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| Global Car Clear Coat Market |
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 transparent or pigmented and highly durable protective topcoat
applied over a vehicle's color coat after painting. It protects the color coat
from damage caused by exposure to sunlight, acid rain, road salt and industrial
fallout. Clear coat gives a shiny, smooth and reflective surface properties to
the vehicle providing aesthetic appeal and corrosion resistance. Rapidly
growing automotive industry and increasing vehicle sales driven by rising
disposable income in developing economies is driving the demand for car clear
coats globally.
Market key trends:
One of the key trends in the car clear coat market is the development of
non-polluting and eco-friendly clear coats. Stringent regulations regarding VOC
emissions is prompting manufacturers to develop sustainable clear coat
formulations free from solvents and heavy metals. Waterborne clear coats offer
an environment-friendly alternative to solvent-based coatings. Recent product
launches of polyaspartic polyurea clear coat technology provides an immediate
cure and exceptional durability without the use of isocyanates. Another notable
trend is the increasing demand for anti-chip and scratch resistant clear coats
providing superior protection from road debris impact. Advanced nanotechnology
incorporated clear coats have self-healing properties that help repair minor damage
without affecting the gloss and appearance.
Porter's Analysis
Threat of new entrants: New entrants will face high costs of ramping up
production facilities and establishing distribution channels. They also need to
attain economies of scale to compete with global players.
Bargaining power of buyers: Buyers have moderate to high bargaining power due
to availability of numerous established players offering car clear coats.
Buyers can negotiate on prices by demanding discounts and promotions.
Bargaining power of suppliers: Suppliers of raw materials like polyurethane,
epoxy resins, and pigments have low to moderate bargaining power due to
availability of substitutes.
Threat of new substitutes: Potential threat from new substitute products is low
as car clear coats have few alternatives that match their desired
characteristics of protecting car paint and extending its life.
Competitive rivalry: Intense competition exists among key global and regional
players to increase their market share through product innovations,
endorsements, and marketing campaigns.
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 automobile production and sales worldwide.
Regional analysis: Asia Pacific dominates the global market and is projected to
maintain its lead position during the forecast period. This regional growth can
be attributed to rapidly growing automotive industries in China, India, and
South Korea. North America is another major region for car clear coats led by
the U.S. market.
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. Key players are focused on strengthening their market presence
through new product launches, acquisitions, and expansions.
Read More: https://www.trendingwebwire.com/growth-of-car-clear-coat-market/