Noru Paint Partners with AkzoNobel to Target Imported Car Repair Coating Market

Noru Paint-AkzoNobel Sciences Partnership Agreement Ceremony. On the left in the photo is Noru Paint's Executive Director of the Decorative Paints Division, Hyunseong Jo, and on the right is AkzoNobel Korea's Executive Director, Nahyung Lee.
[Photo by Noru Paint]

[Asia Economy Reporter Kim Jong-hwa] Noroo Paint announced on the 24th that it will target the premium imported car repair paint market through a strategic partnership with Sikkens, an automotive repair paint brand of AkzoNobel, the world's number one paint company.

Sikkens is a brand owned by AkzoNobel of the Netherlands and holds the number one market share (M/S) in the global automotive repair paint market. According to the agreement between the two companies, Noroo Paint will have exclusive domestic sales rights for Sikkens repair paints.

Automotive repair paints are used to restore damaged areas during vehicle operation after new car delivery. This includes not only color paints but also primers and clear coats applied over the base. Automotive repair work requires specialized equipment and technology, and most automotive repair paints are consumed at professional workshops.

The total domestic market size is estimated to be about 160 billion to 165 billion KRW as of 2020, with the domestic car market accounting for approximately 135 billion to 140 billion KRW and the imported car market about 25 billion KRW. Six manufacturers, including Noroo Paint, occupy about 85% of the total market. In 2019, Noroo Paint's automotive repair paint sales, including exports, amounted to approximately 62 billion KRW. Distribution mainly follows a structure where manufacturers supply automotive repair specialist dealers who then deliver to repair shops.

Noroo Paint expects to create significant synergy effects in the premium repair paint market for imported cars, which is continuously growing domestically, by strategically partnering with the Sikkens brand in addition to its leading domestic automotive repair brands HIQ and the water-based brand WaterQ.

A Noroo Paint official stated, "Through this partnership, we expect to provide paints of quality suitable for global imported cars at reasonable prices, and customer satisfaction is expected to increase due to improved coating quality," adding, "We are finalizing the selection of Sikkens distributors and plan to strengthen marketing activities targeting the imported car market starting in October."

This content was produced with the assistance of AI translation services.