自動車補修塗料市場 – 2030年までの世界予測

Automotive Refinish Coatings Market - Global Forecast to 2030

自動車補修塗料市場 - レイヤー(クリアコート、ベースコート、プライマー)、樹脂の種類(ポリウレタン、エポキシ、アクリル、アルキド)、車両の種類(乗用車、商用車)、および地域別 - 2030年までの世界予測
Automotive Refinish Coatings Market by Layer (Clearcoat, Basecoat, Primer), Resin Type (Polyurethane, Epoxy, Acrylic, Alkyd), Vehicle Type (Passenger Cars, Commercial Vehicles), and Region - Global Forecast to 2030

商品番号 : SMB-84294

出版社MarketsandMarkets
出版年月2025年8月
ページ数191
図表数174
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

本レポートは、自動車補修用コーティング市場を、層タイプ、樹脂タイプ、車両タイプ、地域に基づいてセグメント化し、様々な地域における市場全体の推定価値(百万米ドル)を示しています。また、主要業界プレーヤーの詳細な分析を実施し、自動車補修用コーティング市場に関連する各社の事業概要、サービス、主要戦略に関する洞察を提供しています。

世界中で自動車アフターマーケットのインフラが成熟し発展を遂げるにつれ、自動車補修用コーティングの拡大に有利な基盤が整いました。階層化されたディーラーサービスセンターや認定コリジョンネットワークから、独立系整備工場やフランチャイズチェーンに至るまで、標準化され品質管理された修理拠点がますます増えていることは、製品流通の隅々まで到達し、ブランド露出を高める上で、非常に魅力的です。具体的には、これらの施設は、高度な在庫システム、デジタル調達プラットフォーム、顧客関係管理ツールといった手法を活用し、大量購入と安定したコーティング消費をサポートしています。アフターマーケットは、車両所有者と質の高い整備工場を結びつけるオンラインサイトなど、修理アグリゲーターの台頭によってさらに特徴づけられています。これらの整備工場は、サービスパッケージの一部として補修用ブランドを推奨することがあります。このように、強固なアフターマーケットのエコシステムは需要の安定化要因として機能し、地域をまたいで数量と価値の両方の成長を支えています。

自動車補修塗料市場 - 2030年までの世界予測 - chosareport.com
refinish-paint-market-Overview

The increasing maturity and development of automotive aftermarket infrastructure worldwide have set favorable platforms for the expansion of automotive refinish coatings. With everything from tiered dealership service centers and authorized collision networks to independent garages and franchised repair chains, the appeal of an ever-accelerating number of standardized, quality-controlled repair outlets is irresistible when it comes to reaching the furthest corners of the product distribution landscape and achieving more brand exposure. More specifically, the facilities utilize methods such as sophisticated inventory systems, digital procurement platforms, and customer relationship management tools to support volume purchasing and consistent coating consumption. The aftermarket is further defined by the rise of repair aggregators, such as online sites that link vehicle owners with quality workshops, which may recommend refinish brands as part of their service package. Therefore, the robust aftermarket ecosystem acts as a demand stabilizer, supporting both volume and value growth across geographies.

The primer segment was the third-largest segment, in terms of value, of the global automotive refinish coatings market.

The primer segment was the third-largest segment in the global market for automotive refinish coatings in 2024. This robust positioning stems from the role played by the primer as an essential means of corrosion protection. Refinish processes often entail fixing scratched, dented, or rusted panels where the metal substrate is exposed to environmental factors. In the absence of proper sealing of the surface, these surfaces are at risk of moisture, salt, and chemical exposure and consequently suffer from corrosion and structural deterioration. Primers serve as a shield, protecting against oxidation and enhancing the overall durability of the vehicle’s body. In areas with high humidity, intensive rain, or salty roadways, corrosion threats are very high, and the use of anti-corrosive primers is of particular concern. Car repair shops place emphasis on anti-corrosive primers to preserve vehicle integrity and adhere to OEM repair standards.

The other resin types segment is projected to be the third-fastest-growing segment in the automotive refinish coatings market during the forecast period.

The other resin types segment is projected to be the third-fastest-growing segment in the automotive refinish coatings market. Expansion in other types of resins, including nitrocellulose and polyester, is driven by increased demand for high-speed-drying types of formulations used in low-complexity repair jobs in automobiles. Nitrocellulose resins are particularly used because they have very fast drying capabilities and are suitable for quick refinishing processes, minor repairs, or transient touch-ups where curing speed takes precedence over long-term performance. In city areas and high-traffic service centers, owners of vehicles tend to request speedy turnaround for minor repairs, scratches, or localized repaint. Such resins fulfill this requirement well by allowing technicians to finish multiple tasks within short periods. Furthermore, they are particularly favored among small-scale units and mobile repair units with no sophisticated curing facilities but a need for consistent outcomes within short periods.

The passenger cars segment led the automotive refinish coatings market, in terms of value, in 2024.

The passenger cars segment led the automotive refinish coatings market, in terms of value, in 2024. The passenger cars segment ruled the automotive refinish coatings market in 2024, a trend brought by the continued urbanization and the resulting growth in vehicle ownership. Urbanization has brought about the swift expansion of cities, increasing vehicle presence in urban areas, where daily travel and urban road congestion place vehicles at higher risk of surface damage. Passenger vehicles are especially hit given their large-scale adoption and constant exposure to congested parking lots, rough road surfaces, and heavy pedestrian traffic. As a reaction to this city migration, automotive aftermarkets for ecosystems like refinish shops and repair shops are growing in quantity and service capacity. Increased availability of such infrastructure, particularly in emerging economies, is reducing the cost and speed of refinishing services for consumers. Concurrently, urban-focused product developments by coating manufacturers include low-VOC formulations, fast-drying coatings, and miniature application systems that fit in small working areas.

自動車補修塗料市場 - 2030年までの世界予測 - region
refinish-paint-market-Region

“Europe accounted for the third-largest share in the automotive refinish coatings market in terms of value.”

Europe accounted for the third-largest share in the automotive refinish coatings market, in terms of value, in 2024. The driving factor is the strict environmental regulations put in place by the European Union and governments of individual countries, specifically those addressing air quality, control of hazardous substances, and industrial emissions. Regulations like REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals) and directives against volatile organic compound (VOC) emissions are driving a region-wide transformation toward sustainable coating formulations. This involves the widespread use of waterborne coatings, high-solid content systems, and low-VOC clearcoats. Automotive refinish coating manufacturers across Europe are investing more in sustainable innovations to meet compliance requirements while holding performance levels. Body shops and collision centers, on their part, are also upgrading their operations to include clean technologies, typically subsidized and backed by training programs from local authorities.

  • By Company Type: Tier 1 – 55%, Tier 2 – 25%, and Tier 3 – 20%
  • By Designation: Directors – 50%, Managers – 30%, and Others – 20%
  • By Region: North America – 40%, Europe – 35%, Asia Pacific – 20%, and the Rest of the World – 5%

The key players profiled in the report include Axalta Coating Systems LLC (US), PPG Industries, Inc. (US), BASF SE (Germany), Akzo Nobel N.V. (Netherlands), The Sherwin-Williams (US), Kansai Paint Co., Ltd. (Japan), Nippon Paint Holdings Co., Ltd. (Japan), KCC Corporation (China), and TOA Performance Coating Corporation Co., Ltd. (Thailand).

自動車補修塗料市場 - 2030年までの世界予測 - ecosystem
refinish-paint-market-Ecosystem

Research Coverage

This report segments the market for automotive refinish coatings based on layer type, resin type, vehicle type, and region, and provides estimations of value (USD million) for the overall market size across various regions. It has also conducted a detailed analysis of key industry players to provide insights into their business overviews, services, and key strategies associated with the market for automotive refinish coatings.

Reasons to Buy this Report

This research report is focused on various levels of analysis — industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view of the competitive landscape, emerging and high-growth segments of the automotive refinish coatings market, high-growth regions, and market drivers, restraints, and opportunities.

The report provides insights into the following points:

  • Market Penetration: Comprehensive information on automotive refinish coatings offered by top players in the global market
  • Analysis of key drivers (expanding automotive aftermarket services, growth in road accidents and collisions, technological advancements in coatings, and rising insurance penetration and claims processing) restraints (shift toward paintless repair techniques and toxicity and health concerns) opportunities (adoption of eco-friendly coatings and expansion into emerging markets), and challenges (stringent environmental regulations) influencing the growth of the automotive refinish coatings market.
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the automotive refinish coatings market.
  • Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for automotive refinish coatings across regions.
  • Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global automotive refinish coatings market.
  • Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the automotive refinish coatings market.

Table of Contents

1               INTRODUCTION              19

1.1           STUDY OBJECTIVES       19

1.2           MARKET DEFINITION   19

1.3           MARKET SCOPE                20

1.3.1        AUTOMOTIVE REFINISH COATINGS MARKET SEGMENTATION

AND REGIONAL SPREAD               20

1.3.2        AUTOMOTIVE REFINISH COATINGS MARKET: INCLUSIONS & EXCLUSIONS       20

1.3.3        AUTOMOTIVE REFINISH COATINGS MARKET: MARKET DEFINITIONS

AND INCLUSIONS, BY LAYER TYPE          21

1.3.4        AUTOMOTIVE REFINISH COATINGS MARKET: MARKET DEFINITIONS

AND INCLUSIONS, BY RESIN TYPE            21

1.3.5        AUTOMOTIVE REFINISH COATINGS MARKET: MARKET DEFINITIONS

AND INCLUSIONS, BY VEHICLE TYPE     22

1.3.6        YEARS CONSIDERED      22

1.3.7        CURRENCY CONSIDERED            22

1.3.8        UNITS CONSIDERED      22

1.4           STAKEHOLDERS               23

1.5           SUMMARY OF CHANGES               23

2               RESEARCH METHODOLOGY       24

2.1           RESEARCH DATA              24

2.1.1        SECONDARY DATA          25

2.1.1.1    List of key secondary sources              25

2.1.2        PRIMARY DATA 25

2.1.2.1    Interviews with experts – demand and supply sides        25

2.1.2.2    Key industry insights           26

2.1.2.3    Breakdown of interviews with experts               27

2.2           MARKET SIZE ESTIMATION         27

2.2.1        BOTTOM-UP APPROACH              28

2.3           DATA TRIANGULATION                29

2.4           GROWTH RATE ASSUMPTIONS/GROWTH FORECASTS                 30

2.4.1        DEMAND SIDE  31

2.5           ASSUMPTIONS  32

2.6           RESEARCH LIMITATIONS             32

2.7           RISK ASSESSMENT           32

3               EXECUTIVE SUMMARY  33

4               PREMIUM INSIGHTS       36

4.1           ATTRACTIVE OPPORTUNITIES IN AUTOMOTIVE REFINISH COATINGS MARKET   36

4.2           ASIA PACIFIC AUTOMOTIVE REFINISH COATINGS MARKET, COUNTRY        36

4.3           AUTOMOTIVE REFINISH COATINGS MARKET, BY REGION                37

4.4           AUTOMOTIVE REFINISH COATINGS MARKET ATTRACTIVENESS           37

5               MARKET OVERVIEW       38

5.1           INTRODUCTION              38

5.2           MARKET DYNAMICS       38

5.2.1        DRIVERS               39

5.2.1.1    Expanding automotive aftermarket services    39

5.2.1.2    Growth in road accidents and collisions           39

5.2.1.3    Technological advancements in coatings          39

5.2.1.4    Rising insurance penetration and claims processing      40

5.2.2        RESTRAINTS      40

5.2.2.1    Disruption in supply chain due to geopolitical tensions 40

5.2.2.2    Toxicity and health concerns              40

5.2.3        OPPORTUNITIES              41

5.2.3.1    Adoption of eco-friendly coatings      41

5.2.3.2    Expansion into emerging markets     41

5.2.4        CHALLENGES    41

5.2.4.1    Stringent environmental regulations 41

5.3           PORTER’S FIVE FORCES ANALYSIS            42

5.3.1        THREAT OF SUBSTITUTES          42

5.3.2        THREAT OF NEW ENTRANTS      43

5.3.3        BARGAINING POWER OF SUPPLIERS       43

5.3.4        BARGAINING POWER OF BUYERS             43

5.3.5        INTENSITY OF COMPETITIVE RIVALRY 43

5.4           KEY STAKEHOLDERS AND BUYING CRITERIA     44

5.4.1        KEY STAKEHOLDERS IN BUYING PROCESS           44

5.4.2        BUYING CRITERIA           44

5.5           MACROECONOMIC INDICATORS              45

5.5.1        GDP TRENDS AND FORECAST FOR MAJOR ECONOMIES                 45

6               INDUSTRY TRENDS         46

6.1           SUPPLY CHAIN ANALYSIS             46

6.1.1        RAW MATERIALS SUPPLIER         46

6.1.2        MANUFACTURER             47

6.1.3        DISTRIBUTION NETWORK           47

6.1.4        END-USE INDUSTRIES   47

6.2           PRICING ANALYSIS          47

6.2.1        AVERAGE SELLING PRICE OF AUTOMOTIVE REFINISH COATINGS OFFERED

BY KEY PLAYERS, BY RESIN TYPE              47

6.2.2        AVERAGE SELLING PRICE TREND OF AUTOMOTIVE REFINISH COATINGS,

BY REGION, 2023–2030    48

6.3           TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS            49

6.4           ECOSYSTEM ANALYSIS  50

6.5           TECHNOLOGY ANALYSIS             52

6.5.1        KEY TECHNOLOGIES     52

6.5.1.1    Waterborne coatings technology        52

6.5.1.2    UV-curable coatings technology        52

6.5.2        COMPLEMENTARY TECHNOLOGIES       52

6.5.2.1    Low-VOC/high-solid coatings technology       52

6.6           CASE STUDY ANALYSIS 53

6.6.1        CASE STUDY ON PPG INDUSTRIES, INC.’S WATERBORNE COATING

ADOPTION IN EUROPE 53

6.6.2        CASE STUDY ON AXALTA COATING SYSTEMS LLC’S FAST-CURE

COATINGS FOR COMMERCIAL FLEET IN NORTH AMERICA                 53

6.7           TRADE ANALYSIS             54

6.7.1        IMPORT SCENARIO (HS CODE 320820)    54

6.7.2        EXPORT SCENARIO OF AUTOMOTIVE REFINISH COATINGS          55

6.8           REGULATORY LANDSCAPE         56

6.8.1        REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS             56

6.8.2        REGULATORY FRAMEWORK       58

6.8.2.1    International Organization for Standardization (ISO)  58

6.9           KEY CONFERENCES & EVENTS IN 2025–2026          59

6.10         INVESTMENT AND FUNDING SCENARIO               59

6.11         PATENT ANALYSIS          60

6.11.1      APPROACH         60

6.11.2      DOCUMENT TYPES         60

6.11.3      TOP APPLICANTS            62

6.11.4      JURISDICTION ANALYSIS              65

6.12         IMPACT OF 2025 US TARIFF – OVERVIEW              65

6.12.1      INTRODUCTION              65

6.12.2      KEY TARIFF RATES          66

6.12.3      PRICE IMPACT ANALYSIS             66

6.12.4      IMPACT ON COUNTRY/REGION                67

6.12.4.1  US           67

6.12.4.2  Europe   67

6.12.4.3  Asia Pacific            67

6.12.5      IMPACT ON END-USE INDUSTRIES:         68

6.13         IMPACT OF AI/GEN AI ON AUTOMOTIVE REFINISH COATINGS MARKET       68

7               AUTOMOTIVE REFINISH COATINGS MARKET, BY LAYER TYPE     71

7.1           INTRODUCTION              72

7.2           PRIMER 73

7.2.1        PROTECTION AGAINST DEFORMATION AND CHIPPING TO BOOST MARKET        73

7.3           BASECOAT          73

7.3.1        REDUCED DOWNTIME AND MAINTENANCE OF VEHICLES TO DRIVE MARKET    73

7.4           CLEARCOAT       74

7.4.1        PROTECTION AGAINST SCRATCHES AND UV RAYS TO BOOST DEMAND             74

7.5           OTHER LAYER TYPES     74

8               AUTOMOTIVE REFINISH COATINGS MARKET, BY RESIN TYPE     75

8.1           INTRODUCTION              76

8.2           POLYURETHANE              77

8.2.1        GOOD ELASTICITY AT LOW TEMPERATURES TO BOOST MARKET               77

8.3           ACRYLIC               77

8.3.1        RESISTANCE TO ABRASION AND CHEMICAL ATTACK TO FUEL MARKET            77

8.4           EPOXY  78

8.4.1        HIGH ADHESION AND RUST RESISTANCE TO DRIVE MARKET               78

8.5           ALKYD  78

8.5.1        COST-EFFECTIVE SOLUTION TO SUPPORT MARKET GROWTH             78

8.6           OTHER RESIN TYPES      78

9               AUTOMOTIVE REFINISH COATINGS MARKET, BY TECHNOLOGY TYPE      80

9.1           INTRODUCTION              80

9.2           WATERBORNE TECHNOLOGY   80

9.3           SOLVENTBORNE TECHNOLOGY               81

9.4           UV-CURED TECHNOLOGY           81

10            AUTOMOTIVE REFINISH COATINGS MARKET, BY VEHICLE TYPE  82

10.1         INTRODUCTION              83

10.2         PASSENGER CARS             84

10.2.1      CONSUMER DEMAND FOR PERSONALIZED TRANSPORTATION FUEL

TO DRIVE MARKET         84

10.3         COMMERCIAL VEHICLES              84

10.3.1      RISING GLOBAL TRADE AND SURGE IN E-COMMERCE TO PROPEL

DEMAND FOR COMMERCIAL VEHICLES                84

11            AUTOMOTIVE REFINISH COATINGS MARKET, BY REGION                85

11.1         INTRODUCTION              86

11.2         ASIA PACIFIC     87

11.2.1      CHINA  88

11.2.1.1  Significant investments by global manufacturers to boost market                 88

11.2.2      INDIA    89

11.2.2.1  Rapid economic growth and increasing disposable income

to drive market      89

11.2.3      JAPAN   89

11.2.3.1  Well-established automotive industry and technological advancement to drive market              89

11.2.4      INDONESIA        90

11.2.4.1  Effective government policies and presence of global players

to drive market      90

11.3         EUROPE               90

11.3.1      GERMANY           92

11.3.1.1  Presence of major distribution channels to increase demand                 92

11.3.2      ITALY    92

11.3.2.1  New investments and sustainable approaches to drive market                 92

11.3.3      SPAIN    93

11.3.3.1  Sustainable strategies and capital inflows to propel market growth                 93

11.3.4      UK          93

11.3.4.1  Sustainable investment in automotive R&D to drive market                 93

11.3.5      FRANCE                94

11.3.5.1  Market expansion fueled by policy initiatives and tech progress

to drive market      94

11.4         NORTH AMERICA             94

11.4.1      US           96

11.4.1.1  Growing automotive industry to propel market               96

11.4.2      CANADA               96

11.4.2.1  Increased demand for water-borne coatings in automotive

refinish to drive market       96

11.4.3      MEXICO                97

11.4.3.1  Leveraging trade pacts to boost market growth               97

11.5         REST OF THE WORLD    97

11.5.1      BRAZIL 98

11.5.1.1  Scaling production and distribution to drive market growth                 98

12            COMPETITIVE LANDSCAPE         99

12.1         INTRODUCTION              99

12.2         KEY PLAYERS STRATEGIES/RIGHT TO WIN          99

12.3         MARKET SHARE ANALYSIS, 2024                 101

12.4         REVENUE ANALYSIS, 2023−2025                 103

12.5         COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024                 103

12.5.1      STARS   103

12.5.2      EMERGING LEADERS     103

12.5.3      PERVASIVE PLAYERS      103

12.5.4      PARTICIPANTS 104

12.5.5      COMPANY FOOTPRINT: KEY PLAYERS, 2024         105

12.5.5.1  Company footprint               105

12.5.5.2  Region footprint   106

12.5.5.3  Resin type footprint              107

12.5.5.4  Layer type footprint              108

12.5.5.5  Vehicle type footprint          109

12.6         COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024        110

12.6.1      PROGRESSIVE COMPANIES         110

12.6.2      RESPONSIVE COMPANIES            110

12.6.3      DYNAMIC COMPANIES  110

12.6.4      STARTING BLOCKS         110

12.6.5      COMPETITIVE BENCHMARKING: START-UPS/SMES, 2024        112

12.6.5.1  Detailed list of key start-ups/SMEs  112

12.6.5.2  Competitive benchmarking of key start-ups/SMEs        112

12.7         COMPANY VALUATION AND FINANCIAL METRICS                 113

12.8         BRAND/PRODUCT COMPARISON             114

12.9         COMPETITIVE SCENARIO             115

12.9.1      DEALS  115

12.9.2      EXPANSIONS     120

12.9.3      OTHER DEVELOPMENTS              122

13            COMPANY PROFILES      123

13.1         MAJOR PLAYERS               123

13.1.1      AXALTA COATING SYSTEMS LLC               123

13.1.1.1  Business overview 123

13.1.1.2  Products/Solutions/Services offered 124

13.1.1.3  Recent developments           127

13.1.1.3.1                Deals      127

13.1.1.3.2                Expansions             127

13.1.1.3.3                Other developments             128

13.1.1.4  MnM View             129

13.1.1.4.1                Right to Win          129

13.1.1.4.2                Strategic choices   129

13.1.1.4.3                Weaknesses and competitive threats 129

13.1.2      PPG INDUSTRIES, INC.  130

13.1.2.1  Business overview 130

13.1.2.2  Products/Solutions/Services offered 131

13.1.2.3  Recent developments           132

13.1.2.3.1                Deals      132

13.1.2.3.2                Expansions             133

13.1.2.4  MnM View             134

13.1.2.4.1                Right to win           134

13.1.2.4.2                Strategic choices   134

13.1.2.4.3                Weaknesses and competitive threats 134

13.1.3      BASF SE                 135

13.1.3.1  Business overview 135

13.1.3.2  Products/Solutions/Services offered 136

13.1.3.3  Recent developments           137

13.1.3.3.1                Deals      137

13.1.3.3.2                Expansions             138

13.1.3.4  MnM View             139

13.1.3.4.1                Right to win           139

13.1.3.4.2                Strategic choices   139

13.1.3.4.3                Weaknesses and competitive threats 139

13.1.4      THE SHERWIN-WILLIAMS COMPANY      140

13.1.4.1  Business overview 140

13.1.4.2  Products/Solutions/Services offered 141

13.1.4.3  Recent developments           143

13.1.4.3.1                Deals      143

13.1.4.4  MnM View             143

13.1.4.4.1                Right to win           143

13.1.4.4.2                Strategic choices   143

13.1.4.4.3                Weaknesses and competitive threats 143

13.1.5      AKZO NOBEL N.V.            144

13.1.5.1  Business overview 144

13.1.5.2  Products/Solutions/Services offered 145

13.1.5.3  Recent developments           146

13.1.5.3.1                Deals      146

13.1.5.3.2                Expansions             147

13.1.5.4  MnM View             147

13.1.5.4.1                Right to win           147

13.1.5.4.2                Strategic choices   147

13.1.5.4.3                Weaknesses and competitive threats 147

13.1.6      KANSAI PAINT CO., LTD.               148

13.1.6.1  Business overview 148

13.1.6.2  Products/Solutions/Services offered 149

13.1.6.3  Recent developments           150

13.1.6.3.1                Deals      150

13.1.7      KCC CORPORATION       151

13.1.7.1  Business overview 151

13.1.7.2  Products/Solutions/Services offered 151

13.1.7.3  Recent developments           152

13.1.7.3.1                Deals      152

13.1.8      NIPPON PAINT HOLDINGS CO., LTD.     153

13.1.8.1  Business overview 153

13.1.8.2  Products/Solutions/Services offered 154

13.1.8.3  Recent developments           155

13.1.8.3.1                Deals      155

13.1.9      KAPCI COATINGS             156

13.1.9.1  Business overview 156

13.1.9.2  Products/Solutions/Services offered 156

13.1.9.3  Recent developments           157

13.1.9.3.1                Deals      157

13.1.10   TOA PERFORMANCE COATING CORPORATION CO., LTD.      158

13.1.10.1                 Business overview 158

13.1.10.2                 Products/Solutions/Services offered 159

13.1.10.3                 Recent developments           160

13.1.10.3.1             Deals      160

13.2         START-UP/SMES PLAYERS           161

13.2.1      ROCK PAINT CO., LTD.  161

13.2.2      MAACO FRANCHISING, INC.        162

13.2.3      XIANGJIANG PAINT TECHNOLOGY CO., LTD.     163

13.2.4      BERGER PAINTS INDIA LTD.       163

13.2.5      DONGLAI COATING TECHNOLOGY CO., LTD.    164

13.2.6      NOROO PAINT & COATINGS CO., LTD.  165

13.2.7      ALSA CORPORATION     166

13.2.8      WEG S.A.              167

13.2.9      BERNARDO ECENARRO S.A.        168

13.2.10   ALPS COATING SDN. BHD.           169

13.2.11   RUSSIAN COATINGS JSC                170

13.2.12   NOVOL SP. Z O.O.            171

13.2.13   MIPA SE                172

13.2.14   HB BODY S.A.     173

13.2.15   TERSUAVE          174

14            ADJACENT & RELATED MARKETS             175

14.1         INTRODUCTION              175

14.2         LIMITATIONS    175

14.3         AUTOMOTIVE COATINGS MARKET         175

14.3.1      MARKET DEFINITION   175

14.3.2      MARKET OVERVIEW       175

14.4         INSULATION PRODUCTS MARKET, BY REGION 176

15            APPENDIX           184

15.1         DISCUSSION GUIDE        184

15.2         KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL                187

15.3         CUSTOMIZATION OPTIONS        189

15.4         RELATED REPORTS         189

15.5         AUTHOR DETAILS           190

LIST OF TABLES

TABLE 1                AUTOMOTIVE REFINISH COATINGS MARKET: RISK ASSESSMENT           32

TABLE 2                AUTOMOTIVE REFINISH COATINGS MARKET: PORTER’S FIVE FORCES ANALYSIS            43

TABLE 3                INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE

RESIN TYPES      44

TABLE 4                KEY BUYING CRITERIA FOR TOP THREE RESIN TYPES   45

TABLE 5                GDP TRENDS AND FORECAST OF MAJOR ECONOMIES, 2021–2030 (USD BILLION) 45

TABLE 6                AVERAGE SELLING PRICE OF AUTOMOTIVE REFINISH COATINGS OFFERED

BY KEY PLAYERS, BY RESIN TYPE, 2024 (USD/KG)              48

TABLE 7                AVERAGE SELLING PRICE TREND OF AUTOMOTIVE REFINISH COATINGS,

BY REGION, 2022–2030 (USD/KG)               49

TABLE 8                AUTOMOTIVE REFINISH COATINGS MARKET: ECOSYSTEM       51

TABLE 9               IMPORT OF AUTOMOTIVE REFINISH COATINGS, BY REGION,

2019–2024 (USD MILLION)            54

TABLE 10             EXPORT OF AUTOMOTIVE REFINISH COATINGS, BY REGION,

2019–2024 (USD MILLION)            55

TABLE 11              GLOBAL: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  56

TABLE 12              NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  57

TABLE 13              EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS           57

TABLE 14              ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  57

TABLE 15              SOUTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  58

TABLE 16              MIDDLE EAST & AFRICA: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  58

TABLE 17              AUTOMOTIVE REFINISH COATINGS MARKET: LIST OF KEY CONFERENCES

AND EVENTS, 2025–2026                 59

TABLE 18              AUTOMOTIVE REFINISH COATINGS MARKET: FUNDING/INVESTMENT

SCENARIO, 2024–2025      59

TABLE 19              PATENT STATUS: PATENT APPLICATIONS, LIMITED PATENTS, AND GRANTED PATENTS, 2014–2024                 60

TABLE 20              LIST OF MAJOR PATENTS RELATED TO AUTOMOTIVE REFINISH COATINGS,

2014–2024              62

TABLE 21              PATENTS BY BASF SE     64

TABLE 22              US ADJUSTED RECIPROCAL TARIFF RATES                 66

TABLE 23              AUTOMOTIVE REFINISH COATINGS MARKET, BY LAYER TYPE,

2023–2030 (KILOTON)     72

TABLE 24              AUTOMOTIVE REFINISH COATINGS MARKET, BY LAYER TYPE,

2023–2030 (USD MILLION)            72

TABLE 25              AUTOMOTIVE REFINISH COATINGS MARKET, BY RESIN TYPE,

2023–2030 (KILOTON)     76

TABLE 26              AUTOMOTIVE REFINISH COATINGS MARKET, BY RESIN TYPE,

2023–2030 (USD MILLION)            76

TABLE 27              AUTOMOTIVE REFINISH COATINGS MARKET, BY VEHICLE TYPE,

2023–2030 (KILOTON)     83

TABLE 28              AUTOMOTIVE REFINISH COATINGS MARKET, BY VEHICLE TYPE,

2023–2030 (USD MILLION)            83

TABLE 29              AUTOMOTIVE REFINISH COATINGS MARKET, BY REGION, 2023–2030 (KILOTON)            86

TABLE 30              AUTOMOTIVE REFINISH COATINGS MARKET, BY REGION,

2023–2030 (USD MILLION)            87

TABLE 31              ASIA PACIFIC: AUTOMOTIVE REFINISH COATINGS MARKET, BY COUNTRY,

2023–2030 (KILOTON)     88

TABLE 32              ASIA PACIFIC: AUTOMOTIVE REFINISH COATINGS MARKET, BY COUNTRY,

2023–2030 (USD MILLION)            88

TABLE 33              EUROPE: AUTOMOTIVE REFINISH COATINGS MARKET, BY COUNTRY,

2023–2030 (KILOTON)     91

TABLE 34              EUROPE: AUTOMOTIVE REFINISH COATINGS MARKET, BY COUNTRY,

2023–2030 (USD MILLION)            92

TABLE 35              NORTH AMERICA: AUTOMOTIVE REFINISH COATINGS MARKET, BY COUNTRY, 2023–2030 (KILOTON)                 95

TABLE 36              NORTH AMERICA: AUTOMOTIVE REFINISH COATINGS MARKET, BY COUNTRY, 2023–2030 (USD MILLION)                 96

TABLE 37              REST OF THE WORLD: AUTOMOTIVE REFINISH COATINGS MARKET, BY COUNTRY, 2023–2030 (KILOTON)                 97

TABLE 38              REST OF THE WORLD: AUTOMOTIVE REFINISH COATINGS MARKET, BY COUNTRY, 2023–2030 (USD MILLION)                 98

TABLE 39              OVERVIEW OF STRATEGIES ADOPTED BY KEY LUBRICANT MANUFACTURERS 99

TABLE 40              AUTOMOTIVE REFINISH COATINGS MARKET: DEGREE OF COMPETITION         101

TABLE 41              AUTOMOTIVE REFINISH COATINGS MARKET: REGION FOOTPRINT     106

TABLE 42              AUTOMOTIVE REFINISH COATINGS MARKET: RESIN TYPE FOOTPRINT               107

TABLE 43              AUTOMOTIVE REFINISH COATINGS MARKET: LAYER TYPE FOOTPRINT             108

TABLE 44              AUTOMOTIVE REFINISH COATINGS MARKET: VEHICLE TYPE FOOTPRINT        109

TABLE 45              AUTOMOTIVE REFINISH COATINGS MARKET: DETAILED LIST OF KEY

START-UPS/SMES            112

TABLE 46              AUTOMOTIVE REFINISH COATINGS MARKET: COMPETITIVE BENCHMARKING

OF KEY START-UPS/SMES            112

TABLE 47              AUTOMOTIVE REFINISH COATINGS MARKET: DEALS,

JANUARY 2019–FEBRUARY 2024  115

TABLE 48              AUTOMOTIVE REFINISH COATINGS MARKET: EXPANSIONS,

JANUARY 2023–FEBRUARY 2024  120

TABLE 49              AUTOMOTIVE REFINISH COATINGS MARKET: OTHER DEVELOPMENTS,

JANUARY 2019–FEBRUARY 2024  122

TABLE 50              AXALTA COATING SYSTEMS LLC: COMPANY OVERVIEW          123

TABLE 51              AXALTA COATING SYSTEMS LLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED    124

TABLE 52              AXALTA COATING SYSTEMS LLC: DEALS JANUARY 2019–JUNE 2025              127

TABLE 53              AXALTA COATING SYSTEMS LLC: EXPANSIONS JANUARY 2019–JUNE 2025              127

TABLE 54              AXALTA COATING SYSTEMS LLC: OTHER DEVELOPMENTS

JANUARY 2019–JUNE 2025              128

TABLE 55              PPG INDUSTRIES, INC.: COMPANY OVERVIEW                 130

TABLE 56              PPG INDUSTRIES, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    131

TABLE 57              PPG INDUSTRIES, INC.: DEALS JANUARY 2019–JUNE 2025             132

TABLE 58              PPG INDUSTRIES, INC.: EXPANSIONS JANUARY 2019–JUNE 2025  133

TABLE 59              BASF SE: COMPANY OVERVIEW 135

TABLE 60              BASF SE: PRODUCTS/SOLUTIONS/SERVICES OFFERED             136

TABLE 61              BASF SE: DEALS, JANUARY 2019–JUNE 2025                 137

TABLE 62              BASF SE: EXPANSIONS, JANUARY 2019–JUNE 2025                 138

TABLE 63              THE SHERWIN-WILLIAMS COMPANY: COMPANY OVERVIEW          140

TABLE 64              THE SHERWIN-WILLIAMS COMPANY: PRODUCTS/SOLUTIONS/SERVICES OFFERED    141

TABLE 65              THE SHERWIN-WILLIAMS COMPANY: DEALS, JANUARY 2019–JUNE 2025              143

TABLE 66              AKZO NOBEL N.V.: COMPANY OVERVIEW                 144

TABLE 67              AKZO NOBEL N.V.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    145

TABLE 68              AKZO NOBEL N.V.: DEALS, JANUARY 2019–JUNE 2025        146

TABLE 69              AKZO NOBEL N.V.: EXPANSIONS, JANUARY 2019–JUNE 2025             147

TABLE 70              KANSAI PAINT CO., LTD.: COMPANY OVERVIEW                 148

TABLE 71              KANSAI PAINT CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    149

TABLE 72              KANSAI PAINT CO., LTD.: DEALS, JANUARY 2019–JUNE 2025             150

TABLE 73              KCC CORPORATION: COMPANY OVERVIEW                 151

TABLE 74              KCC CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED    151

TABLE 75              KCC CORPORATION: DEALS, JANUARY 2019–JUNE 2025             152

TABLE 76              NIPPON PAINT HOLDINGS CO., LTD.: COMPANY OVERVIEW   153

TABLE 77              NIPPON PAINT HOLDINGS CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    154

TABLE 78              NIPPON PAINT HOLDINGS CO., LTD.: DEALS, JANUARY 2019–JUNE 2025              155

TABLE 79              KAPCI COATINGS: COMPANY OVERVIEW                 156

TABLE 80              KAPCI COATINGS: PRODUCTS/SOLUTIONS/SERVICES OFFERED    156

TABLE 81              KAPCI COATINGS: DEALS, JANUARY 2019–JUNE 2025        157

TABLE 82              TOA PERFORMANCE COATING CORPORATION CO., LTD.: COMPANY OVERVIEW              158

TABLE 83              TOA PERFORMANCE COATING CORPORATION CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED                 159

TABLE 84              TOA PERFORMANCE COATING CORPORATION CO., LTD.: DEALS,

JANUARY 2019–JUNE 2025              160

TABLE 85              ROCK PAINT CO., LTD.: COMPANY OVERVIEW                 161

TABLE 86              MAACO FRANCHISING, INC.: COMPANY OVERVIEW          162

TABLE 87              XIANGJIANG PAINT TECHNOLOGY CO., LTD.: COMPANY OVERVIEW   163

TABLE 88              BERGER PAINTS INDIA LTD.: COMPANY OVERVIEW          163

TABLE 89              DONGLAI COATING TECHNOLOGY CO., LTD.: COMPANY OVERVIEW   164

TABLE 90              NOROO PAINT & COATINGS CO., LTD.: COMPANY OVERVIEW   165

TABLE 91              ALSA CORPORATION: COMPANY OVERVIEW                 166

TABLE 92              WEG S.A.: COMPANY OVERVIEW               167

TABLE 93              BERNARDO ECENARRO S.A.: COMPANY OVERVIEW          168

TABLE 94              ALPS COATING SDN. BHD.: COMPANY OVERVIEW          169

TABLE 95              RUSSIAN COATINGS JSC: COMPANY OVERVIEW                 170

TABLE 96              NOVOL SP. Z O.O.: COMPANY OVERVIEW                 171

TABLE 97              MIPA SE: COMPANY OVERVIEW 172

TABLE 98              HB BODY S.A.: COMPANY OVERVIEW     173

TABLE 99              TERSUAVE: COMPANY OVERVIEW           174

TABLE 100            AUTOMOTIVE COATINGS MARKET, BY REGION, 2018–2022 (USD MILLION)            176

TABLE 101            AUTOMOTIVE COATINGS MARKET, BY REGION, 2023–2028 (USD MILLION)            176

TABLE 102            AUTOMOTIVE COATINGS MARKET, BY REGION, 2018–2022 (KILOTON)     176

TABLE 103            AUTOMOTIVE COATINGS MARKET, BY REGION, 2023–2028 (KILOTON)     177

TABLE 104            NORTH AMERICA: AUTOMOTIVE COATINGS MARKET, BY COUNTRY,

2018–2022 (USD MILLION)            177

TABLE 105            NORTH AMERICA: AUTOMOTIVE COATINGS MARKET, BY COUNTRY,

2023–2028 (USD MILLION)            177

TABLE 106            NORTH AMERICA: AUTOMOTIVE COATINGS MARKET, BY COUNTRY,

2018–2022 (KILOTON)     177

TABLE 107            NORTH AMERICA: AUTOMOTIVE COATINGS MARKET, BY COUNTRY,

2023–2028 (KILOTON)     178

TABLE 108            EUROPE: AUTOMOTIVE COATINGS MARKET, BY COUNTRY,

2018–2022 (USD MILLION)            178

TABLE 109            EUROPE: AUTOMOTIVE COATINGS MARKET, BY COUNTRY,

2023–2028 (USD MILLION)            178

TABLE 110            EUROPE: AUTOMOTIVE COATINGS MARKET, BY COUNTRY, 2018–2022 (KILOTON)       179

TABLE 111            EUROPE: AUTOMOTIVE COATINGS MARKET, BY COUNTRY, 2023–2028 (KILOTON)       179

TABLE 112            ASIA PACIFIC: AUTOMOTIVE COATINGS MARKET, BY COUNTRY,

2018–2022 (USD MILLION)            180

TABLE 113            ASIA PACIFIC: AUTOMOTIVE COATINGS MARKET, BY COUNTRY,

2023–2028 (USD MILLION)            180

TABLE 114            ASIA PACIFIC: AUTOMOTIVE COATINGS MARKET, BY COUNTRY,

2018–2022 (KILOTON)     181

TABLE 115            ASIA PACIFIC: AUTOMOTIVE COATINGS MARKET, BY COUNTRY,

2023–2028 (KILOTON)     181

TABLE 116            SOUTH AMERICA: AUTOMOTIVE COATINGS MARKET, BY COUNTRY,

2018–2022 (USD MILLION)            181

TABLE 117            SOUTH AMERICA: AUTOMOTIVE COATINGS MARKET, BY COUNTRY,

2023–2028 (USD MILLION)            182

TABLE 118            SOUTH AMERICA: AUTOMOTIVE COATINGS MARKET, BY COUNTRY,

2018–2022 (KILOTON)     182

TABLE 119            SOUTH AMERICA: AUTOMOTIVE COATINGS MARKET, BY COUNTRY,

2023–2028 (KILOTON)     182

TABLE 120            MIDDLE EAST & AFRICA: AUTOMOTIVE COATINGS MARKET, BY COUNTRY,

2018–2022 (USD MILLION)            182

TABLE 121            MIDDLE EAST & AFRICA: AUTOMOTIVE COATINGS MARKET, BY COUNTRY,

2023–2028 (USD MILLION)            183

TABLE 122            MIDDLE EAST & AFRICA: AUTOMOTIVE COATINGS MARKET, BY COUNTRY,

2018–2022 (KILOTON)     183

TABLE 123            MIDDLE EAST & AFRICA: AUTOMOTIVE COATINGS MARKET, BY COUNTRY,

2023–2028 (KILOTON)     183

LIST OF FIGURES

FIGURE 1              AUTOMOTIVE REFINISH COATINGS MARKET SEGMENTATION AND

REGIONAL SPREAD         20

FIGURE 2              AUTOMOTIVE REFINISH COATINGS MARKET: RESEARCH DESIGN         24

FIGURE 3              MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY SIDE): COLLECTIVE SHARE OF KEY PLAYERS              28

FIGURE 4              MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (SUPPLY SIDE): COLLECTIVE REVENUE OF ALL PRODUCTS (BOTTOM-UP)          28

FIGURE 5              MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 3 (DEMAND SIDE): PRODUCTS SOLD (BOTTOM UP)                 29

FIGURE 6              AUTOMOTIVE REFINISH COATINGS MARKET: DATA TRIANGULATION                30

FIGURE 7              MARKET GROWTH PROJECTION FROM DEMAND-SIDE DRIVERS

AND OPPORTUNITIES   31

FIGURE 8              CLEARCOAT AUTOMOTIVE REFINISH COATINGS SEGMENT TO ACCOUNT

FOR LARGEST SHARE DURING FORECAST PERIOD          33

FIGURE 9              POLYURETHANE RESIN TYPE DOMINATED OVERALL AUTOMOTIVE

REFINISH COATINGS MARKET IN 2024    34

FIGURE 10            PASSENGER CARS TO BE DOMINANT CONSUMER OF AUTOMOTIVE

REFINISH COATINGS DURING FORECAST PERIOD           34

FIGURE 11            ASIA PACIFIC ACCOUNTED FOR LARGEST MARKET SHARE IN 2024 35

FIGURE 12            AUTOMOTIVE REFINISH COATINGS MARKET TO WITNESS STEADY

GROWTH DURING FORECAST PERIOD  36

FIGURE 13            CHINA LED ASIA PACIFIC AUTOMOTIVE REFINISH COATINGS MARKET IN 2024    36

FIGURE 14            ASIA PACIFIC TO BE LARGEST MARKET FOR AUTOMOTIVE REFINISH

COATINGS DURING FORECAST PERIOD                37

FIGURE 15            INDIA PROJECTED TO BE FASTEST-GROWING MARKET DURING FORECAST PERIOD    37

FIGURE 16            AUTOMOTIVE REFINISH COATINGS MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES                 38

FIGURE 17            AUTOMOTIVE REFINISH COATINGS MARKET: PORTER’S FIVE FORCES ANALYSIS            42

FIGURE 18            INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE

RESIN TYPES      44

FIGURE 19            KEY BUYING CRITERIA FOR TOP THREE RESIN TYPES   44

FIGURE 20            AUTOMOTIVE REFINISH COATINGS MARKET: SUPPLY CHAIN ANALYSIS             46

FIGURE 21            AVERAGE SELLING PRICE OF AUTOMOTIVE REFINISH COATINGS OFFERED

BY KEY PLAYERS, BY RESIN TYPE, 2024 (USD/KG)              48

FIGURE 22            AVERAGE SELLING PRICE TREND OF AUTOMOTIVE REFINISH COATINGS,

BY REGION, 2023–2030    49

FIGURE 23            TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS   50

FIGURE 24            AUTOMOTIVE REFINISH COATINGS MARKET: ECOSYSTEM ANALYSIS  50

FIGURE 25           IMPORT OF AUTOMOTIVE REFINISH COATINGS, BY KEY COUNTRIES (2019–2024)                 54

FIGURE 26           EXPORT OF AUTOMOTIVE REFINISH COATINGS, BY KEY COUNTRIES (2019–2024)                 55

FIGURE 27            PATENTS REGISTERED FOR AUTOMOTIVE REFINISH COATINGS, 2014–2024                 60

FIGURE 28            MAJOR PATENTS RELATED TO AUTOMOTIVE REFINISH COATINGS, 2014–2024                 61

FIGURE 29            LEGAL STATUS OF PATENTS FILED RELATED TO AUTOMOTIVE REFINISH

COATINGS MARKET, 2014–2024  64

FIGURE 30            MAXIMUM PATENTS FILED IN JURISDICTION OF CHINA, 2014–2024       65

FIGURE 31            IMPACT OF AI/GEN AI ON AUTOMOTIVE REFINISH COATINGS MARKET   69

FIGURE 32            ASIA PACIFIC TO BE FASTEST-GROWING MARKET FOR AUTOMOTIVE REFINISH COATINGS DURING FORECAST PERIOD         86

FIGURE 33            ASIA PACIFIC: AUTOMOTIVE REFINISH COATINGS MARKET SNAPSHOT                87

FIGURE 34            EUROPE: AUTOMOTIVE REFINISH COATINGS MARKET SNAPSHOT       91

FIGURE 35            NORTH AMERICA: AUTOMOTIVE REFINISH COATINGS MARKET SNAPSHOT                95

FIGURE 36            AXALTA COATINGS SYSTEMS LLC LED AUTOMOTIVE REFINISH COATINGS

MARKET IN 2024                101

FIGURE 37            AUTOMOTIVE REFINISH COATINGS MARKET: REVENUE ANALYSIS OF

KEY PLAYERS, 2023−2025 (USD MILLION)             103

FIGURE 38           COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024        104

FIGURE 39            AUTOMOTIVE REFINISH COATINGS MARKET: COMPANY FOOTPRINT 105

FIGURE 40            COMPANY EVALUATION MATRIX: START-UPS/SMES, 2024 111

FIGURE 41            AUTOMOTIVE REFINISH COATINGS MARKET: ENTERPRISE VALUATION (EV)

OF KEY PLAYERS              113

FIGURE 42            AUTOMOTIVE REFINISH COATINGS MARKET: EV/EBITDA OF KEY MANUFACTURERS  113

FIGURE 43            BRAND/PRODUCT COMPARISON             114

FIGURE 44            AXALTA COATING SYSTEMS LLC: COMPANY SNAPSHOT          124

FIGURE 45            PPG INDUSTRIES, INC.: COMPANY SNAPSHOT                 131

FIGURE 46            BASF SE: COMPANY SNAPSHOT 136

FIGURE 47            THE SHERWIN-WILLIAMS COMPANY: COMPANY SNAPSHOT          141

FIGURE 48            AKZO NOBEL N.V.: COMPANY SNAPSHOT                 145

FIGURE 49            KANSAI PAINT CO., LTD.: COMPANY SNAPSHOT                 149

FIGURE 50            NIPPON PAINT HOLDINGS CO., LTD.: COMPANY SNAPSHOT   154

FIGURE 51            TOA PERFORMANCE COATING CORPORATION CO., LTD.: COMPANY SNAPSHOT              158