Increasing average age of automobiles, growing disposable income, and rising incidence of vehicle collisions will accelerate the Indonesian automotive refinish coatings market at a CAGR of 4.9% during the forecast period. Due to these factors, the revenue size of the market is projected to increase from $240.2 million in 2017 to $336.6 million in 2023. To gain from this growing phase, industry players adopt several technologies to produce various types of coatings that are being deployed in the Indonesian automotive industry.
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To supplement the soaring demand for quality products, the industry players are deploying several technologies to offer better coatings. The technology segment of the Indonesian automotive refinish coatings market is divided into solvent-borne, ultraviolet (UV)-cured, and water-borne categories. During the historical period (2013–2017), the solvent-borne category led the market, due to the availability of a wide range of solvent-based coatings. Moreover, these products are more favorable to the climate than other technologies. Apart from this, the low-drying time of the solvent-based coatings encourages the adoption of these products.
Geographically, the Indonesian automotive refinish coatings market is classified into West Java, East Java, Central Java, East Kalimantan, South Sulawesi, North Sumatra, and South Sumatra. Among the various regions, West Java consumes the maximum amount of these coatings, due to the existence of a large customer base, notable economic activities, macroeconomic growth, presence of numerous metropolitan cities, and population growth. Moreover, the region is marked by the presence of small cities that have a high concentration of auto body repair shops.
Thus, the expansion of Indonesian automotive industry and increasing focus on the longevity of vehicles will augment the consumption of automotive refinish coatings in future.
Read more: https://www.psmarketresearch.com/market-analysis/indonesia-automotive-refinish-coatings-market
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