Indonesia Refenish Coatings Market is Led by the Car Category
The Indonesia automotive refinish coatings market is on the way of growth, and this trend will continue in the years to come as well.
Based on product type, the industry is classified into clearcoats, basecoats, primers and fillers, and others. With regards to value, clearcoats was the leader of the industry. The large share is credited to the high-volume requirement for these coats from the automotive sector for refinishing purposes.
A thick clearcoat on vehicles is also extremely favored as a result of its capability to provide protection to metal body, paint and advance resistance to damage, which is caused by foreign substrates and fluids.
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On the basis of resin type, the industry is categorized into acrylic, polyurethane, alkyd, epoxy, and others. The leading share was held by polyurethane-based coatings. These are conservatively preferred, extremely robust, and can resist chipping upon impairment by foreign substrates.
On the basis of technology, the industry is classified into water-borne, solvent borne, and UV-cured. The solvent-borne had the leading share. An expanded portfolio of solvent-based coatings is accessible in the industry and also these products are climate favorable. Also, the products have low drying time, which encourages the use of these products.
Cars had the most substantial share in the Indonesia automotive refinish coatings market in the past. Also, the requirement for refinish coatings in cars will grow, as a result of growing count of cars and age of the vehicles, and shift in mass-customers’ sentiment toward acceptance of refinishing.
In the past, the highest revenue was generated by the vehicles aged in the less than 5 years. As a result of customers’ propensity to refinish any damage to a novel vehicle to retain esthetics, the requirement for automotive refinishing coatings in this category will be high in the industry.
The industry based on sales channel, into aftermarket and OEM. The aftermarket requirement for automotive refinish coatings has a larger revenue share, as a result of growing occurrence of pre-owned car dealerships and a large count of car repair and custom car shops, which generates high-volume requirement for automotive refinish coatings in the nation.
West Java leads the industry, because of the existence of an enormous macroeconomic growth, customer base, substantial economic activity, and high-volume product requirement from the automotive industry. There are numerous metropolitan cities, high population, accompanied by smaller cities with a high number of auto body repair shops.
It is because of the rising disposable income of the people in the country, the demand for automotive refinish coatings is on the rise. This trend will continue in the years to come as well.
SOURCE: P&S Intelligence
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