The global automotive appearance chemicals industry is projected to have a high-paced CAGR of 4.9% during the forecast period. The current automotive appearance chemicals market valuation is US$ 30.7 Billion in 2023. The value of the automotive appearance chemicals market is anticipated to reach a high of US$ 49.4 Billion by 2033.
Increased ownership of both conventional and electric vehicles, which encourages consumers to invest in better protection measures to lengthen vehicle lifespan and results in higher spending, is a key factor driving the sales of automotive appearance chemicals. Many sorts of products manufactured by key industry players are beneficial to various end-use industries. This, in turn, has aided in increasing product demand in recent years. The consumer base is growing as a result of the growing vehicle industry. These aesthetic compounds are essential automotive appearance care chemicals.
The products assist in improving the gloss and luster of automobiles while also increasing their longevity. They also safeguard and maintain aesthetic attractiveness. As a result, demand for automotive appearance chemicals is likely to rise throughout the projection period.
The global automobile sector is seeing tremendous growth as urbanization spreads. According to LMC Automotive forecasts, overall sales are likely to exceed 100 Million vehicles by 2032, with SUVs accounting for 46 Million units (40%). As a result, demand for automotive detailing products such as paints, varnishes, polishes, and waxes is expected to rise.
As the global ownership of electric vehicles grows, so do maintenance services to extend their lifespan. While the shift away from standard ICE vehicles to EVs is usually regarded as a positive development, it is causing significant disruption in the auto appearance chemicals and repair industry.
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The Toxic Substances Control Act (TSCA), Control of Substances Hazardous to Health Requirements (COSHH), and the European Union require automotive appearance chemical makers to closely follow the regulations related to the storage and usage of the goods (EU).
These laws strictly enforce safety standards for the storage and use of goods and related raw materials. For a long time, a huge number of research agencies have been investing in RD in the subject. The study has aided in the discovery of numerous uses for the items, hence broadening their reach. Technological advancements have resulted in the usage of the technology in several waxes for specialized uses, such as adding shine and protecting car surfaces from scratches and swirls. These factors are projected to drive product demand throughout the forecast period.
However, with the advancement of technology, vehicles were becoming more fitted with sensors, resulting in better driving behavior and reduced wear and tear on brakes and other vehicle components. This issue impedes component replacement and the expansion of the automobile aftermarket appearance chemicals.
Key Takeaways:
- During the forecast period, China is expected to account for a significant share of the global automotive appearance chemicals market. This is attributed to several joint ventures comprising mainly state-owned Chinese organizations and brands from various places that have accelerated the expansion of industrial capacity.
- The automotive appearance chemicals market in Europe is predicted to hold a major share, particularly in the U.K., during the projected period. This is owing to automotive appearance chemicals becoming increasingly popular as a result of the large-scale manufacture of luxury and other passenger cars in the region.
- Owing to the high ranking in terms of both frequencies of usage and volume consumed, the “windshield washer fluids” product type is expected to hold the greatest revenue through the forecast period.
- As private automobiles must be washed, waxed, and polished on a regular basis, the “passenger vehicles” vehicle type accounts for a significant share and is the most lucrative area for key players.
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing — ‘The Way Forward’.
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