What are the snags being developed to Indonesia Automotive Refinish Coatings showcase?

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.

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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.

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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. 

On the basis of product type, the Indonesian automotive refinish coatings market is classified into basecoats, clearcoats, primers and fillers, and others. Clearcoats constituted the largest revenue share in the market, accounting for more than 45.0% share in 2017. This can be attributed to high-volume demand for these coats generated from the automotive industry for refinishing purposes. Furthermore, addition of a thick clearcoat on automobiles is highly favored due to its ability to offer protection to basecoat and metal body and resist damage caused by fluids and foreign substrates, such as peeling and cracking of paint. 

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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.

The domestic players are engaged in several operations such as procurement of raw materials and refinish products from their international production facilities, manufacturing of the products for the automotive industry, and distribution of these products to several original equipment manufacturers (OEMs) and aftermarket automotive players in the country. There are also several manufacturers that are offering a range of resins to manufacturers of automotive refinish coatings.