Automotive OEM Coatings Market Insights, Key Players, Growth and Forecast Report

The global automotive OEM coatings market is expected to generate a revenue of over $13,661.4 million by 2024.
By: P&S Intelligence
 
NEW YORK - June 17, 2021 - PRLog -- The rapid expansion of the automotive industry, especially in the emerging economies of Southeast Asia such as Thailand, Indonesia, and India is one of the key factors responsible for the mushrooming demand for automotive original equipment manufacturer (OEM) coatings across the world. The soaring demand for four-wheeler and two-wheeler vehicles, on account of the surging disposable income of people and rapid improvements in road infrastructure and connectivity, is fueling the boom in the automotive industry in these countries.

Furthermore, the launch of strategic alliances between various automobile manufacturing companies is also predicted to fuel the expansion of the global automotive original equipment manufacturer (OEM) coatings market. For example, Tata Motors Limited and Volkswagen AG signed a Memorandum of Understanding (MoU) in April 2017 for manufacturing automobiles and automotive components. Because of these factors, the valuation of the market is predicted to grow from $10,997.4 million in 2018 to more than $13,661.4 million by 2024.

Geographically, the automotive OEM coatings market (https://www.psmarketresearch.com/market-analysis/automoti...) will demonstrate the fastest and the highest growth in the Asia-Pacific (APAC) region in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This will be due to the escalating automobile manufacturing in the regional countries such as India, China, and Indonesia. As per various reports, China was the second-largest two-wheeler manufacturer in the world in 2019.

Hence, it is safe to say that the demand for automotive OEM coatings will surge sharply all over the world in the coming years, primarily because of the expansion of the automotive industry, especially in the APAC countries such as China and India.

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Tags:Automotive OEM Coatings
Industry:Business
Location:New York City - New York - United States
Subject:Reports
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