The automotive specialty coatings market is estimated to be USD 3.02 billion in 2018 and is projected to reach USD 3.75 billion by 2025, at a CAGR of 3.12%, from 2018 to 2025. The increasing vehicle production, increasing adoption rate of premium vehicles, and increasing number of applications for coating are the factors projected to drive the global automotive specialty coatings market.
The automotive specialty coatings market comprises several global market players, which make it highly competitive. These players have adopted various strategies to diversify their presence globally and increase their market shares. The key strategy adopted by industry players to gain traction in the automotive specialty coatings market was expansions. The companies adopted this strategy to diversify their operations geographically and to fortify their business networks. In addition to expansions, companies also adopted mergers & acquisition as key strategies. For example, in November 2017, Akzo Nobel acquired V. Powdertech Co., Ltd., which is a leading manufacturer of powder coatings used in the architectural and automobile industries. This acquisition enabled Akzo Nobel to become one of the largest powder coatings players in Southeast Asia. The valuable addition of the state-of-the-art manufacturing plant of V. Powdertech to Akzo Nobel has led to the enhancement of the manufacturing footprint of Akzo Nobel in the fast-growing markets of Southeast Asia.
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PPG (US) adopted the strategies of expansion and mergers & acquisitions to retain its position in the automotive specialty coatings market. For instance, in February 2016, PPG invested USD 7.8 million in its global paints & coatings R&D hub in Allison Park, Pennsylvania (US). This R&D hub enabled the company to manufacture and test sealants, adhesives, and pretreatment solutions by simulating the environments, wherein its customers use the automotive and industrial paints & coatings manufactured by the company. Further, in October 2017, PPG acquired The Crown Group to enhance the services offered by it to its OEM customers.
On the other hand, BASF adopted expansion, mergers & acquisitions, and partnership strategies to sustain its market position. In December 2017, BASF inaugurated a new automotive coatings plant at its Bangpoo manufacturing site in Samutprakarn province (Thailand). The new plant is the first automotive coatings manufacturing facility of BASF in ASEAN and produces solvent-borne and waterborne automotive coatings to meet the growing demand for these coatings in the region. In December 2016, BASF completed its acquisition of Albemarle’s global surface treatment business, namely, Chemetall. This acquisition enabled BASF to expand its coatings portfolio to become a complete provider of coating solutions. BASF entered into a partnership with Sirrus, which is a developer of the next-generation crosslinking platforms for coatings and adhesives. This partnership enabled BASF to develop a new class of high-performance automotive coatings based on the proprietary methylene malonate technology of Sirrus.
Automotive Specialty Coatings Market by Application (Engine Exhaust, Interior, Transmission, Wheels), Technology (Solvent-borne, Water-borne, Powder), Resin (PU, Epoxy, Acrylic), Substrate, ICE, Electric & Hybrid Vehicle & Region - Global Forecast to 2025
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