U.S. Refinished Paints Market By Resin Type (Polyurethane Resin, Epoxy Resin, Acrylic Resin, Others), Technology (Solvent-borne, Waterborne, Powder), Vehicle Type (Passenger Car, Buses, LCV, Trucks), Layer (Primer, Basecoat, Clearcoat, Sealer) - Industry Trends and Forecast to 2026The major factor which drives the growth of this market is increase demand for vehicles. Due to rapid change in the lifestyle of people, the automotive sector is increasing at lucrative rate. Nowadays, large number of the populace owns vehicle. Moreover, as the trades are also swelling the need of automobiles such as trucks and other transportation vehicles has also augmented, eventually, affecting the growth of refinished market.
The refinished paints are made by fraternization of numerous raw materials such as pigments, solvents, resins and binder. The solvents are generally used to bring down the viscosity of paints to the chosen level, which helps in reducing its cost. The binders are generally characterized as oils, resins and plasticizers which offer paints to avoid corrosion. The paint industry is raw material extensive and on an average raw materials accounts for 60.0% of the net sales in the industry.
The companies are developing the refinished paints manufacturing by taking certain initiatives in terms of expanding the business growth, revenue generation and establishment of the market in the U.S. For instance, in April 2019, Nippon Paint Holdings Co., Ltd. has announced to acquire Betek Boya to increase the market share in Turkey as the company has a higher presence in Asia-Pacific region. The acquisition will provide the company strengthen their existing segments and can expand their product portfolio which will not only increase the profit of the business but also helps in increasing the market share of the company.
U.S. refinished paints market is projected to register a healthy CAGR of 5.3% in the forecast period of 2019 to 2026.
Segmentation: U.S. Refinished Paints Market
U.S. refinished paints market is segmented into four notable segments which are resin type, technology, vehicle type and layer.
- On the basis of resin type, the market is segmented into polyurethane resin, epoxy resin, acrylic resin and others.
- In October 2019, Nippon Paint Holdings Co. has invested in the plant of a powder coating which is located in Osaka, Japan. It will enable them to develop and introduce an innovative production process so that the production’s plant capacity can meet the increasing demand of the products.
- On the basis of technology, the market is segmented into solvent-borne, waterborne and powder.
- In October 2018, The Lubrizol Corporation announced the investment of more than $25 million in its Calvert City, Kentucky to deliver quality product for the increasing demand of the customers. This will makes the company a winning brand in the market.
- On the basis of vehicle type, the market is segmented into passenger car, buses, LCV and trucks.
- In October 2018, General Motors announced to begin repair facilities of 1,000 dealers in the GM Collision Repair Network so that they can help in proper repairing of their vehicles. It will increase the business efficiency increase the speed of the repair process and boost up the confidence for the vehicles.
- On the basis of layer, the market is segmented into primer, basecoat, clearcoat and sealer.
- In October 2018, Kansai Paint Co., Ltd. Launched fa new Kansai Paint Global Corporate Brand. The purpose of launch is to centennial commemorations and will lead to the development of the company. This will help the company to broaden their knowledge in terms of paints and new corporate brand and brand log will be applied on over overseas group too and creating awareness regarding the global market.
Competitive Analysis: U.S. Refinished Paints Market
Some of the major players operating in this market are The Sherwin-Williams Company, Nippon Paint Holdings Co., Ltd, Speedokote LLC, Kirker Automotive Finishes, General Motors, Kansai Paint Co., Ltd., Axalta, The Lubrizol Corporation, NISSAN MOTOR CO., LTD., and PPG Industries
- In April 2019, Nippon Paint Holdings Co., Ltd. has announced to acquire Betek Boya to increase the market share in Turkey as the company has a higher presence in Asia-Pacific region. The acquisition will provide the company strengthen their existing segments and can expand their product portfolio which will not only increase the profit of the business but also helps in increasing the market share of the company.
- In April 2018, Nippon Paint Holdings Co., Ltd. has announced to acquire Dulux Group. The acquisition will provide the company strengthen their existing segments and can expand their product portfolio which will not only increase the profit of the business but also helps in increasing the market share of the company.
- 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.
- In June 2017, the Sherwin-Williams Company announced the acquisition of The Valspar Corporation. This helped the company to enhance its product portfolio by merging the other companies’ products into its own. The acquired company is listed on New York Stock Exchange and is purchased for an amount of USD 113 per share. This acquisition made the company a global leader in paints and coatings.
Research Methodology: U.S. Refinished Paints Market
Key Opinion Leaders (KOL’s): Manufacturers, Researchers, Distributors and Food Industrialists.
Industry Participants: CEO’s, V.P.’s, Marketing/Product Managers, Market Intelligence Managers and, National Sales Managers.