The global automotive clear coat paint market is anticipated to secure a market value of US$ 9.79 Billion in 2022, while expanding at a healthy CAGR of 4% during the forecast period from 2022 to 2032. By the end of the aforementioned period, the market is likely to be valued at US$ 14.49 Billion. The rapid adoption of technology in the automotive sector is increasing day by day, driving the industry significantly during the assessment period.
| Report Attribute | Details |
| Estimated Base Year Value (2021) | US$ 9.51 Billion |
| Expected Market Value (2022) | US$ 9.79 Billion |
| Anticipated Forecast Value (2032) | US$ 14.49 Billion |
| Projected Growth Rate (2022-2032) | 4% CAGR |
Automotive clear coat paints are similar to pigmented paints. They have fillers, resins, binders, additives, resins, etc. The clear coat paint offers protection to the car’s paint. It enhances the appearance of the vehicle and repairs the minor problems associated with the vehicle and retains its value. There are various benefits of using automotive clear coat paint. It provides a clear coat finish gives the car a glossy appearance and provides the pigment of a vehicle’s base coat. Further, it also gives protection to the vehicle.
Most of the clear coats can resist peeling and provide protection against UV rays and corrosion on the paintwork. In addition, it also helps in hiding minor scratches spots caused due to acid rain or bird droppings. Moreover, it also increases the appeal of the vehicle by providing gloss to the car. The clear coat paints give a glossy finish.
The rapid adoption of new technology in the automotive sector is increasing day by day across the globe, which is a significant factor bolstering the industry during the forecast period. Further, the increasing number of modern vehicles and the growing demand for modern technology in the sector have augmented the market notably.
The growing demand for automobiles across the globe is the most significant factor driving the market during the forecast period. The ongoing development in the market and the stringent rules imposed to curb the carbon footprint are likely to drive the industry significantly in the coming time.
Increasing sales of refurbished and used vehicles are further anticipated to propel the industry in the future. In addition, the growing demand for luxury vehicle sales is predicted to drive the market considerably.
As income level has increased in developing countries, the demand for automobiles has also surged significantly. Further, innovative and new technologies are being used in the automobile sector, thereby, bolstering the industry. In addition, rapid adoption of developed power coating and thermal spray technology is predicted to augment the global automotive paint market.
Companies are focusing on products that are eco-friendly, which is anticipated to offer significant opportunities to the market. The increasing concern pertaining to the environment is likely to grow the demand for such products, thereby, making the industry remunerative in the forecast period.
Rising costs associated with transportation are anticipated to hamper the market during the forecast period. Further, the rising raw material values is another important factor hindering the rise of the market in the assessment period. The volatility in raw materials and the regulations limiting the application of hazardous chemicals are the other restraints of the market.
Further, the rapid change in consumer preferences is a significant challenge for manufacturers. While the demand for paints from OEMs has increased owing to the changing customer behavior, the demand on the aftermarket surged due to the changing consumer behavior and preferences and rising vehicle parc. As customers are demanding more variety in colors, OEMs are offering cars with several colors. Since it is difficult for paint manufacturers to meet the varied demand, they have to stick to a limited product portfolio, which may not be able to satisfy the consumers. This presents a significant challenge to the manufacturers.
Asia Pacific is touted to be the most profitable market for automotive clear coat paint manufacturers during the forecast period. The regional market is majorly driven by the increasing sales in rapidly evolving countries such as; India, China, Japan, South Korea, and Thailand.
China is anticipated to witness a robust expansion in the automobile sector. The relocation of manufacturing bases by companies such as; Audi, Honda, Nissan, Toyota, Volkswagen, Skoda, Fiat, Hyundai to China is likely to be the key factor strengthening the market in China and APAC. The reason can be attributed to the availability of a cheaper workforce in China.
Demand for modern vehicles in the region has been increasing, thereby, boosting the regional market. Other reasons such as the high economic growth rate, enhanced purchasing power, and increased demand from end-use sectors have also played an important role in boosting the market in China. China is followed by South Korea and India.
Europe is projected to witness steady growth in the forecast period. The growth of the region can be attributed to the presence of countries such as; Sweden, Germany, Italy, France, the UK, and the Czech Republic. These countries are the eminent global hubs for manufacturing automobiles. An expanding population along with the increasing income levels is expected to stimulate the demand in the forecast period.
The region is expected to have remunerative opportunities for water-borne technology. European countries have various regulations which enhance the application of eco-friendly technologies in coating systems. Further, waterborne technology like less odor and better air quality are expected to further make significant applications of the technology. Therefore, water-borne technology is anticipated to rapidly during the assessment period. Further, the powder coating is projected to offer new opportunities in the region owing to the enhanced demand for premium and ultra-premium cars.
Some of the eminent players of the global automotive clear coat paint market are BASF SE, PPG Industries, Axalta Coating, The Sherwin-Williams Company, Valspar Corporation, AkzoNobel NV, KCC Corporation, Nippon Paint Holdings, Jotun A/S, Kansai Paint Co., Ltd., The Eastwood Company, Performance Paints Ltd, Nordson Corporation and Mile High Powder Coating, Inc. among others.
| Report Attribute | Details |
| Growth Rate | CAGR of 4% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
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| Customization | Available Upon Request |
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According to FMI, the automotive clear coat paints market is expected to expand at a CAGR of 4% until 2032
Asia Pacific is anticipated to be the most lucrative market with China making the most significant contribution.
BASF SE, PPG Industries, Nippon Paint Holdings, and KCC Corporation are some of the renowned players of the global automotive clear coat paint market.
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