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Focus on Two-Wheelers in the Malaysian, Indonesian, Thai, and Vietnamese Aftermarkets
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The aerosol spray paint market is expected to grow for all of the four selected Southeast Asian countries, with Indonesia leading the group in terms of volume and value. Growth in the aerosol spray paint market is closely associated with the population of two wheelers and the number of repainting jobs. On an average, a two wheeler gets repainted every 2 to 3 years in Southeast Asia for maintenance and decorative purposes. There are two variants of aerosol spray pain: one component (1K) and two component (2K). The 1K system is the conventional aerosol spray paint in which the paint is sprayed using a propellant or solvent which is filled into the container along with the paint. The 2K system has two compartments, one containing resin and the other containing a hardener.This hardening agent provides gloss and resistance to the surface. Additionally, the 2K system does not require an extra clear coat. In terms of volume, the overall market is witnessing an adjustment to a lower total consumption of cans. This is because fewer 2K cans are needed to complete the same painting job as compared to 1K cans. In terms of performance, the 2K technology is superior to 1K and is on par with the spray gun technology. Furthermore, the price of 2K is lower and it is easier to use compared to spray guns. Hence, while traditionally, 1K technology has dominated the market, the added benefits of 2K are likely to contribute to market expansion of the 2K technology. Producers of aerosol spray paint mostly sell their products directly to the distributor, hardware stores, dealers/retailers, and eCommerce companies. Purchase decision making varies across different countries. For instance, in Malaysia, end consumers are more aware and use social media to decide the brand to purchase, whereas, in Vietnam, decisions are primarily driven by workshops due to the lack of awareness among consumers. The overall aftermarket is typically segmented into 3 types of workshops: OEM affiliated, insurance affiliated, and shed shops. Two wheeler owners typically prefer visiting shed shops for major repainting jobs, while decorative paint jobs and minor touch ups are typically Do-it-yourself (DIY) or are carried out by shed shops.Overall, Indonesia stands out as the most attractive country, considering the quantum of market as well as the projected growth potential (in both value and volume terms). Vietnam is another country which is expected to experience high market growth and it will become the second largest market after Indonesia by 2020.
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