Rapidly increasing demand from paint and coatings industry and exponential rise in sales of the pre-owned vehicles have been driving the growth of market for automotive refinish coatings. Leading players and manufacturers are taking immense efforts in developing enhancement procedures with regards to product quality, thereby stimulating the production sales of automotive refinish coatings across the globe. Growing focus on joint ventures and strategic collaborations for the purpose of improving the distribution and sales network are anticipated to gain traction in the coming years.
A research company recently carried out an all-inclusive study on the report, market for automotive refinish coatings. The analysts of the research company revealed some facts and figures relating the market across the globe on automotive refinish coatings. Market for automotive refinish coatings is likely to grow at a CAGR of 5.8% during the assessment period, 2017-2027, in order to touch an estimate of approximately US$ 9,560.3Mn by 2027-end.
Leading players effective in the market for automotive refinish coatings are inclusive of Nippon Paint Holdings Co., Ltd, Axalta Coating Systems, Guangzhou Zhenroumei Chemical Coating Limited, TOA Performance Coating Corporation Co., Ltd, Samhwa Paints Industrial Co., Ltd, The Sherwin Williams Company and Cresta Paint Industries Ltd. Leading players and manufacturers are increasing their concentration on developing and initiating new products, which would help in meeting their emerging and existing business plans and expansion of customer-base across the globe as well.
Axalta Coating Systems Introduces New Coating Production Plant
Leading players and manufacturers can note that Axalta Coating Systems recently introduced a new coatings production plant in India for the purpose of expanding its overall capacity. The new production plant has been located at Savli, Gujarat, India and this new plant will benefit in expanding coating manufacturing capacity of Axalta Coating Systems for the purpose of catering to the increasing demand of industrial segments, commercial vehicles and light vehicles.
Insights on the New Savli Manufacturing Plant
The new Savli manufacturing plant will be offering Axalta coatings that would be highly beneficial for refinish, commercial vehicles as well as automotive parts customers. Axalta Coating Systems has been taking up immense efforts in making heavy investments for the upgradation of its refinish training center across India, for the purpose of better service to customer-base in the developing market.
The new plant enables in expanding production capacity across both low and high temperature cured coatings. Apart from all this, the new Savli manufacturing plant will help in developing waterborne coatings that would cater to the existing as well as emerging customer needs with regards to sustainable solutions. Besides, the Savli manufacturing plant offers environmentally responsible processes, thereby producing low emissions. This in turn helps in ensuring a healthy environment across the community as well as considerably sustainable future for the Axalta Coating Systems.
Leading players and manufacturers can note that Axalta Coating Systems has been taking immense efforts in catering to the growing demands of Indian industrial and automotive OEMs. Making heavy investments or entering into collaborations with Axalta Coating Systems can benefit in business expansion with regards to automotive refinish coatings capacity.
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