car clear coat market

Nano Ceramic Coat Car Clear Coat is fastest growing segment fueling the growth of Car Clear Coat Market

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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 paint used on automobiles that provides protection and creates a glossy shine to the vehicle. It forms the transparent top coat that protects the color coat and gives a gloss finish to the vehicle. Car clear coats protects the vehicle from atmospheric elements, UV radiation, scratches and minor dents.

Market key trends:
Car clear coat manufacturers are focusing on developing nano ceramic technologies that make the coat self-healing and last longer. Nano ceramic clear coats fill in micro-scratches caused during driving using the properties of nanoparticles thereby repairing the coating. They also make the surface super-hydrophobic which means water simply beads up and drips away from the paint rather than leaving water spots. This keeps the vehicle looking cleaner for a longer period of time. The increasing demand for self-healing and self-cleaning technologies is a major trend fueling the growth of the global car clear coat market.
Segment Analysis
The car clear coat market is segmented based on resin type into polyurethane, acrylic, and others. Among these, the polyurethane segment dominates the market and accounted for around 60% share of the global car clear coat market in 2022. Polyurethane resins offer superior gloss retention, corrosion resistance, and durability properties as compared to other resin types, which drives their higher demand in the car clear coat market.

Key Takeaways
The Global Car Clear Coat Market is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period, due to increasing vehicle production across the globe.

Regional analysis
Asia Pacific dominates the global car clear coat market, accounting for over 40% share of the total market revenue in 2022. Growing vehicle production and sales in major economies such as China, India, and Japan are driving the growth of the market in the region. North America is another significant market for car clear coats due to strong presence of vehicle OEMs and refinish industry 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., and Guangdong Maydos Building Materials Limited Company. The global market is moderately consolidated in nature with top players accounting for around 50-60% of the overall market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.