(MENAFN- iCrowdNewsWire) A recent study by Future Market Insights (FMI) on the automotive appearance chemicals market offers a detailed 10-year forecast. The study analyzes crucial trends that are currently determining the growth of the market. This report also focuses on the analysis of various trends affecting growth. These include examination of drivers, restraints, and opportunities.
Future Market Insights (FMI), Dubai: Driven by rise in the ownership of luxury cars and demand for more sustainable and eco-friendly products, the global automotive appearance chemicals market is expected to grow at 4.9% CAGR between 2021 and 2031 .
Future Market Insights (FMI) in its latest report reveals that windshield washer fluids will remain the most preferred product type in the market. Half of global automotive appearance chemicals sales are expected to be contributed by the sales of windshield washer fluids.
Over the assessment period, from 2016 to 2020, the market demonstrated sluggish growth at 0.8% CAGR. Unprecedented outbreak of COVID-19 also had a negative impact on automotive industry, causing a negative ripple effect on automotive appearance chemicals sales.
However, with the recovery of manufacturing activities and owing to the growing sales of electric cars, the market picked up the pace in the second quarter of 2021.
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As per FMI, sales of automotive appearance chemicals registered year-over-year growth of 4.2% between 2020 and 2021. Increment in government activities to recover the economy and promote the sales of electric vehicles also aided the growth.
The market is expected to gain from stringent regulations implemented on the use of hazardous and toxic chemicals. These policies have compelled manufacturers to develop eco-friendly products. With growing sales of luxury cars and need to maintain aesthetic look have surged considerably, in turn fuelling demand in the market.
Due to the high visibility of windshield area and top of the car, demand for windshield washer fluids, car wax, and coatings is expected to rise. As luxury cars require high maintenance to retain their polished and elegant looks, demand for car wax and coatings also will surge.
“Sustainability concerns and implementation of stringent regulatory policies on the use of toxic chemicals have encouraged leading players to invest in research activities. Hence, development of eco-friendly products, adoption of digital marketing strategies, and reliance on e-commerce platforms are at all-time high,” says a FMI analyst.
Key Takeaways from FMI's Automotive Appearance Chemicals Market Survey
- Demand outlook for windshield washer fluids is expected to appear positive, exhibiting steady CAGR of 4.2% during the forecast period
- Sales of automotive appearance chemicals in passenger vehicles are set to surge at 5.1% CAGR through 2031
- Over 95% of automotive appearance chemicals sales will be concentrated in aftermarket segment
- The U.S. automotive appearance chemicals market is anticipated to register 4.5% year-on-year growth in 2021
- Demand for automotive appearance chemicals across Germany is slated to rise at 4.2% CAGR in the forthcoming decade
- China is expected to lead the East Asia market, contributing over 60% of total revenue through 2031
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Key Drivers
- Increasing production and sales of electric vehicles will spur the demand for automotive appearance chemicals
- Rising adoption of used cars and cost-effective products available in the aftermarket will improve the sales over the forecast period
- Surging ownership of luxury cars and need for maintaining aesthetic appeal will accelerate the sales of automotive appearance chemicals
Key Restraints:
- Availability of cheap, alternative, and first-copy products in the market is expected to hamper the sales of automotive appearance chemicals
- Stringent regulations pertaining to harmful appearance chemicals and car care products are likely to impede the market growth
Competitive Landscape
As per the Future Market Insights study, the global automotive appearance chemicals market is highly competitive in nature.
Around 40-45% of global revenue is expected to come from top 5 players, including 3M Company, PPG Industries, Sasol Ltd., BASF SE, and DuPont de Nemours Inc.
Leading players are investing actively in research and development activities for the development of eco-friendly products. In order to expand their global reach, players are relying on expansion strategies such as mergers, collaborations, and acquisitions.
For instance,
- In June 2020, National Automotive Experts and NWAN announced their partnership with Xzilon to offer interior and exterior surface protection products for the vehicles. Also, they are offering interior fabric and leather/vinyl surfaces as XMicrobe, to eliminate 99% of germs and microbes.
- In August 2020, NWAN formed a partnership with another automotive company, Ultimar, leading company in chemical industry for high-performance protection products to provide direct manufacturer access for their exterior and interior surfaces of vehicles.
- Turtle Wax Inc., global automotive appearance product manufacturing company, announced the launch of Namaste India car care kit, in September 2020, with the establishment of its new manufacturing plant across South Asia.
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Some of the key players operating in the automotive appearance chemicals industry market profiled by FMI are:
- 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 Developments (Manufacturing) Ltd.
- Northern Labs Inc.
- CRC Industries
- Sasol Ltd
- Altro Limited
- Turtle Wax Inc
- DuPont de Nemours, Inc.
More Valuable Insights on Automotive Appearance Chemicals Market
In its latest report, FMI provides a detailed analysis of the global automotive appearance chemicals market, providing historical data of 2016-2020 and forecast statistics for the period of 2021-2031. In order to gain a better perspective on the market potential, its growth, and scope, the market is segmented on the basis of:
By Product Type:
- Polishes
- Windshield Washer Fluids
- Soaps
- Coatings
- Car Wax
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles
By Sales Channel:
- Aftermarket
- Original Equipment Manufacturers (OEMs)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
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Key Questions Covered in the Report
- The report offers insight into automotive appearance chemicals market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for automotive appearance chemicals market between 2021 and 2031
- Automotive appearance chemicals market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Automotive appearance chemicals market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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