The global automotive refinish coatings market is associated with major companies providing various types of coating systems including clearcoats, basecoats, and primers and fillers, among others. To increase the global footprint, the manufacturers are following various strategies such as new product launches, merger, and acquisitions with the different distribution network. Driven by the rapid market growth of refinish coatings, BIS Research has prepared a report titled, ‘Global Automotive Refinish Coatings Market- Analysis and Forecast (2016-2021)’. According to the report, the global market is estimated to reach a value of $10.2 billion from $7.85 billion in the year 2016. The significant growth can be justified by the increase in the number of disposable incomes and vehicle collision. Further, the rising demands in the emerging economies provide a plethora of opportunities to the manufacturers of the refinish coatings.
Recently, on 22nd February 2018, BASF coatings launched new lines for its refinish paint brands that make automotive refinishing more sustainable. The products are manufactured according to the certified biomass balance approach, therefore contributing to reducing CO2 emission. On the launch, Katja Scharpwinkel, head of BASF’S Automotive refinish EMEA (Europe, Middle East, and Africa) unit said, “By developing the new product line, we are offering body shops the opportunity to stand out from the competition and directly influence the way they save CO2 and in doing so, make a conscious contribution to environmental protection.”1
In November 2017, Covestro AG, a leading company in coatings, announced in a press release that it has expanded its global capacity for polyurethane dispersion (PUDs) products by initiating operation at its Dormagen site in Germany. PUDs were required to satisfy the global need for coating and adhesive industry as manufacturers remain determined to replace solvent-based products with more sustainable waterborne products.
In June 2017, Berger Paints India Ltd. completed the acquisition of specialty coatings maker Saboo Coatings Pvt. Ltd. Saboo Coatings makes specialty liquid coatings used in farm and construction equipment, automobiles, fans, electronics, handicrafts and home furnishing, which has boosted Berger paints’ industrial coatings and wood coatings business. Berger paint is making a significant growth in the Indian market as earlier it entered into new verticals such as auto refinish and marine paints by forming joint ventures with Japanese companies.2
The automotive refinish coatings market is a very competitive industry with all its key players competing to hold the greater market share as well as to make their presence on a global scale. The top five players are Axalta Coatings System, PPG Industries Inc., BASF SE, Akzo Nobel N.V and Sherwin Williams, which are of the same financial capability. These companies have a broad product portfolio and cater to the clients at a global scale by collaborating with different distribution channels. However, regional presence of these companies is mainly limited to Asia-Pacific, the U.S., and Europe.
References:
1.European Coatings
2.VCCIRCLE
