Spain Automotive OEM Coatings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 3.50 % |
| Market Concentration | High |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
Spain Automotive OEM Coatings Market Analysis
Spain Automotive OEM Coatings Market was valued at USD 200 million by the end of this year, and the market is projected to register a CAGR of 3.5% during the forecast period. COVID-19 negatively impacted the market in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is forecasted to grow steadily.
- The driving factors that tend to the market growth include rising demand for electric and hybrid vehicles.
- The stringent regulations regarding the VOC limits and other toxic substances in paints and coatings create hindrances in the market.
- The growing options for bio-based coatings are further likely to provide opportunities for the studied market during the forecast period.
Spain Automotive OEM Coatings Market Trends
This section covers the major market trends shaping the Spain Automotive OEM Coatings Market according to our research experts:
Increasing Demand for Electric and Hybrid Vehicles
- Automotive OEM coatings are used to manufacture automotive vehicles' body parts.
- Spain is one of the strongest Hybrid Electric Vehicle (HEV) markets in Europe in terms of total sales volumes and relative European market shares.
- In Spain, there has been an increase in the production of electric vehicles over the past five years, and it has been on rapid growth since 2020. According to the Spanish Association of Car and Truck Manufacturers (ANFAC), electric vehicle production increased by 73% in 2021 compared to 2017 and reached a total production of 203693 units in 2021. The total number of electric vehicles produced in 2020 was 145461 units.
- Additionally, Hybrid Vehicles have a substantial market share compared to other passenger vehicles, such as petrol and Diesel, Owing to the better fuel efficacy it offers. For Instance, In 2021, The production of plug-in hybrid cars (PHEV) increased in Spain 2021, reaching over 34 thousand units.
- Furthermore, Spain is currently implementing an 800 million euro initiative called Moves III. The initiative's major goal is to have at least a quarter-million electric vehicles on Spanish roads by the end of 2023.
- Hence, the aforementioned facts and factors will likely result in a higher growth rate for automotive OEM coating during the forecast period.
Water-borne Coating Dominate the Market
- Although solvent-borne technology accounts for most of the market, it is predicted to grow slowly over the forecast period.
- Regulations governing VOC emissions from hazardous air pollutants contained in solvent-borne automotive OEM coatings such as toluene, xylene, ethylbenzene, and methyl ethyl ketone are one of the major factors limiting the expansion of solvent-borne automotive OEM coatings.
- Water-based automotive OEM coatings are becoming increasingly popular due to the continuously changing environmental regulations. Water-based coatings are constantly developing to provide the same performance as solvent-based coatings. For example, mild co-solvent reducers and additives are being developed to improve water-based coatings' performance and drying times.
- The increasing adoption of waterborne automotive coatings is due to their physical and chemical qualities, such as high chemical resistance, low processing temperature, and solvent-free formulations.
- Owing to above mentioned factor, waterborne technology is expected to grow significantly during the forecast period.
Spain Automotive OEM Coatings Industry Overview
The Spain Automotive OEM Coatings Market is consolidated, as most of the market share is divided among a few companies. Some of the key players in the market include (not in any particular order) Axalta Coating Systems, BASF SE, Akzo Nobel N.V., PPG Industries Inc., and The Sherwin-Williams, among others.
Spain Automotive OEM Coatings Market Leaders
-
Axalta Coating Systems
-
BASF SE
-
Akzo Nobel N.V.
-
PPG Industries Inc.
-
The Sherwin-Williams
*Disclaimer: Major Players sorted in no particular order
Spain Automotive OEM Coatings Market News
The recent developments pertaining to the major players in the market are being covered in the complete study.
Spain Automotive OEM Coatings Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for Electric and Hybrid Vehicles
4.3 Market Restraints
4.3.1 Ongoing Shortage of Semiconductors
4.3.2 Other Restraints
4.4 Industry Value Chain Analysis
4.5 Porters Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Resin Type
5.1.1 Epoxy
5.1.2 Acrylic
5.1.3 Alkyd
5.1.4 Polyurethane
5.1.5 Polyester
5.1.6 Other Resin Type
5.2 Technology
5.2.1 Water-borne
5.2.2 Solvent-borne
5.2.3 Others
5.3 Application
5.3.1 Passenger Cars
5.3.2 Commercial Vehicles
5.3.3 ACE
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) **/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AkzoNobel N.V.
6.4.2 Axalta Coating Systems, LLC
6.4.3 BASF SE
6.4.4 Beckers Group
6.4.5 Jotun
6.4.6 Nippon Paint Holdings Co., Ltd
6.4.7 PPG Industries, Inc.
6.4.8 RPM International Inc
6.4.9 Teknos Group
6.4.10 The Sherwin-Williams Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Trend for Electric Vehicles to Reduce Emmissions
Spain Automotive OEM Coatings Industry Segmentation
OEM is the original manufacturer of the components of a vehicle. Automotive OEM coatings are used to manufacture automotive vehicles' body parts. The market is segmented by Resin Type, Technology, and End-User Industry. By resin, the market is segmented into acrylic, alkyd, polyurethane, epoxy, polyester, and other resins. By technology, the market is segmented into water-borne, solvent-borne, and other coating technologies. End-User Industry segments the market into passenger cars, commercial vehicles, and ACE. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
| Resin Type | |
| Epoxy | |
| Acrylic | |
| Alkyd | |
| Polyurethane | |
| Polyester | |
| Other Resin Type |
| Technology | |
| Water-borne | |
| Solvent-borne | |
| Others |
| Application | |
| Passenger Cars | |
| Commercial Vehicles | |
| ACE |
Spain Automotive OEM Coatings Market Research FAQs
What is the current Spain Automotive OEM Coatings Market size?
The Spain Automotive OEM Coatings Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in Spain Automotive OEM Coatings Market?
Axalta Coating Systems, BASF SE, Akzo Nobel N.V., PPG Industries Inc. and The Sherwin-Williams are the major companies operating in the Spain Automotive OEM Coatings Market.
What years does this Spain Automotive OEM Coatings Market cover?
The report covers the Spain Automotive OEM Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Spain Automotive OEM Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Spain Automotive OEM Coatings Industry Report
Statistics for the 2024 Spain Automotive OEM Coatings market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Spain Automotive OEM Coatings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
