Market Trends of South Korea Automotive OEM Coatings Industry
This section covers the major market trends shaping the South Korea Automotive OEM Coatings Market according to our research experts:
Passenger Cars Are Expected To Drive The Automotive OEM Coatings Market
- Exterior coatings occupy the majority of the automotive OEM coatings market. The exterior coatings of vehicles include the body, bonnets, trims, and other exterior parts.
- Despite the various setbacks in the automotive industry, such as the semi-conductor shortage, high cost of raw materials, the coronavirus pandemic, energy and transport costs, and other such issues, automotive interiors are becoming the key to innovation in a vehicle.
- Passenger cars have the largest share of OEM coatings. The passenger car represents more than 90% of the automotive OEM production in the country.
- According to OICA, the overall passenger car production in the country was around 31,62,727 units in 2021 and has reached almost pre-pandemic levels. In 2020, total car production is expected to be around 32,11,706 units.
- South Korea's government has taken steps to boost the production of OEM coatings in the near future by putting more money into research and development and investing more in the automotive industry.
Understand The Key Trends Shaping This Market
Download PDF
Solvent Borne Coatings to Dominate the South Korea Automotive OEM coatings market
- The solvent-borne automotive OEM coating is a liquid protective layer that is primarily composed of organic compounds and applied to a material's surface to prevent corrosion, chemical effects, and other external factors.
- Solvent-borne coatings are typically more resilient than water-borne coatings during the curing of the coating.
- Solvent-borne coatings are widely used in the automotive OEM coatings market owing to their properties such as high viscosity, low cost, and excellent performance.
- The solvent-borne coating is a two-component system that comprises solvent and paint. The major advantage of using this type of coating is that it can be applied by simply spreading it on the surface with no need for any equipment or machinery.
- However, in view of reducing the VOC content in OEM paints and coatings, many stringent laws have been passed by the regulatory bodies in order to protect the environment.
- Advances in water-borne coatings, usage of bio based raw materials etc. are some of the technologies which are being studied inorder to reduce the VOC content and also to get the desired results for coatings used in various automotive vehicles.
- Due to the stringent laws passed by the governing bodies in the country, water-borne OEM coatings are growing at a faster rate.
