Waxes and Polishes Remains Top-selling Automotive Aftermarket Appearance Chemicals with Sales Growing at 4.5% through 2031: Concludes 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 CAGR of 4.5% to reach a valuation of US$ 7.1 billion by the end of 2033.
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.
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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.
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.
Competitive Strategies
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.
Market players are adopting ground–breaking strategies to gain a competitive advantage over other players operating in the market. Establishing long-term trade relations with the end-users enables AAACs manufacturers to develop a noble product that caters to the needs of the consumers. Further, the enhancement of production capacity and development of new and advanced product ranges in the line of AAACs is likely to supplement the revenue growth for the AAACs manufacturers.
Fact.MR has provided detailed information about the price points of key manufacturers of automotive aftermarket appearance chemicals positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
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.
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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
-
Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Report Benefits & Key Questions Answered
- Automotive Aftermarket Appearance Chemicals Company & brand share analysis: The report offers brand-share analysis on Automotive Aftermarket Appearance Chemicals market to offer a more in-depth competition deep-dive. This is intended at assisting companies at proactive long-term planning.
- Automotive Aftermarket Appearance Chemicals Historical volume analysis: Factors affecting sales in the past are analyzed in detail. The report also offers comparative analysis between growth trajectory exhibited in 2016-2020 and 2021-2031.
- Automotive Aftermarket Appearance Chemicals Category & segment level analysis: To offer a comprehensive analysis, the market identifies leading segments and highlights chief factors enabling growth across these categories.
- Automotive Aftermarket Appearance Chemicals Consumption by demographics: The demographic analysis is intended at providing recommendations to companies to help them create growth strategies around dynamic consumption patterns.
- Automotive Aftermarket Appearance Chemicals Manufacturing trend analysis: Manufacturing trend analysis is the key highlight of the study. It offers vital data on strategies adopted by market players to align their manufacturing strategies as per prevailing market trends.
- Post COVID consumer spending on Automotive Aftermarket Appearance Chemicals: The survey offers a chapter dedicated to analyzing post COVID consumer behavior. Changes in their spending pattern are carefully analyzed to offer insights into potential impact on Automotive Aftermarket Appearance Chemicals sales.
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
Check out more related studies published by Fact.MR Research: https://www.globenewswire.com/news-release/2023/03/01/2618530/0/en/Paper-Dyes-Market-Is-Projected-To-Expand-At-A-CAGR-Of-2-5-To-Reach-A-Valuation-Of-US-1-3-Billion-In-2033-States-Fact-MR.html
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