The life-threatening effects of COVID-19 have intensely affected peoples’ work and personal lifestyle. Almost every industry across the world is suffering through the mayhem of this pandemic. Intending to reduce the risks in regards to the pandemic and accordance with the guidelines by the World Health Organization (WHO), governments issued lockdowns and quarantine measures in various regions. People are instructed to avoid social meetings and business traveling to contain further spread of the disease. The precautionary measures have restricted citizens to their homes unless it’s a matter of priority.
How COVID-19 Impacted the Automotive Paint and Coatings Industry
The automotive paint and coatings industry has been amongst the worst-hit industries due to the coronavirus outbreak. The major manufacturers have been through closures and suspensions of their ongoing projects and plans owing to the lockdown measures. The shutdown of other supporting sectors has also affected the automotive coatings industry. Another major impact of the COVID-19 outbreak has risen from the disruption of the supply chain. The industry has witnessed a huge drop in demand and investment.
Current Initiatives to Stabilize the Industry
Various regions have entered a recovery phase as governments have initiated the relaxation of certain restrictions, in order to continue the industrial and other projects. Along with other businesses, automotive paint and coating manufacturers are revitalizing opportunities and projects in multiple ways.
Digitization has Emerged as a New Way to Conduct Business
The automotive paints and coatings industry has experienced a digital transformation with new and innovative ways of doing business. Manufacturers have been able to recover operational presentations, manage customer satisfaction and increase growth in terms of revenue. Due to the novel coronavirus outbreak, companies are using digital tools to introduce an essential way to utilize new technologies. In addition, digital transformation has offered an innovative way to change business performance and protect employees.
How Companies are Combatting COVID-19
Though the clouds still hang over, recovering regions have restarted manufacturing. The key market players are investing in new projects and plans to stabilize in terms of revenue. China, being the geographical origin of the pandemic, has been amongst the worst hit. However, the country has started operating again.
Recently, Axalta, one of the leading automotive paint and coatings companies, invested to expand its plant in Shanghai, China. The investment aims for environmentally responsible waterborne coatings to meet the rising demand from automotive and industrial customers. The waterborne coatings plant adopts best practices as Axalta’s other global plants, with local R&D advantages. Furthermore, the company has implemented exclusive design processes including automated production technology to enhance production and minimize energy consumption.
Paint and coatings companies are also helping their employees in this time of crisis, by donating and raising funds. Nippon Paint, one of Asia’s largest coatings manufacturers, has contributed funds in India. This fund has aimed to help about 1,000 laborers and employees in the automotive coatings industry.
The world has been through a lot due to the pandemic, and requires a period to heal. Yet key market players are hitting the field with all precautionary measures to resurrect the industry. As revealed in a report by Allied Market Research, the global automotive coatings and paints market is estimated to grow at a significant pace. Moreover, the post-pandemic scenes may bring a ray of greater productivity than before.
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