Car Clear Coat Market is Estimated to Witness High Growth Owing to Rising Automotive Production
Car clear coat is a paint used on automobiles that provide protection and shine to vehicles. It serves as a topcoat that protects the color coat and basecoat from environmental damage. Car clear coats safeguard the color and gloss of the vehicle from premature fading, cracking, and chipping caused by UV rays, acid rain, industrial fallout, and other environmental pollutants.
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 Dynamics:
Rising automotive production is one of the key drivers estimated to boost the growth of the global car clear coat market over the forecast period. Expanding vehicle fleet and rising disposable income has increased automotive sales globally. According to OICA, around 91 million vehicles were produced in 2021 as compared to 77 million vehicles produced in 2019. Additionally, increasing demand for aesthetic appeal and protection of automotive exteriors from environmental damage is also projected to propel the market growth. However, stringent environmental regulations regarding VOC emissions during production may hamper the market growth over the forecast period.
SWOT Analysis
Strength: Car clear coat provides a glossy protective and shiny finish to car surfaces that enhances the aesthetic appeal of vehicles. It protects the paint from damage caused by UV rays, chemicals, road debris and other environmental factors. Clear coat formulations have improved over time and now offer excellent durability, hardness and scratch resistance that lasts for several years.
Weakness: The application of clear coat requires specialized equipment and skills. Any mistake during the spraying process can ruin the finish. The vehicle also needs to be treated carefully during the curing period. Lower quality clear coats may not provide long term protection and can fade or peel over time.
Opportunity: With rising vehicle ownership and more people upgrading to premium vehicles, the demand for quality and long lasting clear coats is increasing globally. Innovation in nanotechnology aided clear coats that deliver better gloss retention, scratch resistance and self-healing properties present opportunities. Growing customized and personalized vehicle wrapping industry also drives the use of specialty clear coats.
Threats: Economic slowdowns could impact new vehicle sales and downgrade cycles. Stringent environmental regulations pose formulation and compliance challenges. Alternative surface protection methods and DIY application kits also threaten professional refinishing market.
Key Takeaways
The Global Car Clear Coat Market Size is expected to witness high growth. Regional analysis related content comprises The Asia Pacific region currently dominates the global car clear coat market and is expected to maintain its lead during the forecast period. China, Japan and India are major consumers and have a large established automotive manufacturing industry in the region.
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.
The car clear coat market is moderately consolidated with top players accounting for around 60% of the global market share. Ongoing R&D to develop new applications, innovative formulations with premium performance attributes and expansion into emerging markets through collaborations and acquisitions are some of the key strategies adopted by major industry players.
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