BASF Unveils ChemCycling Products in Automotive Refinish Market
BASF SE BASFY recently unveiled new product lines at Automechanika 2024, the leading global trade show for the automobile aftermarket. Its new clearcoats feature ChemCycling technology, promoting sustainability in the refinish industry. The product lines, which are made from recycled feedstock and marketed under BASF's premium brands Glasurit and R-M, will increase body shop efficiency and productivity. The products not only help to promote the circular economy but also reduce CO2 emissions.
Using BASF's ChemCycling technology, recycled feedstock produced from discarded tires is converted into certified Ccycled products, diverting them from landfills or incineration. A mass balance approach is used to determine the recycled feedstock for certified Ccycled clearcoats. BASF Coatings' Glasurit AraClass A-C-24 Eco Balance and R-M Race Finish-R eSense clearcoats are the first automotive refinish solutions to incorporate this technology, benefiting both body shops and the environment.
The products possess additional advantages. With the coating drying in about 20 minutes at 40ºC, the clearcoats' quick drying speed enables quick processing. Energy consumption is significantly lowered by shortening the drying period, which improves efficiency and minimizes the impact on the environment. Due to its ability to reduce overheating, this feature is extremely beneficial for electric vehicles.
Shares of BASFY have gained 0.2% over the past year against a 7.1% decline of its industry.
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BASF's Zacks Rank & Key Picks
BASFY currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, Eldorado Gold Corporation EGO and Hawkins, Inc. HWKN.
Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.9%. The company's shares have soared 110% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Eldorado’s current-year earnings is pegged at $1.35 per share, indicating a year-over-year rise of 136.8%. EGO, a Zacks Rank #1 stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 430.3%. The company's shares have rallied roughly 77.6% in the past year.
The Zacks Consensus Estimate for Hawkins’ current fiscal-year earnings is pegged at $4.14, indicating a rise of 15.3% from year-ago levels. The Zacks Consensus Estimate for HWKN’s current fiscal-year earnings has increased 12.8% in the past 60 days. HWKN, a Zacks Rank #1 stock, has rallied around 98.7% in the past year.
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