The car clear coat market comprises of clear topcoats that are applied over the basecoat color on automotive bodies during painting for protection and shine. Clearcoats provide surfaces with outstanding gloss and depth of color along with a durable high-gloss finish. They also prevent UV rays and other environmental elements from fading or damaging the color coat. The growing automobile production around the world owing to rising disposable incomes has significantly driven the demand for car clear coats.
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.
Key Takeaways
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.
The growing demand for automobiles from emerging economies is fueling the Car Clear Coat Market Size Rapid urbanization and rising living standards in countries like China, India are positively impacting the automobile sales.
Key players are expanding their production facilities globally to cater to the growing demand for car clear coats especially from Asian and European markets. For instance, Axalta Coating Systems expanded its production capacity in China.
Market Key Trends
Increasing automobile production driven by sales of passenger and commercial vehicles is a major trend driving the Car Clear Coat Market Demand As per projections, global passenger car production is expected to increase from around 74 million units in 2018 to over 90 million units by 2025. Commercial vehicle production is also witnessing healthy growth aided by strong economic activity. The growing vehicle fleet size worldwide would correspondingly boost demand for car clear coats during the forecast period.
Porter’s Analysis
Threat of new entrants: Moderate barriers to entry due to capital requirements for R&D, production and distribution.
Bargaining power of buyers: Moderate Car Clear Coat Market Size And Trends bargaining power for large buyers due to availability of alternatives.
Bargaining power of suppliers: Low bargaining power due to presence of numerous suppliers for raw materials.
Threat of new substitutes: Low threat due to lack of close substitutes for car clear coat.
Competitive rivalry: Intense competition among existing manufacturers.
Geographical Regions
North America currently dominates the car clear coat market in terms of value. The presence of leading vehicle manufacturers such as General Motors, Ford and Tesla drives high demand.
Asia Pacific is expected to be the fastest growing regional market driven by increasing vehicle production and ownership in China and India. Rising discretionary spending also contributes to market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
About Author - Ravina Pandya
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