Market Size of Automotive OEM Interior Coatings Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | > 2.50 % |
Fastest Growing Market | Asia Pacific |
Largest Market | Asia Pacific |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
Automotive OEM Interior Coatings Market Analysis
The automotive OEM interior coatings market was valued at USD 2580 million in 2020 and the market is projected to register a CAGR of over 2.5% during the forecast period (2021-2026).
The outbreak of COVID-19 is likely to bring several short-term and long-term consequences in the automotive industry, which is likely to affect the OEM interior coatings market. The supply of many components from China has been delayed. This has resulted in the automotive industry, globally, running out of materials for production. According to OICA, the global production of automotive fell by around 16% in the year 2020, compared to 2019. Many OEMs shut down the majority of their European production, which includes leading German manufacturers shutting down the majority of their manufacturing units in Europe with other OEMs closing for a longer time. With automotive production slowing down and the COVID-19 pandemic further worsening the situation for the industry, the market for OEM automotive interior coatings is negatively affected in the short-/mid-term with a sluggish recovery rate during the latter part of the forecast period.
- Over the long term, the major factor driving the market studied is the preference for personal transport owing to the pandemic crisis. The consumer preference for personal transport has grown over the recent years due to better development of roads and infrastructure, startup innovations in the car rental industry, and availability of low-cost cars that are affordable for the middle-class people.
- Rise in investment opportunities in the Middle East and Africa and upcoming demand for electric vehicles are likely to act as opportunities in the future.
- Asia-Pacific dominated the market across the world, with the largest consumption from countries, such as China, India, Japan, and South Korea.
Automotive OEM Interior Coatings Industry Segmentation
The automotive OEM paints and coatings can be classified as water-based or solvent-based, depending on the drying technique employed. Water-based coatings contain water as a volatile compound and solvent-based coatings contain volatile compounds like benzene. The market is segmented by resin, layers, vehicle type, and geography. By resin, the market is segmented into epoxy, polyurethane, acrylic, and other resins. By layer, the market is segmented into primer, base coat, and clear coat. By vehicle type, the market is segmented into, passenger cars, light commercial vehicles, heavy commercial vehicles, and other vehicle types. The report also covers the market size and forecasts for the automotive OEM interior coatings market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
Resin | |
Epoxy | |
Polyurethane | |
Acrylic | |
Other Resins |
Layer | |
Primer | |
Base Coat | |
Clear Coat |
Vehicle Type | |
Passenger Car | |
Light Commercial Vehicles | |
Heavy Commercial Vehicles | |
Other Vehicle Types |
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Automotive OEM Interior Coatings Market Size Summary
The automotive OEM interior coatings market is experiencing a complex landscape influenced by both short-term disruptions and long-term trends. The COVID-19 pandemic has had a significant impact, causing delays in component supply from China and leading to a global decline in automotive production. This has adversely affected the demand for interior coatings in the short to mid-term, although a gradual recovery is anticipated later in the forecast period. Despite these challenges, the market is poised for growth driven by an increasing preference for personal transportation, spurred by improved infrastructure and affordable vehicle options. The rise of electric vehicles and investment opportunities in regions like the Middle East and Africa present further growth prospects.
Asia-Pacific stands out as the dominant region in the automotive OEM interior coatings market, with substantial consumption from countries such as China, India, Japan, and South Korea. The region's growth is bolstered by its robust automotive production base and significant investments. China, as the largest automotive manufacturing hub, is expected to see growth due to government initiatives promoting electric and hybrid vehicles. India, with its burgeoning economy and strategic government policies, is also poised for market expansion. The global market is partially consolidated, with major players like PPG Industries, Akzo Nobel, and BASF SE holding significant shares. Recent acquisitions and expansions by these companies indicate a strategic focus on enhancing production capabilities and market reach.
Automotive OEM Interior Coatings Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Mobility Preference for Personal Transport
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1.1.2 Growing Demand for Better Interiors in Vehicles
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1.2 Restraints
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1.2.1 Detrimental Impact of COVID-19
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1.3 Industry Value-Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Resin
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2.1.1 Epoxy
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2.1.2 Polyurethane
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2.1.3 Acrylic
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2.1.4 Other Resins
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2.2 Layer
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2.2.1 Primer
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2.2.2 Base Coat
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2.2.3 Clear Coat
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2.3 Vehicle Type
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2.3.1 Passenger Car
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2.3.2 Light Commercial Vehicles
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2.3.3 Heavy Commercial Vehicles
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2.3.4 Other Vehicle Types
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2.4 Geography
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2.4.1 Asia-Pacific
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2.4.1.1 China
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2.4.1.2 India
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2.4.1.3 Japan
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2.4.1.4 South Korea
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2.4.1.5 Rest of Asia-Pacific
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2.4.2 North America
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2.4.2.1 United States
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2.4.2.2 Canada
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2.4.2.3 Mexico
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2.4.3 Europe
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2.4.3.1 Germany
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2.4.3.2 United Kingdom
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2.4.3.3 France
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2.4.3.4 Italy
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2.4.3.5 Rest of Europe
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle-East and Africa
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2.4.5.1 Iran
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2.4.5.2 South Africa
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2.4.5.3 Rest of Middle-East and Africa
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Automotive OEM Interior Coatings Market Size FAQs
What is the current Automotive OEM Interior Coatings Market size?
The Automotive OEM Interior Coatings Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)
Who are the key players in Automotive OEM Interior Coatings Market?
Akzo Nobel N.V., BASF SE, Axalta Coating Systems, LLC, Kansai Nerolac Paints Limited and PPG Industries Inc. are the major companies operating in the Automotive OEM Interior Coatings Market.