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    Automotive OEM Interior Coatings Market Size Forecast to Reach $2.9 Billion by 2027
    (I-BusinessNews.Com, April 03, 2022 ) The Automotive OEM Interior Coatings Market size is forecast to reach US$2.9 billion by 2027 after growing at a CAGR of 2.1% during the forecast period 2022-2027. The Automotive OEM Interior Coatings are primarily composed of Epoxy, Polyurethane, Acrylic, Alkyd, Polyvinyl Acetate (PVA), Polyester, or other resins. They are used for a wide range of interior applications such as instrument panels, meter clusters, center clusters, speaker grills, steering wheels, door trim, and handles. An increase in the production of vehicles can act as a major driver for the market. On the other hand, environmental regulations regarding VOC (Volatile organic compounds) and HAP (Hazardous Air Pollutants) and fluctuating prices of raw materials including resins, titanium oxides, solvent, pigments, and additives are likely to obstruct the market and hinder its growth.



    COVID-19 Impact



    There is no doubt that the COVID-19 lockdown has significantly reduced automotive, and production activities which in turn, has resulted in the country-wise shutdown of automotive sites, shortage of labor, and the decline of supply and demand chain all over the world, thus, affecting the market. Studies show that the outbreak of COVID-19 sharply declined the production of automotive in 2020 due to a lack of operations across multiple countries around the world. According to OICA (International Organization of Motor Vehicle Manufacturers), the production of automobiles decreased by 16% globally in the year 2020, compared to 2019. However, a slow recovery in the automotive industry has been witnessed across many countries around the world since 2021. For instance, the Indian government has significantly reduced customs duty for the imports of electric vehicles components from a range of 10-15% to15-30%, along with provisioning tax breaks and economic packages for the automotive industry, in order to sustain and recover from the decline of activities in automotive sectors during COVID-19 crisis. In this way, a slow and steady increase in automotive production activities will require the use of Automotive OEM Interior Coatings composed of Epoxy, Polyurethane, Acrylic, or others in order to coat interiors such as instrument panels, meter clusters, center clusters, and speaker grills. This will eventually lead to an increase in demand for Automotive OEM Interior Coatings which indicates a slow and steady recovery of the market in the upcoming years.



    Automotive OEM Interior Coatings Market Segment Analysis – By Resin



    The Epoxy Resin held the largest share in the Automotive OEM Interior Coatings Market in 2021 and is expected to grow at a CAGR of 2.3% between 2022 and 2027, owing to the increasing demand for epoxy resin due to the characteristics and benefits it offers over other types of resin. For instance, it has a wide range of characteristics, easy processing, corrosion resistance and they are less affected by heat, water, and other factors as compared to Polyurethane, Acrylic, Alkyd, and other resins. Moreover, epoxy resins are easier to process, have high strength, high mechanical properties, low reduction during cure, along with good adhesion to all types of fibers, which makes them ideal for use in Automotive OEM Interior Coatings in comparison to other resins. Hence, all of these factors are most likely to boost market growth in the upcoming years.



    Automotive OEM Interior Coatings Market Segment Analysis – By Layer



    Primer held a significant share in the Automotive OEM Interior Coatings Market in 2021 owing to its increasing demand due to the properties and advantages they offer. Primers are generally used as an undercoat in materials before the use of base coat or topcoat. Primers offer a wide range of benefits over the base coat, clear coat, or topcoat such as it provides a stable surface for other coats to be layered on top of it, it ensures better adhesion of paints and coatings to the surface, increases the durability of the coating, helps to hide the seams and blemishes, along with providing supplementary protection to the materials being coated. All of these factors will eventually increase the demand for Primers to be used in Automotive OEM Interior Coatings, thus, boosting the market growth.



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    Automotive OEM Interior Coatings Market Segment Analysis – By Coating Technology



    The Water-borne Coatings held a significant share in the Automotive OEM Interior Coatings Market in 2021, owing to a range of advantages they offer over other types of coating technology. Waterborne coatings are surface coatings that contain 80% water and a small number of other solvents such as polyvinyl ether and glycol. It offers a wide range of properties and benefits such as excellent adhesion properties, good resistance to heat and abrasion, along with anti-corrosion properties in comparison to solvent-borne and other types of coatings. Moreover, water-borne coatings are environment friendly due to low VOC and HAP levels which makes them less toxic and flammable in comparison to solvent-borne, and other coating technology. All of these factors are most likely to increase the demand for water-borne Automotive OEM Interior Coatings, thus, boosting the market growth in the upcoming years.



    Automotive OEM Interior Coatings Market Segment Analysis – By Vehicle Type



    Passenger Cars held the largest share in the Automotive OEM Interior Coatings Market in 2021 and is expected to grow at a CAGR of 2.4% between 2022 and 2027, owing to the increasing production of passenger cars across the globe. For instance, recent insights from the European Automobile Manufacturers’ Association (ACEA) states that total passenger car production during the fourth quarter of 2020 reached around 34 million in Asia-Pacific, 14 million in Europe, 1.3 million in the Middle East/Africa, 1.7 million in South America, and 9.6 million in North America respectively. This, in turn, will help increase the demand for Automotive OEM Interior Coatings required for coating interiors for passenger cars such as instrument panels, meter clusters, center clusters, speaker grills, and so on. This is most likely to lead to market growth in the upcoming years.



    Automotive OEM Interior Coatings Market Segment Analysis – By Geography



    The Asia Pacific held the largest share in the Automotive OEM Interior Coatings Market in 2021 up to 31%. The consumption of Automotive OEM Interior Coatings is particularly high in this region due to its increasing demand from the automotive sector. For instance, a recent study published by the OICA (International Organization of Motor Vehicle Manufacturers) during the fourth quarter of 2020 states that around 25 million, 3.5 million, 8 million, and 3.4 million units of vehicles were produced in China, South Korea, Japan, and India, respectively, which in turn, contributed to approx. 50% of the global automobile production during the year 2020. Likewise, according to the Department of Promotion Industry and Internal Trade (DPIIT), the Indian Automobiles market invested around $ 24.5 million worth of FDI (Foreign Direct Investment) during the year June 2020. Hence, an increase in demand for the production of automotive will also require the use of Automotive OEM Interior Coatings. This is most likely to lead the growth of the Automotive OEM Interior Coatings Market in the upcoming years.



    Automotive OEM Interior Coatings Market Drivers



    An increase in automotive production is most likely to increase demand for the product



    According to a recent study published by the German Association of Automotive Industry during the fourth quarter of 2020, the new registration of motor vehicles reached up to 16,763 units in Europe, 37,467 units in Asia, 3080 units in South America, 17,421 units in North America, 12,733 units in Western Europe, and 5180 units in other regions worldwide. Likewise, according to the European Automobile Manufacturers Association (ACEA), the EU demand for new passenger cars significantly increased by 25.2% from January-June 2021 and reached around 5.4 million units in total. Hence, an increase in demand and production of motor vehicles will also increase the demand for Automotive OEM Interior Coatings required for coating interiors of vehicles such as instrument panels, meter clusters, center clusters, speaker grills, and others. This is most likely to drive the growth of the market in the upcoming years.



    An increase in demand for Electric Vehicles (EV) is most likely to increase demand for the product



    According to a recent study published by the International Netherlands Group (ING), the demand for the production and development of Electric Vehicles has been increasing since the pandemic. It states that the global sales of new Electric Vehicles have increased by 50% in 2021, and is expected to increase by 8% in 2022. It further states that the sales of Electric Vehicles have increased by 14% in Europe, 9% in China, and 4% in the US. In this way, an increase in demand and production of electric vehicles from the automotive sectors globally will also increase the use of Automotive OEM Interior Coatings. This is most likely to drive market growth in the upcoming years.



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    Automotive OEM Interior Coatings Market Challenges



    Fluctuating prices of raw materials including resins, titanium oxides, solvent, pigments, and additives may confine the market growth



    Shortage and lack of availability of key raw materials along with a significant increase in prices are causing disruption to the coatings industries in the UK, Europe, and other regions across the world. For instance, BCF’s monthly raw material prices survey shows the largest increase in prices of solvent in January 2021 in comparison to last year. The results depicted an increase in prices of acetone by 123%, n-butyl acetate by 91%, IPA by 41%, and n-butanol by 54%. Likewise, a sharp increase in prices for epoxy resins has been seen during the first quarter of 2021, an increase of 60% in comparison to the third quarter of 2020. Other raw materials prices are also expected to increase by 2022. Hence, fluctuating prices of such raw materials may confine the market growth.



    Strict regulations regarding VOC (Volatile organic compounds) and HAP (Hazardous Air Pollutant) may cause an obstruction to the market growth



    The Environmental Protection Agency (EPA) regulates the coatings of vehicles in the home environment as well as in professional facilities. EPA Regulation 40 in the Federal Code of Regulations, has listed the laws for the permissible methods of vehicle coatings applications along with the person who can apply it. Since most automotive coatings contain VOCs or HAPs, this regulation was primarily enforced with those elements in mind. It further states that Spray application of automotive coatings to a metal or a plastic substrate that contain compounds of lead (Pb), chromium (Cr), nickel (Ni), manganese (Mn), or cadmium (Cd), should be performed effectively as per the EPA’s Summary of Regulations Controlling Air Emissions from Coating Operations. The misuse of these regulations can lead to a serious charge or penalty. All of these factors may confine the market growth.



    Automotive OEM Interior Coatings Industry Outlook



    Technology launches, acquisitions, and R&D activities are key strategies adopted by players in this market. Automotive OEM Interior Coatings top 10 companies include:



    Akzo Nobel N.V.



    Axalta Coating Systems LLC



    BASF SE



    Fujikura Kasei Co. Ltd



    Kansai Nerolac Paints Limited



    KCC CORPORATION



    NB Coatings



    Nippon Paint



    PPG Industries Inc.



    The Sherwin Williams



    Recent Developments



    In February 2020, PPG Industries acquired Industria Chimica Reggiana (ICR) SpA. ICR is a manufacturer of automotive refinish products, which includes primers, clear coats, and base coats under the SPRINT brand.



    In July 2019, BASF SE made an investment of around $40 million in order to expand its production of automotive coatings in North America. The expansion was done to increase the company’s capacity in production plants located in Greenville, Mexico, Ohio, and Tultitlan.



    Key Takeaways



    The Epoxy Resins in Automotive OEM Interior Coatings Market is expected to see the fastest growth, especially during the forecast period. Its wide range of characteristics, corrosion resistance, and heat resistance properties made it stand out in comparison to other resins in the market.



    Water-borne coating technology in the Automotive OEM Interior Coatings Market is expected to see the fastest growth, especially during the forecast period, owing to its increasing demand and benefits over other types of Automotive OEM Interior Coating technology.



    Asia-Pacific dominated the Automotive OEM Interior Coatings Market in 2020, with countries like China, Japan, South Korea, and India most likely to drive the market growth, owing to the increasing demand for Automotive OEM Interior Coatings from automotive sectors of the region.



    Relevant Reports



    Automotive Coatings Market

    https://www.industryarc.com/Research/Automotive-Coatings-Market-Research-500126



    For more Chemicals and Materials related reports, please click here



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    venkat@industryarc.com

    Source: EmailWire.Com

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