Acquisitions and Agreements are the Key Development Strategies Adopted by Leading Market Players in the Global Composite Coatings Market
The use of composite coatings is increasingly crucial in the transportation and aerospace & defense end-use industries due to the demand for anti-corrosion, self-lubricating, and thermal protection materials. The composite coatings market is projected to reach USD 1,306.8 Million by 2022, growing at a CAGR of 7.7%, from 2017 to 2022
Key companies in the composite coatings market are mainly involved in acquisitions and agreements to strengthen their positions in the composite coatings market. The leading companies have adopted these strategies to add to their product portfolios and to strengthen their presence in the developed and emerging countries, between 2011 and 2016.
Between 2011 and 2016, acquisitions and agreements, which were the key strategies, accounted for 57.1% and 28.6%, respectively, of the strategies adopted. Market players concentrated mainly on consolidations through these approaches with the intention of increasing their market shares and enhancing their sustainability.
The major players profiled in this report are, PPG Industries, Inc. (U.S.), Axalta Coating Systems (U.S.), Mader Group SA (France), A.W. Chesterton Company (U.S.), K C Jones Plating Company, Inc. (U.S.), Om Sangyo Co. Ltd. (Japan), Endura Coatings, LLC (U.S.), Twin City Plating (U.S.), Aztron Technologies LLC (U.S.), Nickel Composite Coatings, Inc. (U.S.), and Surteckariya Co. Ltd. (Japan) among others. These companies have adopted various organic and inorganic growth strategies such as agreements, acquisitions, and expansions to expand their global presence and increase their penetration into the composite coatings market.
PPG Industries, Inc. (U.S.) and Axalta Coating Systems, LLC (U.S.), are the major companies that have adopted the maximum number of growth strategies between 2011 and 2016 in the composite coatings market. PPG Industries, Inc. (U.S.) is one of the major manufacturers of composite coatings for end-use industries including aerospace & defense and wind. The company accounted for the largest share of all the development activities undertaken in the global composite coatings market between 2011 and 2016. The company follows the acquisitions growth strategy to strengthen its geographical presence and customer base. For instance, in July 2016, PPG Industries, Inc. acquired MetoKote Corporation (U.S.), which helped the company in diversification of its product offerings to minimize its business risks in the composite coatings market.
Axalta Coating Systems, LLC (U.S.) is a prominent player in the global composite coatings market, serving end-use industries such as transportation, wind, and so on. The company focused on development activities such as acquisitions and agreements in the composite coatings market between 2011 and 2017. For instance, in February 2017, Axalta acquired Century Industrial Coatings (U.S.). This helped Axalta to increase its product portfolio in the industrial composite coatings segment.
Related Reports:
Composite Coatings Market by Technique (Laser Melt Injection, Brazing, Electroless Plating), Application (Anti-Corrosion, UV Protection, Thermal Protection), End-Use Industry, Region - Global Forecast to 2022
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