The report “OEM Coatings Market by Formulation (Powder Coatings, Water-borne Coatings, Solvent-borne Coatings, and Radiation Curable Coatings), End-use Industry (Transportation, Consumer Products, and Heavy Equipment & Machinery), and Region – Global Forecasts to 2022″, The OEM coatings market is projected to reach USD 69.28 Billion by 2022, at a CAGR of 4.7% from 2017 to 2022.
The growth of the OEM coatings market across the globe is fueled by the increased demand for OEM coatings from the transportation industry for coating various OEM parts used in automobiles. There is an increasing demand for OEM coatings in the Middle East & Africa, Asia-Pacific, North America, and South America. The growth of the OEM coatings market across the globe is fueled by the increased demand for OEM coatings from the transportation industry for coating various OEM parts used in automobiles. There is an increasing demand for OEM coatings in the Middle East & Africa, Asia-Pacific, North America, and South America.
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New Product Launches was the Key Strategy Adopted by the Leading Players to Strengthen their Position in the OEM Coatings Market
The strategy of new product launches was the key strategy adopted by the leading players to strengthen their position in the OEM coatings market. The growth of the OEM coatings market can be attributed to increased demand for protective and decorative coatings for OEM parts from various end-use industries. New product launches, expansions, and mergers & acquisitions are the key growth strategies undertaken by the market players to enhance their position in the OEM coatings market. The leading players operating in this market are also focusing on joint ventures and partnerships to increase their market shares.
Major manufacturers of OEM coatings, which include PPG Industries, Inc. (U.S.), Akzo Nobel N.V. (Netherlands), The Sherwin-Williams Company (U.S.), The Valspar Corporation (U.S.), Axalta Coating Systems Ltd. (U.S.), Jotun (Norway), BASF SE (Germany), Nippon Paints Holdings Co., Ltd. (Japan), 3M Company (U.S.), and Kansai Paints Co., Ltd. (Japan) have been profiled in this report on the OEM coatings market. These companies have adopted both, organic and inorganic growth strategies to strengthen their position in the OEM coatings market.
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- The powder coatings formulation segment of the OEM coatings market is projected to grow at the highest CAGR from 2017 to 2022.
- Among end-use industries, the transportation segment is projected to lead the OEM coatings from 2017 to 2022.
- The Asia-Pacific region is the largest market for OEM coatings across the globe.
PPG Industries, Inc. (U.S.) is the most active player in the OEM coatings market. It develops various types of OEM coatings to cater to the different requirements of different end-use industries. The company has adopted the strategies of mergers & acquisitions, expansions, and new product launches to enhance its position in the market. As a part of its strategy, PPG Industries, Inc. has expanded its reach to various countries, such as China, Mexico, Spain, Brazil, and Germany to distribute and promote sales of its products.
Akzo Nobel N.V. (Netherlands) is another company that has established a strong foothold in the OEM coatings market. The company has adopted the strategies of expansions, partnerships, and mergers & acquisitions to facilitate the availability of OEM coatings manufactured by the company in the emerging economies. The company has increased its reach to countries, such as the U.K., China, India, the U.S., and Sweden, among others. In December 2016, Akzo Nobel N.V. (Netherlands) acquired the global industrial coatings business of BASF SE (Germany) to supply a range of products for various industries, such as construction, domestic appliances, wind energy, and commercial transport.