- 170 Pages Market Research Study by Fact.MR, a Market Research and Competitive Intelligence Provider, Offers Insights into Automotive Aftermarket Appearance Chemicals Market Growth and Highlights Factors Driving Market Revenue
- The Fact.MR market analysis offers a comprehensive study on the automotive aftermarket appearance chemicals market, covering factors fuelling the demand across key segments including product, vehicle type, and sales channel. It also highlights key strategies adopted by prominent market players and strategies they adopted
NEW YORK, July 8, 2021 /PRNewswire/ --The global automotive aftermarket appearance chemicals market exhibited a rather sluggish amid COVID-19 outbreak in 2020, yet positive outlook is forecast for the forthcoming decade owing to the proliferation of electronic vehicles.
As per a study by Fact.MR, the market for automotive aftermarket appearance chemicals is likely to surpass a valuation of US$ 5 billion, growing at a CAGR of a little more than 2% over the forecast period 2021-2031.
Over the last forecast period 2016 to 2020, the market demonstrated a moderate growth at a CAGR of 3%, surpassing the value amounting to US$ 4 billion through 2020. However, the unprecedented outbreak of the novel coronavirus has severely impacted the aftermarket appearance chemicals market, disrupting the distribution channel amid lockdown.
Nonetheless, owing to the increase in sales of electronic vehicles, demand is expected to increase in the coming years. According to the International Energy Agency, the number of electric vehicles sales is likely to reach 125 million by the end of 2030. As these vehicles are estimated to utilize a notable amount of materials such as paints, tires, drivetrains among others, the sales outlook for the market remains positive.
Automotive aftermarket waxes/polishes have emerged as top-selling products and the sales for these products are expected to rise at a CARG of 3% through 2031. Growth in the sector is driven by the increasing sales of luxury cars. As these cars require high maintenance to retain their elegant looks, the demand for wax & polish is likely to bolster in the assessment period.
"The COVID-19 outbreak has compelled manufacturers to develop novel strategies to recover their sales. With the emergence of digitization, a number of market players are shifting their focus towards e-commerce and taking their conventional distribution channel online to expand their market share," says the Fact.MR analyst.
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Key Takeaways from Automotive Aftermarket Appearance Chemicals Market Survey
- Demand outlook for automotive aftermarket appearance chemicals market is positive in the U.S. It is likely to surpass a valuation of US$ 1 billion through 2021.
- Automotive aftermarket appearance chemicals market in China is expected to reach around US$ 1 billion, growing at a CAGR of 4% by 2031.
- Owing to the increasing number of electric vehicles, the market in India, Australia, and South Korea is estimated to reach a valuation above US$ 700 million, collectively.
- Automotive aftermarket protectants segment is anticipated to register growth at a CAGR of 3% during the forecast period.
- Demand for windshield washer fluid is projected to reach a valuation of US$ 1 billion by the end of 2031.
Key Drivers
- Increasing number of electric vehicles is spurring the demand for automotive aftermarket appearance chemicals.
- Suring demand for used cars is expected to create growth opportunities for the market.
- Rising ownership of luxury cars is heightening the sales of automotive aftermarket appearance chemicals.
Key Restraints
- Availability of bogus products in the market is restraining the demand for automotive aftermarket appearance chemicals.
- The coronavirus pandemic has negatively affected the market growth due to the closure of manufacturing facilities amidst lockdown.
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Competitive Landscape
Companies operating in the automotive aftermarket appearance chemicals market are aiming at launching new products to expand their product portfolio and strengthen their market footprint. Besides this, some of the market players are engaging in collaboration and acquisitions to expand their market share. For instance,
- Permatex Inc., an American company, announced launch of its new series of advanced epoxy adhesives in September 2020. The products include ready-to-use indicators and no drip gels.
- In June 2020, Turtle Wax Inc., an automotive appearance product manufacturing company, introduced the Namaste India car care kit, as part of celebration on establishment of its new manufacturing unit across South Asia.
Some of the key players operating in the automotive aftermarket appearance chemicals market profiled by Fact.MR are:
- 3M Company
- Blue Ribbon Products Inc.
- Illinois Tool Works Inc.
- Meguiar's Inc.
- Niteo Products LLC
- Northern Labs Inc.
- Permatex Inc.
- Protect All Inc.
- Turtle Wax Inc.
More Valuable Insights on Automotive Aftermarket Appearance Chemicals Market
Fact.MR, in its new report, offers an unbiased analysis of the global automotive aftermarket appearance chemicals market, analyzing forecast statistics through 2019 and beyond. The survey reveals growth projections on in automotive aftermarket appearance chemicals market with detailed segmentation:
- Product
- Automotive Aftermarket Windshield Washer Fluids
- Automotive Aftermarket Waxes/Polishes
- Automotive Aftermarket Protectants
- Automotive Aftermarket Wheel & Tire Cleaners
Key Questions Covered in the Automotive Aftermarket Appearance Chemicals Market Report
- The report offers insight into automotive aftermarket appearance chemicals demand outlook for 2021-2031
- The market study also highlights projected sales growth for automotive aftermarket appearance chemicals market between 2021 and 2031
- Automotive aftermarket 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 aftermarket appearance chemicals market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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