June 13, 2024
Car Clear Coat Market

The Global Car Clear Coat Market Is Driven By Increasing Vehicle Production

Car clear coats, also known as clearcoats or clear topcoats, are the transparent outermost coatings applied on automobile surfaces to provide protection and a glossy shine to vehicle paint job. Clear coat forms a hardened shell that protects the color basecoat and pigmented paint from environmental damages like UV light, acid rain, tree sap and other contaminants. It helps keep a vehicle’s exterior looking new for longer through its UV resistant and self-healing properties. The global automotive industry has seen consistent growth in recent years driven by rising incomes and consumer spending in developing economies. As vehicle production increases annually to meet demand, the need for high quality clear coat finishes has also risen proportionately to deliver appealing looks and durable coverage for new cars.

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

One of the key trends gaining traction in the car clear coat market is the rising popularity of waterborne clear coat formulations. Waterborne technology helps address environmental concerns related to solvent-borne coatings by reducing VOC emissions. It also offers benefits like fast flash times and lower energy costs in drying process. Leading clear coat manufacturers are increasingly focusing on developing innovative waterborne clear coats with performance properties comparable to solvent-borne versions, in order to capitalize on this trend. For instance, Axalta Coating Systems launched its Cromax Extreme waterborne clear coat product in 2019 targeting the refinish market.

Porter’s Analysis

Threat of new entrants: The car clear coat market has moderate threat of new entrants due to the established brand reputation of existing players and high R&D and manufacturing costs required.

Bargaining power of buyers: Buyers have moderate bargaining power given the availability of alternatives and price sensitivity in the market.

Bargaining power of suppliers: Raw material suppliers have low to moderate bargaining power as car clear coat manufacturers source raw materials from multiple suppliers.

Threat of new substitutes: Threat of new substitutes is low as car clear coat has very few close substitutes that provide the same protective functions.

Competitive rivalry: The market has high competitive rivalry due to presence of several global and regional players.

Key Takeaways

The global Car Clear Coat Market Demand is expected to witness high growth over 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 – North America region currently dominates the car clear coat market owing to high car refurbishment and maintenance spending in the US and Canada.

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. AkzoNobel’s Sikkens and PPG Industries are also major players in the car clear coat market.

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