Automotive Aftermarket Appearance Chemicals Market
Automotive Aftermarket Appearance Chemicals Market Analysis By Product (Automotive Aftermarket Windshield Washer Fluids, Automotive Aftermarket Waxes/Polishes) & By Region - Global Insights to 2031
Market Outlook for Automotive Aftermarket Appearance Chemicals
Newly released data from the automotive aftermarket appearance chemicals industry analysis concludes that demand grew moderately at a CAGR of under 3% from 2016 to 2020. In 2020, the market enjoyed a valuation of nearly US$ 4 Bn, which is expected to surpass US$ 5 Bn by 2031.
Demand for waxes and polishes is expected to remain elevated, surging at over 3% CAGR through 2031.
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Key Points Covered in Automotive Aftermarket Appearance Chemicals Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Automotive Aftermarket Appearance Chemicals and How to Navigate
- Recommendation on Key Winning Strategies
Automotive Aftermarket Appearance Chemicals Historical Outlook from 2016-2020 Vs Future Market Outlook for 2021-2031
Increasing vehicle ownership- conventional and electric- are prompting consumers to invest in advanced protection solutions to enhance vehicle longevity prompted enhanced investment in automotive aftermarket appearance chemicals, which witnessed an increase of under 3% CAGR from 2016 to 2020.
According to Fact.MR’s automotive aftermarket appearance chemicals market insights, the COVID-19 pandemic has a significant impact on overall demand, being valued at over US$ 4 Bn in 2020. Cessation of industrial production amid compulsory lockdowns led to significant supply constraints in the first half.
Adjusting for these recessionary trends, the automotive aftermarket appearance chemicals sales forecast has been revised to reach over US$ 5 Bn expanding at a sluggish CAGR of over 2% CAGR from 2021 to 2031.
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How are Surging Luxury Car Sales Widening Automotive Aftermarket Appearance Chemicals Demand Outlook?
As urbanization expands, the global automotive industry is witnessing stupendous gains. As per estimates provided by LMC Automotive, total sales are likely to surpass 100 Mn units by 2032, with SUVs accounting for 46 Mn units (~40%). Hence, demand for external coatings such as paints, varnishes, polishes and waxes is bound to surge.
Analysis of the automotive aftermarket aerospace coatings reveals significant growth prospects in the luxury cars industry. For instance, Mercedes Benz and BMW emerged as the top selling luxury car brands, topping 2 Mn unit each respectively. These vehicles require high maintenance for which investment in appearance chemicals is necessary.
Why are EVs Generating Fertile Ground for Automotive Aftermarket Appearance Chemical Suppliers?
As global electric vehicles ownership inclines, maintenance services to enhance their longevity is also on the rise. While the transition towards EVs from traditional ICE vehicles is widely hailed as a welcome development, it is disrupting the auto maintenance and service sector to a very large extent.
Studies have concluded that EVs tires are expected to emerge as the cash cow of the overall maintenance market. For example, Vehicle Miles Traveled (VMT) in the U.S. is 3.25 Tn annually, expanding at about 1% Y-o-Y, which is increasing tire replacement rates amid constant wear and tear.
EV customers are likely to frequent automotive aftermarkets 30% more compared to conventional automobile owners. Furthermore, future EV customers are likely to prefer tires with greater durability, for which chemicals and coatings to protect them from hostile conditions is likely to rise.
What is the Automotive Aftermarket Appearance Chemicals Demand Outlook for the U.S.?
Demand for automotive aftermarket appearance chemicals reached more than US$ 1 Bn as of 2020, attributed to increased automotive ownership. As per estimates by the National Automobile Dealers Association (NADA), 17 Mn units of light vehicles sales were registering as of May 2021.
This represents an increase of 2.5 Mn units from 2020, up from 14.4 Mn units. Hence, demand for various aftermarket components, including waxes & polishes, protectants, windshield washer fluids and wheel & tire cleaners and other relevant accessories.
What is the Automotive Aftermarket Appearance Chemicals Sales Forecast for China?
As per Fact.MR’s automotive aftermarket appearance chemicals industry survey, China is expected to reach a projected share of US$ 1 Bn by 2031, expanding at over 4% CAGR. Presence of large numbers of automotive manufacturers is spurring demand since the past few years.
The China Association of Automobile Manufacturers forecasted in January 2021 that new vehicle sales are likely to grow 4% to surpass 26 Bn by the end of the current fiscal. Car and light-truck deliveries are forecast to rise 7.5% to 21.7 Mn, while new commercial-vehicle demand will slip 10% to 4.6 Mn. Also, increasingly stringent vehicle protection requirements to prevent wear and tear is also augmenting prospects across the East Asian giant.
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Why are Sales Prospects for Waxes & Polishes Appearing Lucrative?
Fact.MR’s automotive aftermarket appearance chemicals sales forecast projects demand for waxes/polishes to surge at over 3% CAGR across the 2021-2031 forecast period. Increasing need for maintaining automotive exteriors is primarily augmenting usage of waxes/polishes.
Besides improving vehicle lifespan, automotive appearance waxes and polishes also impart enhanced aesthetic value. Furthermore, manufacturers are incorporating waxes imbued with UV inhibitors, preventing the paint from being damaged by sunlight.
Prominent expansion strategies adopted by key manufacturers of automotive aftermarket appearance chemicals include new product launches, collaborations and mergers & acquisitions among others. Some notable developments are as follows:
- In September 2020, Permatex Inc. introduced a new series of advanced epoxy adhesives. Innovations include no drip gels, ready-to-use indicators, high heat, varied color choices and substrate specific formulations.
- Protect All Inc., a prominent laminating solutions company, offers the Biolam® antimicrobial technology-based film, incorporated across various uses, from packaged goods and menus to high-grade automotive protection films.
Historical Data Available for
US$ Mn for Value & ‘000 Units for Volume
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Key Market Segments Covered in Study
- Automotive Aftermarket Windshield Washer Fluids
- Automotive Aftermarket Waxes/Polishes
- Automotive Aftermarket Protectants
- Automotive Aftermarket Wheel & Tire Cleaners
- FAQs -
The global automotive aftermarket appearance chemicals market is valued at over US$ 4 Bn.
Sales of automotive aftermarket appearance chemicals are expected to surpass US$ 5 Bn, expanding at over 2% CAGR through 2031.
From 2016 to 2020, demand for automotive aftermarket appearance chemicals increased at under 3% CAGR.
Increasing ownership of luxury vehicles is majorly driving demand for automotive aftermarket appearance chemicals.
A proliferating EV market is providing key manufacturers of automotive aftermarket appearance chemicals the opportunity to broaden their presence.
The U.S., China, Japan, Canada, and Germany are likely to be the most opportunistic markets, expanding at over 2% CAGR.
The market for automotive aftermarket appearance chemicals in the U.S. was valued at over US$ 1 Bn in 2020.
Sales of waxes and polishes are expected to incline the maximum, registering a CAGR exceeding 3%.
The market in China is expected to register a CAGR of over 4% to reach US$ 1 Bn by 2031.
Germany is likely to be the most prominent European market for automotive aftermarket appearance chemicals.
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