Automotive Appearance Chemical Industry Size, Share, Demand & Growth by 2034
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 R&D 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.
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at Future Market Insights (FMI)
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