Frost and Sullivan Recognizes Axalta as the Market Leader In Automotive Refinish Coatings with Best-in-Class Products and Superior Customer Value
(4 months ago)
SANTA CLARA, California: Based on its recent analysis of automotive refinish coatings market, Frost and Sullivan recognizes Axalta Coating Systems (NYSE: AXTA) with the 2017 Global Market Leadership Award.
Axalta has successfully established itself as a leader in providing best-in-class products and superior customer value through its focus on continuous innovation and dedication to maintaining strong customer relationships.
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"Axalta's flagship brands in the refinish coatings market: Cromax, Spies Hecker, and Standox, as well as its specialized products, are viewed as premium, market leading brands based on their excellent track record, servicing body shops around the world as well as some of the top motorsports drivers globally," said Christeena Thomas, Senior Research Analyst.
Axalta introduces a number of new coatings to the refinish market each year in response to consumer needs. The company developed its Syrox product system as a response to customer demand for straightforward, conventionally applied, economical, and sustainable refinish systems that provide accurate color matching. This product provides a cost-effective alternative to competing premium product offerings. In addition, Axalta launched application technologies to assist customers in the efficient processing and application of its products on vehicle surfaces. For example, the company introduced its coatings application system, IntelliMist paint shop climate control technology, to improve paint shop productivity by automatically controlling spray booth humidity, thus enabling customers to apply all waterborne and solvent-borne coatings with ease, compared to other prevalent systems.
Apart from a strong product portfolio, Axalta offers numerous value-added services, including product application, testing, installation, training, and periodic validation. Axalta recently opened its new Customer Experience Center in Concord, North Carolina, a 36,000 square-foot facility that features next-generation education, meeting, exhibit, and hands-on training spaces for customers. The company also recently announced it has been designated as the "Official Paint Partner of NASCAR."
"Axalta invested $180 million in R&D in 2016 has four dedicated R&D centers worldwide, while taking a consultative product development approach that helps customers reap benefits such as cost optimization, durability, and efficiency over the long term," said Thomas. "The company's constant product innovation and superior customer services are key reasons why Axalta has maintained its market leadership position in the industry."
Each year, Frost & Sullivan bestows this award upon the company that demonstrates excellence in growth and customer value. Attaining loyal customers who became brand advocates allows the company to grow and achieve a market leadership position. By committing to the customer at each stage of the buying cycle and continuing to nurture the relationship, this Award recognizes a company's increased market share over time.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.