Rising Average Age of Vehicles Contributing to Growth of Indonesian Automotive Refinish Coatings Market

1. Chemicals & Materials Rising Average Age of Vehicles Contributing to Growth of Indonesian Automotive Refinish Coatings Market © P&S Intelligence. All rights reserved 1

2. In 2017, the Indonesian automotive refinish coatings market generated revenue of $240.2 million and is predicted to attain a value of $336.6 million by 2023, advancing with a 4.9% CAGR during the forecast period (2018–2023). The market is witnessing growth due to the increasing disposable income, rising average age of vehicles, and rising number of vehicle collisions. Automotive refinish coatings are applied on vehicles, including light commercial vehicles (LCV), heavy commercial vehicles (HCV), and cars, during their customization and accident repairs, for repainting the damaged parts or body structure. Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/indonesia-automotive- refinish-coatings-market/report-sample The Indonesian automotive refinish coatings market is primarily categorized into primers & fillers, clearcoats, and basecoats, on the basis of product type. Clearcoats accounted for the major share of the market during 2013–2017 (historical period), both in terms of value and volume. These coatings provide protection to the paint and metal body and improve resistance to the damage caused by foreign substrates and fluids. Due to these advantages, clearcoats are high in demand, which is further expected to result in the dominance of this category over the market during the forecast period. In terms of auto type, the Indonesian automotive refinish coatings market is divided into two-wheelers, cars, commercial vehicles, and others, which include railways and three-wheelers. Out of these, the division of cars contributed the highest revenue to the market during the historical period, holding over 70.0% share in 2017. This was due to the rising need for the modification and optimization of cars and growing demand for repair services. The highest CAGR is projected to be witnessed by the division of two-wheelers during the forecast period. © P&S Intelligence. All rights reserved 2

3. One of the key factors driving the growth of the Indonesian automotive refinish coatings market is the rising average age of vehicles. Automobiles have a life span as well, which has increased over time due to technological advancements. But with this increase in the average life of vehicles, they have become more prone to environmental damage in the form of corrosion, and collision. This has led to a surge in the requirement for maintenance and repairs of vehicles in the country, which is further leading to the rising demand for refinish coatings. Make Enquiry Before Purchase @ https://www.psmarketresearch.com/send- enquiry?enquiry-url=indonesia-automotive-refinish-coatings-market A major trend being observed in the Indonesian automotive refinish coatings market is the introduction of environment-friendly and low-emission automotive refinish coating materials. In order to take care of the rapidly increasing pollution and to lower the consumption of hazardous chemicals, the country is focusing on the introduction of strict rules and regulations. Due to this, automotive refinish © P&S Intelligence. All rights reserved 3

4. coating manufacturers are also launching low-emission and environment-friendly products. These reasons are expected to eventually shift the preference from standard coating solutions to low-emission variants. The expansion of the used car market is providing a wide scope to the players in the Indonesian automotive refinish coatings market. The used car market is growing due to the increasing GDP per capita and rising income level of individuals, in addition to the lower prices of used cars as compared to the new ones. Because of these reasons, middle-class families are increasingly adopting these vehicles. Since, used cars require proper maintenance to retain their quality, consumers and sellers make use of various products, such as automotive refinish coatings. Hence, the market is experiencing significant growth due to the expansion of the used car market and increasing average age of vehicles in the nation. © P&S Intelligence. All rights reserved 4

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