Car clear coats are protective coatings applied on vehicle exterior to shield paint from environmental damage like sunlight, acid rain, bird droppings etc. Clear coats form a glossy, transparent layer that not only protects the paint but also enhances shine and appearance of vehicles.
The global Car Clear Coat Market is estimated to be valued at US$ 27.35 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth in automotive production across major economies like China, USA, Germany, Japan etc. has been a key driver for car clear coat market. According to International Organization of Motor Vehicle Manufacturers, global vehicle production rose by over 4% from 90 million units in 2020 to 94 million units in 2021. Rising disposable income and changing lifestyle trends have increased demand for passenger cars worldwide which is positively impacting clear coat consumption. As automakers focus on improving aesthetics to attract more buyers, use of clear coat top coats is expected to gain steady momentum during the forecast period.
Segment Analysis
The global car clear coat market is segmented based on resin type, technology and application. Based on resin type, the polyurethane segment dominates the market as it provides better appearance, gloss retention and UV resistance to car clear coats. Based on technology, the solvent-borne segment accounts for the largest market share due to cost effectiveness and easy application properties. Based on application, automotive OEM leads the segment as car clear coats are mandatorily used during vehicle manufacturing process for surface protection and aesthetics.
Key Takeaways
The global Car Clear Coat Market Demand is expected to witness high growth during the forecast period of 2024 to 2031. The global Car Clear Coat Market is estimated to be valued at US$ 27.35 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.
Regional analysis: The Asia Pacific region is expected to dominate the global car clear coat market during the forecast period. This is attributed to high vehicle production in China and India coupled with growing automotive refinish industry. North America and Europe are also projected to hold substantial market shares owing to presence of major automakers in these regions and increasing vehicle refurbishment activities.
Key players: Key players operating in the car clear coat market are Diehl Stiftung & Co. KG, Azbil Kimmon Co., Ltd., Badger Meter, Inc., Elster Group GmbH, Neptune Technology Group Inc., G. Gioanola S.R.L., Aichi Tokei Denki Co., Ltd, Apator SA, Arad Group, Fedrel Meter, B Meter, Itron Inc., Master Meter, Inc., Maddalena Spa, Kamstrup A/S, Sensus (Xylem Inc.), ZENNER International GmbH & Co. KG, Mueller Systems, LLC., Plata Meter Co., Ltd, NINGBO WATER METER CO.,LTD., Jiaxing Eastron Electronic Instruments Co., Ltd. These players are focused on new product launches and expansion strategies to gain competitive advantage in the market.
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