The global automotive appearance chemicals market is anticipated to reach a market size of USD 1.59 billion by 2025, according to a new report by Grand View Research, Inc. Increasing demand for appearance chemicals from the automotive industry is a key factor driving the growth of automotive appearance chemicals. In addition, the robust growth of the automotive industry in the emerging economies of Asia Pacific is expected to further drive the product demand over the forecast period.
Waxes, polishes, interior & exterior car care products, paint protection, tire cleaners, and glass cleaners are the various types of automotive appearance chemicals available in the market. Technological advancements have led to the increasing awareness among consumers about the advantages of automotive appearance chemicals.
In terms of revenue, cars accounted as the largest application segment in 2016 and the trend is expected to continue over the forecast period at an estimated CAGR of 4.3%. Increasing demand for luxury and vintage cars is also expected to further augment the product use. Furthermore, with a rise in the disposable income in countries such as the U.S., India, and China, the demand for luxury cars and sports utility vehicles, which constitute the highest consumption of appearance enhancement products is expected to grow, thereby driving the overall growth.
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Further key findings from the report suggest:
The LCV segment is likely to register the fastest growth, in terms of volume, denoting a CAGR of 5.1% from 2017 to 2025, on account of growing sales of LCVs for logistics and transportation functions across several end-use industries
Polishes emerged as the largest product segment in 2016, in terms of revenue, and the trend is estimated to continue over the forecast period owing to superior and widespread functionalities and affordable prices
The wax segment recorded a revenue of over USD 300 million in 2016 and is anticipated to experience steady growth in the coming years on account of increasing use of the product for surface shine functions, especially in the car aftermarket
The Asia Pacific regional segment is projected to grow substantially over the forecast period owing to the robust growth of the automotive industry, most notably in countries such as India and China. In terms of revenue, the regional segment is expected to record a CAGR of 6.0% from 2017 to 2025.
Key players in the industry are primarily focusing on product development and geographic expansions to strengthen and improve their positions in the global industry
Grand View Research has segmented the global automotive appearance chemicals market on the basis of product, application, and region.
Automotive Appearance Chemicals Product Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
Wheel & tire cleaners
Windshield washer fluids
Automotive Appearance Chemicals Application Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
Automotive Appearance Chemicals Regional Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
Central & South America
Middle East & Africa
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