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Car Care Solvents market Competitive Insights
Strict government regulations to promote cleanliness of cars, increase in disposable income, and surge in investment of customers.
WILMINGTON, DE, UNITED STATES, January 14, 2025 /EINPresswire / -- Allied Market Research recently published a report, titled“Car Care Solvents Market by Type (Acetone, Mineral Spirits, Toluene, Isopropyl Alcohol, Propylene Glycol, Others), by Application (Interior, Exterior), by End-use (Service Centres and Garages, Personal): Global Opportunity Analysis and
industry Forecast, 2021-2031”. According to the report, the global car care solvents market was valued at $1.1 billion in 2021 and is projected to reach $2.0 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.
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Key Market Drivers
- Regulatory Compliance: Strict government regulations promoting cleanliness of vehicles.
- Economic Growth: Increased disposable income leading to higher investment in car repair and maintenance activities.
- Emerging Opportunities: Growing trend of vehicle customization creating new avenues for market players.
Challenges
- Raw Material Volatility: Fluctuating crude oil prices affecting solvent production.
- Environmental Concerns: Dependency on fossil fuels impacting market growth.
Opportunities
- The rise in the trend of vehicle customization and advancements in solvent technologies to boost market potential.
Segment Analysis
By Type
- Propylene Glycol: Expected to register the highest CAGR of 6.8% during the forecast period due to increased awareness among car owners regarding vehicle hygiene.
- Acetone: Accounted for the largest market share in 2021 (~25%) owing to its widespread use in cleaning, paint restoration, and degreasing applications.
By Application
- Exterior Applications: Anticipated to grow at a CAGR of 6.4%, driven by demand for solvent-borne coatings in industrial equipment and vehicle exteriors.
- Interior Applications: Dominated the market in 2021, with a share of over 50%, attributed to rising consumer preference for luxury interiors and hygiene awareness.
By End-User
- Service Centres and Garages: Represented nearly 80% of the market share in 2021 and expected to grow at a CAGR of 6.3%. Increased repair and maintenance investments and regulations on dirty cars in regions like Dubai and Russia have driven this segment.
- Personal Users: Represents a smaller segment but continues to grow steadily with rising disposable incomes.
Regional Insights
Asia-Pacific:
- Held nearly 50% of the market share in 2021.
- Expected to exhibit the highest CAGR of 6.8%, fueled by the expansion of the automotive aftermarket industry and consolidation of car care solvent distributors.
Other Regions:
- North America, LAMEA, and Europe also contribute significantly, with varying growth rates due to regional economic and regulatory factors.
Competitive Landscape
Major Market Players
The market features prominent players employing strategies like expansion, product launches, and partnerships to strengthen their positions. Key players include:
- ASELSAN A.S.
- Honeywell International Inc
- General Dynamics Corporation
- Israel Aerospace Industries Ltd.
- Leonardo S.p.A.
- L3Harris Technologies, Inc
- Thales
- Norsat International Inc.
- Viasat Inc.
Conclusion
The global car care solvents market is poised for significant growth, driven by increasing vehicle hygiene awareness, rising disposable incomes, and stricter government regulations. Despite challenges posed by raw material volatility and environmental concerns, the market offers lucrative opportunities for innovation and expansion. The Asia-Pacific region remains a key growth area, with a high CAGR and market dominance.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.