Key vendors to leverage strategic pricing and product differentiation to gain market shares
Technavio, a company that develops over 2000 pieces of research every year and covers more than 500 technologies across 80 countries, has announced the top five vendors for the global automotive paints & coatings market in their latest research report. This report also lists 10 other prominent vendors who are expected to contribute to this market’s growth between 2017-2021.
To identify the top vendors, Technavio’s market research analysts have taken into account the revenue generated by the sales of paints and coatings used in the original equipment manufacturer (OEM) and automotive refinish sectors of the automotive industry.
This Technavio report, under the paints, coatings, and pigments vertical, is based on the synthesis, analysis, and interpretation of information about the global automotive paints and coatings market collected from specialized sources. The analysts have derived insights using a mix of primary and secondary research with an aim to provide a holistic picture of the market.
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Competitive vendor landscape
The global market for automotive paints and coatings is characterized by the presence of a limited number of players who operate in the market space. As a result, the competition in the market is intense, and there is limited scope for new market entrants. Investment-intensive requirements for setting up the industry and manufacturing different automotive paints and coating products also restrict new players from venturing into the market. The competition in the market is intensified by the presence of similar products which are developed for the same target customers, i.e., automotive OEMs, automotive refinishing providers, and other vendors involved in the automotive decoration and protection segment. Vendors in the market engage in various types of business strategies such as product development, product differentiation, and strategic pricing to create brand and product awareness and strengthen their foothold in the market space.
“The global market is witnessing an upsurge in the demand for UV-curable coatings. Vendors are introducing technologically advanced UV-curable products such as clearcoats. PPG Industries is currently involved in the R&D of a UV-curable clearcoat that offers scratch and mar resistance. While UV-curable automotive OEM coatings currently account for only 6% of the market, an increase in revenue share is projected over next 10 years, with an increasing number of automotive players adopting this technology,” says Chandrakumar BJ, a lead analyst at Technavio for paints, coatings, and pigments.
Top five vendors in the automotive paints and coatings market space
Axalta Coating Systems
Axalta Coating Systems offers high-performance coatings for the transportation industry. The company engages in the manufacture and supply for the lightweight OEMs, commercial vehicles, refinish segment, and other industrial applications. It mainly develops the liquid coatings as well as the powder coatings. The company has 36 manufacturing facilities and 46 customer training centers globally. Axalta Coating Systems has an operational presence in the US, Canada, Brazil, Mexico, Austria, Germany, Belgium, France, the UK, and China.
Key products: Wet Monocoat, 3-Wet System, and liquid and powder coatings.
BASF
BASF is a provider of chemicals, plastics, performance and crop protection, and oil and gas. The company serves diversified industries including paper, furniture, automotive, and others and has customers in 200 countries worldwide. As of FY2015, the company has a reported revenue of almost $80 billion and has invested more than $2 billion in R&D.
Key products: BASF Glasurit, R-M, LIMCO, and CathoGuard series.
Kansai Paint
Kansai Paint is a Japanese chemical company that engages in the manufacture and sales of coatings and paints. It manufactures different products such as automotive coatings, automotive refinish coatings, industrial, marine and protective, decorative and construction paints, vessel coatings, and heavy-duty coating paints. It uses ALESCO as the corporate brand name for its products. The company also engages in the manufacture and sales of coating equipment and products related to the biotechnology and electronics field.
Key products: Retan PG Hybrid Eco HS series and AutoKan series.
Nippon Paint Holdings
Nippon Paint Holdings is involved in the manufacture and sales of paints, coating materials, and fine chemical products. The company’s product portfolio includes automotive coatings, automotive refinish paints, trade-use paints, industrial coatings, marine coatings, anti-corrosion paints, and vessel paints. The company also engages in the manufacture and sales of electronic materials, particulate materials, road traffic safety design and construction, and recycling of waste paints, and waste solvents.
Key products: Maziora, CyCLAZ, and nax Admira.
PPG Industries
PPG Industries is a chemical manufacturing company that engages in the manufacture and distribution of specialty materials, coatings, and glass products for end-users across the globe. The company provides paints, protective and decorative coatings, and glass-related solutions for customers in the industrial, construction, consumer products, transportation, and aftermarkets. The company markets its products through a network of distribution centers, home centers, and independent dealers. They have manufacturing facilities and subsidiaries across Argentina, Japan, Taiwan, Thailand, Brazil, Canada, India, China, Australia, the UK, the US, Germany, France, and Venezuela.
Key products: Enviro-Prime series, POWERCRON series, and Optiprime.
Other prominent vendors in this market include 3M, AkzoNobel, Arkema, Berger Paints, Covestro, Clariant, DuPont, KCC, Sherwin-Williams, and Valspar.
A more detailed analysis is available in the Technavio report, Global Automotive Paints and Coatings Market 2017-2021. Technavio also customizes reports by other regions and specific segments upon request.
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