The Global Car Clear Coat Market Size is predicted to show at a 4.91% CAGR during the forecast period for 2023-2031.
Car clear coatings are essential for safeguarding and enhancing a vehicle's appearance and ensuring that it keeps its value and aesthetic appeal over time. Car clear coatings' quality and performance can differ depending on the brand, composition, and application technique. Market expansion is fueled by improvements in clear coat technology, such as creating high-performance formulas with better gloss, durability, and cure times. Both consumers and business professionals are drawn to innovations with improved capabilities and ease of use. The automotive refinishing and repair market is another factor propelling the clear coat market for cars.
Additionally, clear coatings are applied during the repair or refinishing process to restore the car's appearance after damage or wear. The need for clear coatings increases with the demand for auto body work and repair services. The increased popularity of powder coatings, which can apply surfaces without using solvents, is a major force behind this industry's expansion. Powder coatings may become more widely used due to their positive economic and environmental effects.
Furthermore, another aspect anticipated to help the industry's growth in the upcoming years is the increasing demand for hybrid and electric vehicles in reaction to carbon emissions. The volatility in raw material prices constrains the market; the industry is expanding thanks to customer preferences for healthier and more environmentally friendly coatings.
Competitive Landscape:
Some of the major Car Clear Coat market players are:
- PPG Industries, Inc.
- Akzo Nobel N.V.
- BASF SE
- Axalta Coating Systems, LLC
- Kansai Paint Co., Ltd.
- Nippon Paint Holdings Co., Ltd.
- The Sherwin-Williams Company
- Valspar
- Mile High Powder Coating Inc.
- Nordson Corporation
Market Segmentation:
The car clear coat market is segmented based on type, resin type and substrate. The Car Clear Coat market is segmented as solvent- and water-based based on type. The market is segmented by resin type into polyurethane, acrylic and urethane. Based on substrate market is segmented as metal, plastic and composite.
Based On Product, The Polyurethane Segment Is A Major Contributor In The Car Clear Coat Market
The polyurethane category will hold a major share of the global car clear coat market 2022. Due to their remarkable durability, chemical resistance, and high gloss finish, polyurethane clear coats have become increasingly popular in the automotive clear coat market. They offer a solid barrier that helps protect the car's paint from numerous abrasives and environmental elements. Clear coats made of polyurethane are favored for automotive applications because they outperform other types of clear coats in terms of performance. Their widespread use results from their exceptional resistance to chemicals, including fuels, solvents, and acids. The norm for automotive clear coats has long been solvent-based clear coats.
The Solvent-Based Segment Witnessed Growth At A Rapid Rate
The solvent-based segment is projected to grow rapidly in the global car clear coat market. Due to their superior finish quality and longevity, solvent-based clear coats have long been the industry standard in the automotive clear coat industry. However, due to laws and consumer demand for greener products, there is an increasing trend towards more environmentally friendly options, such as clear water-based coatings. The longevity and resistance of solvent-based clear coatings to environmental elements like UV radiation, chemicals, and abrasion are good. They develop a strong shield that guards the underlying paint from harm and aids in preserving the vehicle's appearance over time.
The North American Car Clear Coat Market Holds A Significant Regional Revenue Share
The North America car clear coat market is expected to register the highest market share. America is renowned for its technological inventions and accomplishments. Modern clear coat technologies are being developed in the area, offering better performance, quicker cure periods, and environmental friendliness. The market for the automotive clear coat is expanding due to these technological developments.
In addition, Asia Pacific is projected to grow rapidly in the global car clear coat market. The use of water-based and low-VOC clear coat formulations has been influenced by environmental laws and attempts to minimize emissions and promote environmentally friendly behaviors. The region's clear coat demand may increase due to governments implementing rules in several Asian nations to promote ecologically friendly coatings. As transparent coat advantages become more widely known, Asia is becoming increasingly favored for high-quality coatings.
Car Clear Coat Market Report Scope:
|
Report Attribute |
Specifications |
|
Growth rate CAGR |
CAGR of 4.91 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Type, Resin Type And Substrate |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
PPG Industries, Inc., Akzo Nobel N.V., BASF SE, Axalta Coating Systems, LLC, Kansai Paint Co.,Ltd., Nippon Paint Holdings Co., Ltd., The Sherwin-Williams Company, Valspar, Mile High Powder Coating Inc., and Nordson Corporation |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Corporate
Office :
Office No.5170, 5th Floor Marvel Fuego, Magarpatta Rd, Pune, 411028
info@insightaceanalytic.com
