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June 23, 2017
By: Catherine Diamon
Research and Markets has announced the addition of the “OEM Coatings Market by Formulation, End-use Industry and Region – Global Forecasts to 2022” report to its offering. The OEM coatings market is projected to reach USD 69.28 Billion by 2022, at a CAGR of 4.7% from 2017 to 2022. With the growing transportation industry across the globe, the demand for OEM coatings is expected to increase as OEM manufacturers are opting for these coatings to protect their OEM parts from corrosion and improve their durability. Moreover, the demand for OEM coatings is also driven by the technological advancements taking place in the field of OEM coatings. Powder coatings are the most widely used formulation of the OEM coatings. Powder coatings are cost-effective. They are eco-friendly as they have a low content of volatile organic compounds (VOCs) present in them. Due to these properties, powder coatings are preferred in various end-use industries, such as transportation, consumer products, and heavy equipment & machinery, among others. The transportation end-use industry segment of the OEM coatings market is projected to grow at the highest CAGR from 2017 to 2022. The growth of the transportation end-use industry segment of the market can be attributed to the increasing demand for OEM coatings for automotive applications. Factors, such as improvement in the lifestyle of the masses and increased need for comfortable travel are also contributing to the growth of the automotive industry across the globe, which, in turn, is expected to fuel the growth of the transportation end-use industry segment of the OEM coatings market during the forecast period. The Asia-Pacific region is the global forerunner in the OEM coatings market in terms of both, value as well as volume, and this trend is expected to continue till 2022. Factors, such as advancements in the lifestyle of masses, increase in their purchasing power, and improvement in the economic conditions of the region are expected to contribute towards the growth of the automotive industry of the region. This, in turn, is expected to drive the growth of the Asia-Pacific OEM coatings market during the forecast period. Though the OEM coatings market is growing at a fast pace across the globe, there are a few factors that are expected to hamper its growth between 2017 and 2022. These factors include the presence of volatile organic compounds (VOCs) in the coatings, which when emitted into the environment pose a threat to it. Hence, governments across the globe are encouraging the use of powder coatings as these contain little to negligible content of volatile organic compounds (VOCs) present in them.
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