U.S. Refinished Paints market is expected to reach USD 161.35 million by 2026 from USD 106.95 million in 2018, at a CAGR of 5.3% in the forecast period of 2019 to 2026. The years considered for study are as mentioned below.
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The U.S. refinished paints market is a highly concentrated market which includes key players and local players. The market has witnessed increased various strategic developments owing to favourable market scenario. The market has a prominent growth in upcoming years due to rising demand for recreational vehicles, technological advancements and increasing research and development activities in the automotive industry.
The market has witness developments in terms of merger and acquisitions, partnerships or product launches to enhance the product portfolio to meet the rising demand of innovative technology. For instance In December 2018, PPG Industries declared its acquisition with the leading manufacturer of SEM Products, Inc. The company leads in dealing with specialized automotive refinish products. It is primarily used in automotive & other industrial applications. The company is known for dealing in flexible coating products, OEM finishes on bumper plastics and many others. This expanded product portfolio would help PPG Industries develop in the market raising its standards in the product field. This strategy helped the company to strengthen their position in respective regions and enhance the customer base.
PPG Industries dominated the U.S. refinished paints market and accounts for the highest market share in 2018 which is followed by the Sherwin Williams Company and Kansai Paints Co. Ltd. The other key players existing in the market includes Nippon Paint Holdings Co., Ltd, Speedokote LLC, Kirker Automotive Finishes, General Motors, Axalta, The Lubrizol Corporation and NISSAN MOTOR CO., LTD.,
PPG Industries headquartered in Pennsylvania, U.S. was founded in 1883. The company is engaged in manufacturing coatings & specialty products offering wide a range of technologies and solutions. The company has two operating divisions namely, performance coatings & industrial coatings. The performance coatings increased its turnover by 4.09% to USD 9,087 million and the industrial coatings increased by 4.47% to USD 6,287 million. The R&D expenditure of the company decreased from USD 472 million to USD 464 million. The turnover of the company has increased from USD 14,748.00 million to 15,374.00 million which is 4.24% as compared to the previous year. It is also seen that the company has increased its sales by 4% from 2017 to 2018. The sale has increased due to the increased demand of their architectural coatings products in the second and third quarters due to the higher home improvement, maintenance and construction activity during the spring and summer months in the U.S.
In December 2018, PPG Industries declared its acquisition with SEM Products, Inc. The company leads in dealing with specialized automotive refinish products. It is primarily used in automotive & other industrial applications. The company is known for dealing in flexible coating products, OEM finishes on bumper plastics and many others. This expanded product portfolio which would help PPG Industries to develop in the market raising its standards in the product field.
It has its global networks through direct sales representatives and distributors in the North America, Europe, South America, Asia, Europe and Middle East & Africa. The company has few subsidiaries such as Glidden (U.S.), Comex (Mexico), Dun & Bradstreet, Inc. (U.S.), Paintzen Inc. (U.S.), PPG Architectural Finishes, Inc. (U.S.)
THE SHERWIN-WILLIAMS COMPANY:
The Sherwin-Williams company headquartered in Ohio, U.S. was founded in 1866. The company is engaged in the manufacturing, distributing and supplying paints and coatings for industrial and retail purpose. The company operates through different business segments which include The Americas Group, Performance Coatings Group, and Consumer Brands Group. The Americas Group includes branded paints, stains, supplies, equipment and floor covering in the U.S., Canada and the Caribbean whereas performance coatings group includes a wide range of industrial coatings and finishes to general industrial, industrial wood, protective and marine, coil & extrusion, packaging and automotive customers in more than 120 countries. The total revenue of the company has increased from USD 14,983.79 million to 17,534.49 million which is 17.02% as compared to the previous year. The performance coatings group sales has been increased by 39.4% i.e., from USD 14,600 million to USD 51,700 million. It is due to the incremental Valspar sales and selling price increases. The company’s R&D expenditure increased from USD 4,798 million to USD 5,034 million.
It has its global networks through direct sales representatives and distributors in Africa, Asia, Central America, Europe, North America and South America. It operates through its subsidiaries such as Valspar (U.S.), Minwax (U.S.), Sayerlack (Italy), Ronseal (U.K.), Sherwin Williams Automotive Finishes Corp (U.S.), Dupli-Color Products Company (U.S.) and others.
Kansai Paints Co.Ltd.
Kansai Paints Co.Ltd. is headquartered in Osaka, Japan founded in 1918. The company is an engaged in designing, producing and selling of paints, coating equipment and products related to biotechnology and electronics fields. The company operates through four business segments which include automotive coatings, industrial coatings, decorative coatings and marine and protective coatings. The total revenue of the company is USD 3,845.93 million which is 1.83% higher as compared to the last year which is USD 3,782.14 million. The automotive coatings segment has the highest share which is 34.71% because the car production has been increased as compared to the previous year and robust sales of paints for construction machinery.
The company has wide geographic presence in Asia Pacific, Middle East & Africa. It operates through its subsidiaries such as Kansai Paint (America), Inc. (U.S.), U.S. Paint Corporation (U.S.), PPG Kansai Automotive Finishes U.S., LLC (U.S.), Kansai Helios Coatings GmbH (Austria), Kansai Paint Co., Ltd.( Japan), Kansai Paint Europe, Ltd. (U.K.)
U.S. Refinished Paints Market - Industry Trends and Forecast to 2026