Manufacturers of automotive appearance chemicals are accelerating adoption of eco-friendly materials to meet regulatory standards, in an effort to unlock a wider consumer base.
Dubai / ACCESSWIRE / February 24, 2020 / Future Market Insights: The global automotive appearance chemicals market will reach a valuation of US$ 40 Bn in 2029, witnessing a steady rate of growth during 2019 – 2029. According to a new study by Future Market Insights (FMI), the market is largely influenced by shifting consumer preferences and the stringent regulatory framework for automotive industry.
“Regulations against petroleum products used for making waxes and coatings have shifted customer focus towards eco-friendly alternatives. Companies are utilizing soy derived chemicals and palm kernel oil derivatives to innovate car care products,” reveals the FMI report.
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Key Research Findings of FMI’s Automotive Appearance Chemicals Market Study
- Aftermarket sales would continue to lead the automotive appearance.
- Coatings will display a healthy growth rate during the forecast period, driven by decorative applications.
- High growth economies such as China and India contribute to steady growth of OEMs.
- Growing prominence of DIY activities would be a string booster to sales.
- Increased car sales and improving aftermarket scenario are assisting market growth in Europe and Asia Pacific.
Key Growth Drivers – Automotive Appearance Chemicals Market
- Rising consumer awareness about car care processes is the key market driver, particularly in aftermarket.
- Solid passenger car sales contribute to the demand from OEMs.
- Vintage and luxury car segments substantially contribute to demand for automotive appearance chemicals.
- Research on application of automotive appearance chemicals widens scope of use increasing demand.
Key Impediments – Automotive Appearance Chemicals Market
- Strict regulations associated to the handling and storage of toxic or hazardous materials is a key restraint for manufacturers.
Competition Structure Analysis – Automotive appearance chemicals Market
The competition landscape of the global automotive appearance chemicals market will largely remain influenced by rising research and development efforts for new cost effective and environmentally friendly product offerings. Producers are also pushing for capacity expansions and strategic collaborations in the industry for cost-effective processes, and higher profit margins.
Explore the complete automotive appearance chemicals market report with 151 illustrative figures, 37 data tables, and the table of contents. Also find a detailed market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-1847
Some of the key players in the automotive appearance chemicals market include, but are not limited to 3M Company, Koch-Chemie GmbH, BASF SE, Mothers Polishes Wax Cleaners Inc., DowDuPont Inc., Turtle Wax Inc., and Kao Corporation.
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About the Report
This report offers global, regional, and national level analysis on the latest trends in the industry influencing the automotive appearance chemicals market. The study provides actionable insights on the automotive appearance chemicals market on the basis of product type (polish, windshield washer fluids, soaps, coatings, and car wax), vehicle type (passenger cars, light commercial vehicles, and heavy commercial vehicles), sales channel (original equipment manufacturers and aftermarket) across 30 countries spanning six key regions (North America, Latin America, Europe, South Asia and Pacific, East Asia, and MEA).
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: Future Market Insights
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