The latest news unfolding in automotive coatings market is that of BASF SE, one of the world’s largest bulk and specialty chemicals industry behemoth, inaugurating its latest state-of-the-art automotive coatings plant in Thailand. According to reports, the new facility is the company’s first automotive coatings production plant in South East Asia. The facility, as has been reported, will manufacture waterborne and solvent-borne automotive coatings to fulfill the burgeoning market demand in the ASEAN region.
Meanwhile, as per reliable sources, the ASEAN region is estimated to register a total car production of approximately 3.9 million this year. Of all the nations, Thailand is said to account for more than 50 percent of ASEAN automotive sector, making it the largest regional market in ASEAN automotive coatings industry. Furthermore, the number of automotive original equipment manufacturers partaking in technology development activities in the region is also on the rise, cite sources.
For the record, BASF’s new facility, located at Bangpoo in Samutprakarn province of Thailand, complements its existing units at the Coatings Technical Competence Center ASEAN, which was unveiled in 2015 at the same site. Reportedly, the co-existence of technical and production plants at the same location would enhance the firm’s operational efficiency and enable it to expand in the future while adapting to new production requirements. This in consequence, has the potential to alter the overall bulk and specialty chemicals industry trends, state analysts.
Speaking on the development, President of BASF’s coatings division, Dirk Bremm was quoted stating that the latest manufacturing facility demonstrates the firm’s commitment to meet consumer expectations in South East Asian countries as the demand for advanced coating technologies and products has been flourishing in the region. He further stated that the company continues to be a trusted ally of all prominent automakers across the globe, with a robust expertise in catering to the demands of automotive coatings industry.