Press release
Indonesia Automotive Refinish Coatings Market: Competitive Landscape & Impact Analysis Of Drivers On Market Forecast by 2024 | Kansai Paint Co. Ltd., The Lubrizol Corporation, PPG Industries Inc., The Sherwin-Williams Company, PT. Hartwell Paint Indonesia
On the basis of product type, the Indonesian automotive refinish coatings market is classified into basecoats, clearcoats, primers and fillers, and others. In terms of value, clearcoats accounted for the largest revenue share in the market in 2017. The large share of the category is attributed to the high-volume demand for these coats from the automotive industry for refinishing purposes. A thick clearcoat on automobiles is also highly favored due to its ability to offer protection to metal body, paint, and improve resistance to damage caused by fluids and foreign substrates.
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The economic recovery coupled with high growth in disposable income has resulted increasing purchasing power in local demographics. A large number of differentiated products have also been introduced in the Indonesian automotive refinish coatings market along with rising adoption of automotive refinish coatings. Thereby, these factors along with high-volume demand for automobiles are further likely to offer traction to market demand for these coatings in the forthcoming period.
The Indonesian automotive refinish coatings market is bifurcated, on the basis of sales channel, into aftermarket and original equipment manufacturer (OEM). The aftermarket demand for automotive refinish coatings is expected to account for larger revenue share during the forecast period, due to increasing prevalence of pre-owned car dealerships and a large number of car repair and custom car shops, which are expected to generate high-volume demand for automotive refinish coatings in the country.
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Rising disposable income, increase in number of vehicle collisions, and increasing average age of vehicles are the major factors driving the growth of the automotive refinish coatings market in Indonesia.
The economic recovery coupled with high growth in disposable income has resulted increasing purchasing power in local demographics. A large number of differentiated products have also been introduced in the Indonesian automotive refinish coatings market along with rising adoption of automotive refinish coatings. Thereby, these factors along with high-volume demand for automobiles are further likely to offer traction to market demand for these coatings in the forthcoming period.
The market players operating in the Indonesian automotive refinish coatings market are BASF SE, Akzo Nobel N.V., Kansai Paint Co. Ltd., The Lubrizol Corporation, PPG Industries Inc., The Sherwin-Williams Company, PT. Hartwell Paint Indonesia, PT. Danapaint Indonesia, Alps Coating Sdn. Bhd., PT. Anugerah Berkat Cahayaabadi, PT. Victorindo Pratama Mandiri, PT PABRIK CAT DAN TINTA PACIFIC PAINT, KCC Corporation, and PT. NP Auto Refinishes Indonesia.
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