LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global automotive refinish coatings market report. This research report also lists seven other prominent vendors that are expected to impact the market during the forecast period.
The global automotive refinish coatings market will witness a growth during the forecast period, especially in the BRICS nations. APAC will be driving the growth of the market, followed by the Americas, and EMEA. In APAC, there is an increase in the purchase of new vehicles, owing to the improving economy, and the better connectivity in terms of roads.
Competitive vendor landscape
The prominent players in the market are keenly focusing on M&A to shield themselves from the threat of rivalry. Although small and medium scale vendors are coming up with innovative capabilities, the prominent players will still have a strong foothold. The competitive environment in the market will further intensify over the next five years with the increase in product extensions in terms of innovation in technology.
“There is intense competition to provide the exact match of the color and a wider range of coloring options. The level and expertise of customization also provide a competitive edge to the vendors. Aftersales services are also being used to garner loyal customers,” says Kshama Upadhyay, a lead paints, coatings, and pigments research analyst from Technavio.
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Top five automotive refinish coatings market vendors
Axalta Coating Systems
The various brands of refinish coatings offered by Axalta Coating Systems are Standox, Spies Hecker, and Cromax. The other brands in select countries are Challenger, Duxone, Nason, Imlar, and CorMax. They have a refinish training academy in Welwyn Garden City, Hertfordshire knows as Axalta refinish training academy.
Akzo Nobel launched a new water-based primer, which enables a mono-bake satellite coil line to double its capacity by achieving a two-coat paint system in a single pass. It has completed the expansion of its coatings research facility in Houston, which was worth USD 3.5 million.
BASF produces and sells automotive refinish coatings for collision repair, the automotive specialty market, and commercial fleet. The brands offered by the company include BASF Glasurit, R-M, and LIMCO. It caters to various end users such as automotive body shops, customizers, restoration facilities, and commercial transportation.
PPG Industries provides coating solutions to customers in diverse end-user markets. This sector caters to the aerospace, architectural coatings, marine coatings, industrial coatings, and automotive coatings industries. The company offers collision and commercial transport refinish products.
The Sherwin-Williams Company
The Sherwin-Williams Company is a provider of coating solutions and advanced paints. It specializes in the development, manufacture, distribution, and sale of paints, coatings, and related products to professional, industrial, retail customers. The company provides different products for collision repair, custom finishes, OEM interior, and fleet refinishing under its automotive finishes product category.
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