6. Axalta Coating Systems
Philadelphia
855/547.1461
President/CEO: Chris Villavarayan
2022 Coatings Sales: Approx. $4.9 billion
With more than 150 years of experience in the coatings industry, Axalta Coating Systems serves more than 100,000 customers in over 140 countries with mobility and performance coatings. In 2022, the company reported 41% of its sales were in North America, 33% in EMEA, 15% in Asia-Pacific and 11% in Latin America. Axalta operates in two business segments: Performance Coatings and Mobility Coatings. In 2022, Performance Coatings accounted for $3,326.7 million in sales (68.1% of overall sales). This segment includes refinish coatings, which recorded $1,943.4 million in sales, and industrial, which recorded $1,383.3 million in sales. Brands include Cromax®, Standox®, Spies Hecker®, and Syrox™. Axalta’s Mobility Coatings segment recorded sales of $1,557.7 million (31.9% of overall sales). Within this segment, light vehicle coatings accounted for $1,181.1 million in sales, while commercial vehicle coatings accounted for $376.6 million in sales. In terms of end markets, refinish coatings accounted for 40% of net sales in 2022, while industrial coatings accounted for 28% of sales. The light vehicle end market accounted for 24% of 2022 total sales, and commercial vehicles accounted for 8%.
Notes: In April of 2022, Axalta Coating Systems announced that it was the recipient of two prestigious 2022 Edison Awards. Axalta's Spies Hecker full-waterborne repair system and its digital paint coating technology earned Bronze in the Sustainability and Engineering and Materials Science categories, respectively. Named after Thomas Edison, the Edison Awards have recognized and honored some of the most innovative new products, services, and business leaders in the world since 1987.
In August of 2022, Axalta announced the launch of its next-generation basecoat technology, Cromax® Gen, for the automotive refinish industry in Latin America. The new product aims to increase productivity and optimize costs for body shops. Also in August, the company announced its Abcite® 2060 thermoplastic flame spray powder coating was named a 2022 R&D 100 Award winner for providing best-in-class protection against corrosion and driving productivity. In addition, Imron® industrial high-performance urethane primer was named a finalist. Both technologies support the company’s 2030 sustainability goals and were recognized in the Mechanical and Materials category, which includes technologies of significance in coatings and paint solutions.
In December of 2022, Axalta announced it signed a multiyear agreement with Steer Automotive Group, the UK’s largest independently owned vehicle repair organization. Under the terms of the agreement, Axalta is the single preferred paint partner, supplying its premium refinish brand, Standox, to Steer Automotive Group’s 57 U.K. sites.
Source: Annual Report, press releases
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