Market Analysis
The automotive appearance chemicals market is predicted to grow at a healthy CAGR between 2018-2023, reveals the new Market Research Future (MRFR) report. Automotive appearance chemicals, simply put, are chemicals that protect, maintain & enhance a car’s visual attractiveness. These chemicals comprise wheel care, glass cleaners, polishes, waxes and sealants, and protectors. Automotive appearance chemicals help to augment the durability and gloss of the car, thus improving the aesthetics.
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Numerous factors are adding to the automotive appearance chemicals market demand. Such factors, as revealed by the latest MRFR report, include growing demand in passenger cars, its different benefits such as higher car life expectancy, aesthetic appeals, and longer automobile retention, increasing sales of sports and luxury passenger cars, and development of water-based & low VOC chemicals to clean glass, tires, and other forms of interior parts.
On the contrary, the increasing number of regulations related to automotive appearance chemicals may limit the automotive appearance chemicals market growth over the forecast period.
Key Players
Notable players profiled in the automotive appearance chemicals market report include Blue Ribbon Inc (US), General Chemical Corp (US), Nuvite Chemical Compounds (US), Malco Products Inc (US), Permatex (US), Terra Silikon Teknolojileri ve Kimya (Turkey), Meguiar's (US), The Dow Chemical Company (US), and 3M (US). Industry players have incorporated strategies such as mergers, alliances, new product launches, joint ventures, and extensive R&D to create a niche in the market.
Market Segmentation
The Market Research Future Report provides an inclusive segmental analysis of the automotive appearance chemicals market based on vehicle type and product type.
By product type, the automotive appearance chemicals market is segmented into degreaser, anti-misting agents, glass & wheel care, sealants, polishes and waxes, protectors, and others. Of these, polishes and waxes will lead the market over the forecast period for its ability to enhance and protect an automobile’s painted surface. Besides, its alluring features such as water repellency, detergent resistance, durability, color intensity, gloss, and ease of application are also boosting its growth.
By vehicle type, the automotive appearance chemicals market is segmented into heavy commercial vehicles, light commercial vehicles, and passenger cars. Of these, passenger cars will have a major share in the market over the forecast period for its burgeoning demand in sports and luxury cars, increasing concerns of consumers about vehicle quality & rising use to maintain used cars.
Regional Analysis
By region, the global automotive appearance chemicals market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, Europe will command the largest share in the market over the forecast period for the presence of several top automotive manufacturers in this region. Besides, the manufacturing of luxury & other passenger cars and growing demand for such chemicals in Germany are also adding market growth.
The automotive appearance chemicals market in the Asia Pacific region is predicted to grow at a high CAGR over the forecast period for the huge production & sale of commercial cars and passenger cars in the region that in turn is boosting the demand for automotive appearance chemicals for their use to maintain used cars.
The global automotive appearance chemicals market in North America is predicted to have substantial growth over the forecast period for the increasing expenditure of people for car care, especially in the US and the increasing sales of luxury vehicles.
The global automotive appearance chemicals market in Latin America and the MEA will have a small share during the forecast period but are predicted to expand at a notable CAGR for the growing automotive industry and high investment potential.
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