The global Car Clear Coat Market is estimated to be valued at US$ 23.74 Bn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Car clear coat is a colourless or translucent coat that is applied over automotive paint (basecoat) to provide protection against environmental damages such as sunlight, acid rain, tree sap and other factors. Clear coat protects the vehicle's paint from damages and enhances its shine, gloss and durability.

Market key trends:
One of the key trends in the car clear coat market is the use of UV protection and new technologies in clear coat production. Manufacturers are focusing on incorporating advanced UV protection properties in clear coat to prevent fading of paint colour caused by prolonged exposure to sunrays. They are also adopting new technologies such as polyurethane base clear coats that provide better gloss retention, mechanical strength and corrosion resistance compared to solvent base clear coats. This is expected to drive the demand for polyurethane base clear coats in the coming years.
Market key trends:
One of the key trends in the Global Car Clear Coat Market is the increasing demand for durable and scratch resistant clear coats. Automotive manufacturers are focusing on developing advanced clear coat materials that offer better protection to the vehicle body against environmental aggressors such as UV light, acid rain, bird droppings etc. Some manufacturers are incorporating nano-particles in clear coats that enhance the clear coat's ability to resist scratches, stains and corrosion. This is expected to drive the demand for clear coats during the forecast period.

SWOT Analysis
Strength: Durable and long lasting product life; Provides protection to car paint from UV light, scratches, stains etc.
Weakness: High cost of manufacturing; Stringent environmental regulations regarding VOC emissions.
Opportunity: Growth opportunities in Asia Pacific and Latin America; Development of bio-based or environment-friendly clear coat materials.
Threats: Volatility in raw material prices; Intense competition among existing players.

Key Takeaways
The global car clear coat market is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period, 2023 to 2030, due to increasing vehicle production across the world.

Regionally, Asia Pacific dominated the global market in 2023 with a share of over 35%, followed by Europe and North America. China, India and Indonesia are expected to be the major growth engines in Asia Pacific due increasing demand for passenger cars in these countries.

Key players operating in the car clear coat market are PPG Industries, Inc., Axalta Coating Systems, LLC, BASF SE, Sherwin-Williams Company, Nippon Paint Holdings Co., Ltd., Kansai Paint Co., Ltd., Akzo Nobel N.V., 3M Company, KCC Corporation, Noroo Holdings Co., Ltd., Valspar Corporation, Jotun Group, Hempel A/S, Carpoly Chemical Group Co., Ltd., Guangdong Maydos Building Materials Limited Company.

 

 

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