In February 2024, BASF Coatings formed a strategic alliance with INEOS Automotive, signing a three-year agreement to introduce a global body and paint program. This alliance seeks to augment the capabilities of both firms in the automotive coatings industry, with BASF offering innovative solutions to meet INEOS Automotive's paint and coatings requirements. The alliance will enhance the quality and efficacy of automobile manufacturing while fostering sustainability. Through its strategic partnership with INEOS Automotive, BASF Coatings plans to enhance its market position and benefit from the increasing demand for quality automotive coatings. This initiative will contribute to BASF's continued expansion in the automotive industry, positioning the company to meet evolving customer demands in the global marketplace.
In April 2019, Nippon Paint Holdings Co., a Japanese paint maker, announced the takeover of Australian company DuluxGroup Ltd. The $2.7 billion acquisition was a major entry by Nippon Paint into the international paints and coatings sector, more precisely the decorative coatings segment of acrylic paints. The acquisition will strengthen Nippon Paint's presence in Asia-Pacific and also broaden its product portfolio, particularly in the decorative and architectural coatings divisions. Nippon Paint's acquisition of DuluxGroup was to capitalize on the enormous brand name and distribution networks that Dulux enjoyed in Australia and other parts of the world. This business move was bound to generate opportunities for growth and boost the reputation of Nippon Paint as a global top player in the paint and coating industry.
In 2014, a California-based paint company, Kelly-Moore Paint Co., Inc., and Rodda Paint Co., which is a well-known paint store, entered into a deal. Five Kelly-Moore company-owned stores were acquired by Rodda Paint Co. under the agreement. Of these, four were located in Idaho, and one in Oregon. Rodda Paint's strategic expansion assisted it in increasing its presence and market reach in the Pacific Northwest. The acquisition was in pursuit of expanding Rodda's customer base and retail platform through consolidating Kelly-Moore's businesses. It also provided an opportunity for Rodda Paint to benefit from Kelly-Moore's local brand name and business infrastructure.
The global acrylic paints industry is expected to cross US$ 230 million by 2027, registering a (CAGR) of 6.1% during 2019-2027, according to Coherent Market Insights.
Acrylic paints are preferred over oil paints due to their unique features, such as uniform drying time, flexibility, durability, and water resistance. Increased growth in the construction sector is likely to drive demand for acrylic paints as they are used in building facades due to their water-resistant nature. The market for acrylic paints is expected to grow positive with more and more artists and canvas painters from all over the world, since these paints are used due to their fast-drying and flexible nature.
Sources:
NIPSEA Group
Coating world
BASF.com
