Car clear coat is a UV-resistant top layer paint applied on vehicles for protection and shine. It forms a durable and glossy finish on vehicle bodies. The growing automotive refinishing and restoration industry is driving increased demand for car clear coat as it helps restore vehicles to their original shine and appearance. 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 key trends:
The growing automotive refinishing and restoration industry is propelling the car clear coat market. The increasing repair and refurbishment of old vehicles due to rising average age of vehicles on road and consumers’ inclination towards restoring vintage and classic cars to their original shine is driving the demand for car clear coat globally. The manufacturers are focusing on development of innovative high-performance car clear coats offering improved scratch resistance, fade resistance and gloss retention to cater to the restoration industry.
SWOT Analysis
Strength: The Global Car Clear Coat Market Size has high opportunities for growth given rising vehicle production and sales globally. Strong demand for aesthetics and protection of car surfaces drives the market.
Weakness: Strict environmental regulations around the globe regarding use of solvents in coatings pose challenges for market players. Transportation of hazardous chemicals used in clear coats adds to operational costs.
Opportunity: Innovation in coating technologies focusing on sustainability and eco-friendliness through use of water-based formulations presents opportunities. Emerging markets in Asia Pacific and Central & South America offer scope for market expansion.
Threats: Availability of inexpensive low-quality coatings from local manufacturers affects sales of established brands. Economic slowdowns impact new vehicle sales and dampen demand for refinish clear coats.
Key Takeaways
The global car clear coat market is expected to witness high growth over the forecast period supported by increasing vehicle parc globally. Asia Pacific dominates the market currently owing to high vehicle production hubs in China, India, Japan and South Korea. Key players like PPG Industries, Axalta Coating Systems, BASF and Sherwin-Williamsaccount for a significant share of the market.
Regional analysis
The Asia Pacific region accounts for the largest share of the car clear coat market currently. Countries like China, India, Japan and South Korea witness heavy vehicle manufacturing activities. Rising disposable incomes drive new vehicle adoption in the region.
Key players
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it