1. Market Research
  2. > Automotive Market Trends
Automotive OEM Interior Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Automotive OEM Interior Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • December 2021
  • 138 pages
  • ID: 6190205
  • Format: PDF
  • Mordor Intelligence LLP

Summary

Table of Contents

Search Inside

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.

Key Highlights
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.

Key Market Trends

Passenger Car Segment to Contribute Significant Demand to the Market

The passenger cars segment has the largest demand in the market studied.
In passenger car interiors, various types of single and multi-component and solvent-borne and waterborne coatings are used for coating various substrates, such as ABS and polycarbonate materials. Laser etchable coatings are also used for these purposes.
They are used for coating various interiors, such as center clusters, meter clusters, instrument panels, speaker grills, armrest and armrest bezels, steering wheels, door trim, and handles. The important characteristics of these coatings are high gloss and a smooth finish.
The world passenger car production has been in a steady decline since 2017. The COVID-19 has further aggravated this decline in 2020, as a total of 55.83 million cars were produced in 2020, a steady decline from 67.15 million units and 71.75 million units in 2019 and 2018, respectively, was registered.
According to OICA, in the first half of 2021 (January-June), the global passenger vehicle production has increased by more than 26% when compared to the same period in 2020. In the first six months, the production has increased from 2,23,14,111 units in 2020, to reach about 2,81,48,90 in 2021. However, the production is still less by 15% compared to 2019, which is 3,32,48,444 units.
However, the demand for automotive OEM interior coatings from the passenger cars segment is expected to increase with a higher rate relative to the commercial and other vehicles segments post-recovery, owing to the change in mobility preferences for personal mode of transport in the wake of social distancing measures.

Asia-Pacific Region to dominate the Market

Asia-Pacific is the largest market for automotive OEM interior coatings. Growth in the regional market is driven by the huge automotive production base coupled with increased investments in the Asia-Pacific region, primarily from major economies, such as China, India, and ASEAN countries.
According to OICA, around 25.23 million, 8.07 million, 3.51 million, and 3.39 million units of vehicles were produced in China, Japan, South Korea, and India, respectively, contributing to over 50% of the global automobile production in the year 2020.
The Chinese automotive manufacturing industry is the largest in the world. The industry witnessed a slowdown in 2018, wherein the production and sales declined. A similar trend continued, with the production witnessing a 7.5% decline during 2019. The performance of the automotive industry was affected by the economic shifts and China’s trade war with the United States.
The Chinese government is planning to have a minimum of 5,000 fuel cell electric vehicles by 2025 and 1 million by 2030. With government promoting the use of electric, hybrid, and fuel cell electric vehicles, the market is expected to grow in the future.?
India is a growing economy and holds great potential for future market opportunities. The country’s economy is expected to further grow in the coming years. Despite demonetization and GST reforms affecting the national production volume, the impact of these reforms is slowly waning. Moreover, the country’s government has been taking initiatives to attract Foreign Direct Investments (FDIs) in the manufacturing sector, to make India a manufacturing hub.
The automotive industry is one of the largest manufacturing sectors in the country and contributes about 7.5% to the nation’s GDP, by employing more than 37 million workers. In 2018, India became the fourth-largest automobile market in the world and the seventh-largest commercial vehicle manufacturer.
According to the Department of Promotion Industry and Internal Trade (DPIIT) around USD 24.5 million worth FDIs were attracted by the Indian automobiles market between the period of April 2000 to June 2020. Factors such as these will show a significant impact on the automotive OEM interior coatings market in the country.
The Indian government has recently reduced customs duty on the import of components for electric vehicles from a range of 15-30% to 10-15%, along with tax breaks and fiscal packages for the automotive industry, to fight the recent demand shocks amid COVID-19 crisis.
Overall, the demand for the automotive OEM interior coatings is expected to be moderate to low during the forecast period, while the automotive industry in the country will try to recover from this crisis in the coming years.

Competitive Landscape

The global automotive OEM interior coatings market is partially consolidated in nature, with the top players accounting for around 50% of the global market. The major companies include PPG Industries Inc, Akzo Nobel N.V., Kansai Nerolac Paints Limited, BASF SE, and Axalta Coating Systems, LLC, among others.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Grace helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

ref:plp2021

Reportlinker.com © Copyright 2022. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on