Car care products market size – USD 10.32 billion in 2020, market growth – CAGR of 4.10%
NEW YORK, NY, USA, May 2, 2022 /EINPresswire.com/ — Raising customer awareness of vehicle cleanliness and maintenance, easy availability of water-based solvents, and increasing revenue available will drive the market at a high CAGR during the forecast period.
Car Care Products Market Trends – Technological advancements and growing automation in car wash technologies, APAC is expected to register the highest market share during the forecast period
Car Care Products Market was valued at USD 10.32 Billion in 2020 and is projected to reach USD 14.26 Billion by 2028, at a CAGR of 6.3% CAGR during the forecast period (from 2018 to 2026). Growing demand for high performance chemicals used for car durability and quality. Old vehicles and the declining trend of vehicle replacement are also supporting the growth of the market. The car care products market is mainly driven by the growing needs for safety and security.
The development of car care products market is in a growth phase owing to the advancement of technology in vehicle washing techniques. Growing disposable income in key geographies enables customers to purchase these products. Partnerships between car care manufacturers and company-authorized service centers will provide effective end-to-end solutions to end customers. To increase customer awareness of market benefits by driving market growth.
As car care products are used to maintain vehicle body polish or to remove dirt from vehicle parts, the main hazardous components of car care product are surfactants, solvents, bases and acids. , as well as several types of additives. The most common solvents used in car care products appear to be mineral oil distillates (Naphtha; heavy, medium and/or light ends), which are likely (contain substances that can) cause cancers or mutations genetics. Many of these solvent naphthas can also cause aspiration hazards. This implies that substances can enter the lower respiratory system directly through the mouth or nose and can cause severe lung damage or inflammation. A few other substances in car care products (mainly different types of alcohols) that can cause serious skin corrosion or irritation and eye damage. This could stunt the growth of traditional car care products and lead to the development of less hazardous car care products.
The Asia-Pacific region is expected to hold the major share of the market over the forecast period. Over the past decade, the region’s automotive industry has undergone a significant transformation. The region accounts for a significant share of global auto sales and is the only major market that is expected to witness strong growth during the forecast period. These developments are likely to fuel market growth in the region.
Many companies like 3M (US), Illinois Tool Works (US), Autoglym (UK), Sonax (Germany), Würth Group (Germany), Soft99 Corporation (Japan), Tetrosyl (UK) , Simoniz USA (USA), Turtle Wax (USA), Liqui Moly (Germany), Northern Labs (USA) and others operate in the market
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Other key findings from the report suggest
• Manufacturers of cleaning products are innovating across the product line. One of the major trends in the system is that of bio-based cleaning products. In bio-based cleaning products, manufacturers have replaced ingredients of fossil origin with bio-based ingredients such as enzymes or vegetable oil
• Cleaning products segment is expected to be the leading segment in the overall car care products market during the forecast period
• The trend towards sustainable development has taken priority in recent years. ~80% of all ingredients found in car care products launched in North America claimed to be green solutions like plant-based and biodegradable products.
• Growing need for eco-friendly and waterless/rinse-free products due to increasing environmental concerns and restrictions
• The demand for water-based solvent is increasing due to several reasons, as several countries in the world are facing the problem of water scarcity, and hence governments are imposing rules and regulations regarding water usage . Also, in several cases, the customer does not need water to clean the surface after applying water-based solvents, but it can be wiped off the surface of the vehicle with a dry cloth.
To identify key industry trends, click on the link below: https://www.reportsanddata.com/report-detail/car-care-products-market
For the purposes of this study, the reports and data have segmented the industry by product, component material, distribution channel, solvent, application area and region:
Car Care Products by Product (Revenue, USD Million; 2018-2028)
• Cleaning and maintenance
• Polishing and waxing
• Sealing glaze and coating
• Ice scrapers
Car Care Products by Component Material (Revenue, USD Million; 2018-2028)
• Metal bodies
Car Care Products by Distribution Channel (Revenue, USD Million; 2018-2028)
• In line
• Brick and mortar
o Car beauty salons
o Service centers and garages
o Super and Hyper Markets
o Stores authorized by the company
Automotive Solvent Care Products (Revenue, USD Million; 2018-2028)
• Water-based solvents
• Foam-based solvents
Automotive Care Products by Application Area (Revenue, USD Million; 2018-2028)
o Windows, glass, mirrors
o Tires and rims
o Windows, glass, mirrors
Car Care Products by Region (Revenue, USD Million; 2018-2028)
• North America
• Asia Pacific
• Middle East and Africa
• Latin America
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Key Benefits of Car Care Products Report:
• Identification and analysis of market size and competition
• Qualitative and quantitative analysis of market data
• Data validated by industry experts after extensive primary and secondary research
• In-depth regional analysis of the car care products industry
• Profiling of key players with their company overview, business strategies, agreements and partnerships, and product portfolio
• SWOT analysis and Porter’s five forces for an in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, constraints, challenges, risks and limitations
In conclusion, all aspects of the Car Care Products Market are quantitatively as well qualitatively assessed to study the Global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market based on market drivers, limitations and its future prospects.
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