The global automotive OEM coatings market generated a revenue of $10,997.4 million in 2018 and is predicted to attain more than $13,661.4 million valuation by 2024. According to the forecast of the market research firm, P&S Intelligence, the market would exhibit a CAGR of 4.2% from 2019 to 2024. The rapid expansion of the automotive industry in emerging economies and the various technological innovations and advancements being made in automotive OEM coatings are the main growth drivers of the market.

Rapid technological innovations and advancements being made in automotive OEM coatings in the Asia-Pacific (APAC) region are causing a sharp surge in the demand for these coatings, thereby propelling the progress of the market. Many OEM paint and coating producers are increasingly focusing on novel technologies, processes, and products for providing the most efficient products to the automakers. Moreover, various automobile manufacturing companies are focusing on technological developments and initiatives that cover several benefits and features in automotive coatings.

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Some of these beneficial traits are excellent functionality, reduced emissions, less maintenance charges, and regulatory compliance. In many countries, huge investments are being made for boosting automotive manufacturing. This is predicted to serve as an excellent growth opportunity for the automotive OEM coatings market in the future. For example, in the developing nations such as Indonesia, Brazil, and India, luxurious vehicle manufacturing companies are aiming for rapid expansion in order to attract the middle-class and upper-middle class populations.

Furthermore, with the rising disposable income of the people and the macroeconomic growth of these countries, the consumer demand for vehicles would surge in the coming years. This will, in turn, push up the requirement for allied products and components such as automotive OEM coatings and various automobile accessories in the forthcoming years. Depending on layer, the automotive OEM coatings market is divided into clearcoat, basecoat, primer, and electrocoat categories.

Out of these, the clearcoat category is predicted to register the highest growth in the market in the coming years. This would be because of the growing popularity of clearcoat, on account of its ability to provide protection from harmful ultra-violet (UV) rays. Globally, the automotive OEM coatings market is predicted to demonstrate the highest and the fastest growth in Asia-Pacific in the future years, on account of the ballooning automotive manufacturing in the region.

In regional countries such as India, China, and Indonesia, automotive manufacturing is surging rapidly, thereby creating a huge requirement for automotive coatings at various automobile manufacturing sites. As per the surveys done in 2019, China is the largest commercial vehicle and passenger car manufacturer and the second-largest two-wheeler producer in the world. The country witnessed sales of as many as 15.5 million units in the same year and this number is predicted to rise enormously in the coming years.

Hence, it can be safely concluded that the market would exhibit huge expansion all over the world in the upcoming years, mainly because of the soaring automobile manufacturing in various countries, especially in the APAC region.