clariant AG, Deft, Inc., Jotun A/S, Royal DSM, Lord Corporation, and Solvay S.A.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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