As per a recent market analysis by Future Market Insights (FMI), the global automotive appearance chemicals market is poised to expand at a 4.9% CAGR, totaling US$ 41.7 Bn in 2031.
Rapid urbanization, easy credit availability and increasing per capita expenditure is elevating demand for automobiles across the globe. Key automotive manufacturers are increasing their production capacities to cater the growing demand for automobiles across the globe.
With consistent growth in sales of automobiles, demand for automotive appearance chemicals is also expected to rise in a ripple effect during the forecast period, as they are regularly used over the entire lifetime of a vehicle.
Moreover, key manufacturers are focusing on developing eco-friendly products in response to growing awareness regarding harmful effects of chemicals on the environment. Increasing consumer preference for biochemicals is anticipated to continue driving sales of automotive appearance chemicals over the forecast period.
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As per FMI, the U.S. is projected to emerge as the most lucrative pocket in North America automotive appearance chemicals market. Presence of key market players, along with increasing sales of autonomous and luxury vehicles in the country are anticipated to continue providing tailwinds to automotive appearance chemicals sales over the assessment period.
“Stringent regulations imposed to control toxic emissions during chemical manufacturing processes, couples with government initiatives promoting sales of electronic and hybrid vehicles in various countries are anticipated to bode well for the global automotive appearance chemicals market through 2031,” says the FMI analyst.
- In terms of product type, sales of windshield washer fluids are expected to grow at 4.2% CAGR, accounting for 50% of the total market share through 2031.
- Demand for automotive appearance chemicals in the passenger car segment is slated to rise at a 5.1% CAGR, holding 70% of the total market share.
- Aftermarket will remain the most preferred sales channel, commanding 95% of the total automotive appearance chemicals market share.
- The U.S. is projected to dominate the North America market, accounting for 89.2% of the market share in 2031.
- Sales of automotive appearance chemicals in Germany are poised to rise at a 4.2% CAGR over the forecast period.
- China is projected to hold over 60% of the East Asia automotive appearance chemicals market share.
- Japan and South Korea will collectively account for 4.1% of the global automotive appearance chemicals market.
According to the Market Research analysis, PPG Industries, 3M Company, BASF SE, Energizer Holdings Inc., Kao Corporation, Jax Wax Inc., Sonax GmbH, Malco Products Inc., Koch Chemie GmbH, Mothers Polishes Wax Cleaners Inc., Koster Keunen Inc., The Darent Wax company Ltd., Future Development (manufacturing) Ltd., Northern Labs Inc., CRC Industries., Sasol Ltd., Altro Limited., Turtle Wax Inc., DuPont de numerous, Inc., among others are the key players identified by Future Market Insights in the market.
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Top 5 players comprising 3M Company, PPG Industries, Sasol Ltd., BASF SE and DuPont de Nemours, Inc. are expected to command 40-45% of the total automotive appearance chemicals market share over the forecast period.
Leading players are actively investing in strategic collaborations, partnerships, mergers, and acquisitions to strengthen their distribution networks, and to expand their global footprint in the market. Apart from this, research, and development to develop eco-friendlier products will remain a part of growth strategies adopted by players over the assessment period. For instance:
- In April 2021, Armor All®, a prominent brand in quality car maintenance products for all automobile operators, announced that Red Bull Racing Honda has entered into a worldwide, multi-year collaboration with it.
More Insights into the Automotive Appearance Chemicals Market Report
In its latest report, FMI offers an unbiased analysis of the global automotive appearance chemicals market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031.
In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (into polishes, windshield washer fluids, soaps, coatings, and car wax), vehicle type (passenger cars, light commercial vehicles (LCV), and heavy commercial vehicles (HCV)), sales channel (aftermarket and original equipment manufacturers (OEMs)), and across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.