Automotive Aftermarket Appearance Chemicals Market
Automotive Aftermarket Appearance Chemicals Market Sales Analysis on Assessment of Demand for Automotive Aftermarket Waxes and Polishes
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.
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
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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.
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.
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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.
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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
Automotive Aftermarket Appearance Chemicals Market- Scope of Report
A recent study by Fact.MR on the automotive aftermarket appearance chemicals market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering automotive aftermarket appearance chemicals.
The study also provides the dynamics responsible for influencing the future status of the automotive aftermarket appearance chemicals market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent manufacturers of automotive aftermarket appearance chemicals, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of automotive aftermarket appearance chemicals across the globe.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of automotive aftermarket appearance chemicals during the forecast period. Price point comparison by region with global average price is also considered in the study.
Key Questions Answered in Report
- Which are the most lucrative automotive aftermarket appearance chemical hotspots?
- Which factors will impact the growth of the automotive aftermarket appearance chemicals?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the automotive aftermarket appearance chemicals industry?
- What are the winning strategies of stakeholders in the market?
Analysis on Market Size Evaluation
The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).
Estimates at global and regional levels for automotive aftermarket appearance chemicals are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report.
Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global automotive aftermarket appearance chemicals landscape.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the automotive aftermarket appearance chemicals during the forecast period.
Country-specific valuation on demand for automotive aftermarket appearance chemicals has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
The report sheds light on leading manufacturers of automotive aftermarket appearance chemicals, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering automotive aftermarket appearance chemicals has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the automotive aftermarket appearance chemicals domain.
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the automotive aftermarket appearance chemicals industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.
- 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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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
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