South Korea Automotive OEM Coatings Market Size (2024 - 2029)

The South Korea automotive OEM coatings market is experiencing a shift in its market size due to several factors. The transition from traditional passenger vehicles to electric vehicles is driving growth, as the demand for automotive coatings increases with the production of electric cars. However, the market faces challenges from stringent regulations on VOC and toxic chemicals, which have slowed down growth. In response, there has been significant R&D into bio-based coatings, contributing to the anticipated expansion of the market. Despite a decline in recent years and the impact of the COVID-19 pandemic, the market is expected to grow as it adapts to these changes.

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Market Size of South Korea Automotive OEM Coatings Industry

South Korea Automotive OEM Coatings Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 5.00 %
Market Concentration High

Major Players

South Korea Automotive OEM Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order

South Korea Automotive OEM Coatings Market Analysis

The South Korea Automotive OEM Coatings Market is expected to reach USD 529 million by the end of this year and grow at a CAGR of over 5% during the forecast period.

In South Korea, the market for automotive coatings has been going down over the past few years.During the COVID-19 pandemic, there was a big drop in the production of OEM coatings for cars.The country has yet to reach pre-pandemic levels of production.

  • A big change in demand from traditional passenger vehicles to electric ones is one thing that is making the market grow. With more electric cars being made, the demand for automotive OEM coatings is expected to go up during the forecast period.
  • Tough rules about how much VOC and other toxic chemicals can be in paints and coatings are slowing down the market.
  • In response to the strict VOC rules set by the government, there has been more research and development (R&D) into making bio-based OEM coatings for sale. During the forecast period, the market that was looked at is expected to grow because bio-based coating technologies are getting better.

South Korea Automotive OEM Coatings Industry Segmentation

Automotive OEM coatings are applied to the surface of vehicles for both surface protection and to improve the vehicle's aesthetic look. The Market has been segmented by Resin (Acrylic, Alkyd, Epoxy, Polyurethane, Polyester, Others), Layer (E-Coat, Primer, Base Coat, and Clear Coat), Technology (Water-Borne, Solvent Borne, Electrocoats and Powdered Coatings) and Application (Passenger Vehicles, Commercial Vehicles, ACE). The report offers market size and forecasts for South Korea Automotive OEM Coatings in revenue (USD million) for all the above segments.

Resin
Acrylic
Alkyd
Epoxy
Polyurethane
Polyester
Other Resins
Layer
E-Coat
Pirmer
Base Coat
Clear Coat
Technology
Water-Borne
Solvent-Borne
Electrocoat
Powder Coatings
Application
Passenger Vehicles
Commercial Vehicles
ACE
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South Korea Automotive OEM Coatings Market Size Summary

The South Korea Automotive OEM Coatings Market is experiencing a transformation driven by the shift from traditional passenger vehicles to electric vehicles, which is expected to boost demand for automotive coatings. Despite challenges such as the COVID-19 pandemic, which significantly impacted production levels, the market is gradually recovering. The government's stringent regulations on volatile organic compounds (VOCs) are prompting innovation in bio-based coating technologies, which are anticipated to contribute to market growth during the forecast period. Exterior coatings, which include vehicle body parts, dominate the market, while passenger cars account for the largest share of OEM coatings production in the country.

The market is characterized by a consolidated landscape with key players like Akzo Nobel N.V., Axalta Coating Systems, BASF SE, PPG Industries, and Kansai Paint Co., Ltd. Solvent-borne coatings remain popular due to their resilience and cost-effectiveness, although environmental regulations are driving a shift towards water-borne and bio-based alternatives. These advancements aim to reduce VOC content while maintaining performance standards. The South Korean government's investment in research and development is expected to further stimulate the automotive OEM coatings sector, supporting its recovery and growth in the coming years.

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South Korea Automotive OEM Coatings Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION

    1. 1.1 Resin

      1. 1.1.1 Acrylic

      2. 1.1.2 Alkyd

      3. 1.1.3 Epoxy

      4. 1.1.4 Polyurethane

      5. 1.1.5 Polyester

      6. 1.1.6 Other Resins

    2. 1.2 Layer

      1. 1.2.1 E-Coat

      2. 1.2.2 Pirmer

      3. 1.2.3 Base Coat

      4. 1.2.4 Clear Coat

    3. 1.3 Technology

      1. 1.3.1 Water-Borne

      2. 1.3.2 Solvent-Borne

      3. 1.3.3 Electrocoat

      4. 1.3.4 Powder Coatings

    4. 1.4 Application

      1. 1.4.1 Passenger Vehicles

      2. 1.4.2 Commercial Vehicles

      3. 1.4.3 ACE

South Korea Automotive OEM Coatings Market Size FAQs

The South Korea Automotive OEM Coatings Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

Akzo Nobel N.V., Axalta Coating Systems, BASF SE, PPG Industries and Kansai Paint Co.,Ltd are the major companies operating in the South Korea Automotive OEM Coatings Market.

South Korea Automotive OEM Coatings Report Snapshots

South Korea Automotive OEM Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)