Fact.MR’s recent report on the automotive aftermarket appearance chemicals market forecasts a rather sluggish, yet positive outlook, estimated to surpass US$ 5 Bn by 2031, expanding at a little over 2% CAGR. Increasing ownership of luxury vehicles is primarily generating demand for automotive aftermarket appearance chemicals, attributed to their heightened maintenance requirements.
Historically, the market grew moderately, expanding at a CAGR of under 3% from 2016 to 2020, being valued at over US$ 1 Bn in 2016, and surpassing US$ 4 Bn by 2020. This slow growth is attributed to a general slowdown in the global automotive industry. Prospects were further dimmed due to recessionary pressures induced by the COVID-19 pandemic.
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Future growth prospects are expected to be influenced by a flourishing EV market. According to the International Energy Agency, the number of electric vehicles will likely hit 125 million by 2030. Hence, maintenance cycles are bound to increase, as these vehicles are expected to consume a significant amount of material, including tires, paints, and drivetrains. This is expected to provide manufacturers renewed opportunities to establish revenue pools across key markets.
Key Takeaways from Market Study
- Sales of waxes/polishes to increase the most, at over 3% CAGR through 2031
- Windshield washer fluid demand to reach a valuation of over US$ 1 Bn by 2031
- Automotive aftermarket protectants to experience growth of nearly 3% CAGR across the forecast period
- High automotive demand augmenting sales prospects across the U.S, topping US$ 1 Bn in 2020
- China to register moderate, yet steady growth, expanding at above 4% CAGR over the next ten years
- Australia, India, and South Korea to collectively be valued at above US$ 700 Mn
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Key Market Segments Covered in Study
- Automotive Aftermarket Windshield Washer Fluids
- Automotive Aftermarket Waxes/Polishes
- Automotive Aftermarket Protectants
- Automotive Aftermarket Wheel & Tire Cleaners
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3M Company, Blue Ribbon Products Inc., Illinois Tool Works Inc., Meguiar’s Inc., Niteo Products LLC, Northern Labs Inc., Permatex Inc., Protect All Inc. and Turtle Wax Inc. are some prominent automotive aftermarket appearance chemical manufacturers profiled in Fact.MR’s report.
- In June 2020, Turtle Wax Inc. launched the Namaste India car care kit, as part of its celebration regarding establishment of its manufacturing base across South Asia. The kit comprises the Ice Snow Foam Wash, Quick & Easy Turtle Wax Interior 1 Cleaner, and the Quick & Easy Turtle Wax Inside & Out Protectant, among others.
- Niteo Products LLC offers the Valvoline Automotive System Fluids and Maintenance Chemicals; Max Life Automotive System Fluids for High Mileage Vehicles, Pyroil Automotive System Fluids, and Maintenance and Winter Chemicals.
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2020/03/17/2001947/0/en/Sales-of-Automotive-Wrap-Films-to-Expand-6X-Between-2019-and-2029-MEA-Poised-to-Turn-Highly-Lucrative-Forecasts-a-New-Fact-MR-Report.html
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