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The world has been through a lot due to the pandemic and would require a period to heal completely. Yet, the key market players are hitting the field with all precautionary measures to resurrect the industry. No denial of the market has been affected in terms of revenue. As revealed in a report by Allied Market Research the global automotive coatings and paints market are estimated to grow at a significant pace. Moreover, the post-pandemic scenes may bring a ray of greater productivity than before.Browse Full Report with TOC @
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The life-threatening effects of COVID-19 have intensely affected the industrial and personal lifestyles of people. 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), the governments have commenced 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 the citizens under their homes unless it’s a matter of priority.
Digitization has emerged to be an obliging way for the industry-
The automotive paints and coatings industry has experienced a digital transformation with new and innovative ways of doing business to accomplish wealth. Manufacturers have become able to recover operational presentations, manage customer satisfaction, and increase growth in terms of revenue. Due to the novel coronavirus outbreak, the companies are using digital tools to introduce an essential way to utilize new technologies. In addition, the system has offered an innovative way to change business performance. Moreover, the major concern of these automotive companies are the protection of their employees. And therefore, every step has been followed with all precautionary measures.
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Current initiatives are taken by governments and manufacturers to stabilize the industry-
Though the war with the virus may come out as a long-lasting one, however, various regions have entered a recovery phase. The government in such regions 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 the opportunities and projects again in multiple ways.
How COVID-19 impacted the automotive paint and coatings industry-
Automotive paints and coatings industry have been amongst the worst-hit industries due to the coronavirus outbreak. The major manufacturing firms have been through closure and suspensions of their ongoing projects, plans, and firms owing to the lockdown measures. The shutdown of other supporting sectors, in addition, including the automotive industry has affected the automotive paints and coating industry in the nastiest way. 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.
How automotive paint and coating companies are proceeding to combat the COVID-19-
Though the clouds still hangover, however, the recovering regions have initiated to continue the processes and revive their functioning. 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, after the long run, the country has started operating again.
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Recently, one of the leading automotive paint and coatings systems Axalta has invested to expand its plant in Shanghai, China. The investment aims for the environmentally responsible waterborne coatings to meet the rising demand from automotive and industrial customers. The expansion in waterborne coatings plant would adopt best practices at Axalta’s global plants with local R&D advantages. Furthermore, the company would implement exclusive design processes including automate production technology to enhance production and minimize energy consumption and curtail the impacts on the environment.
Other than recovering regions, the key market players in affected regions have suffered from a huge loss due to the pandemic. Not only the companies but the employees and daily wages workers have been hugely affected due to lack of money and lockdown measures. The governments are trying to help these employees. However, the paint and coating companies as well are helping their employees in the time of such crisis, by donating and raising funds.
Nippon Paint, one of Asia’s largest coating manufacturers has contributed funds in India. This fund has aimed to help around a thousand labors and employees in the automotive coatings and painting industry during Covid-19. The pandemic continues to cause destruction to industry and revenue in the nation, however, certain relaxation in restrictions has helped the industry to revitalize manufacturing and supplying procedures. Furthermore, the donation have been produced by a trust run by employees of Nippon Paint India - Automotive Refinish business.
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