Automotive Aftermarket Appearance Chemicals Market
Automotive Aftermarket Appearance Chemicals Market Analysis By Product (Automotive Aftermarket Windshield Washer Fluids, Automotive Aftermarket Waxes/Polishes) & By Region (North America, Latin America, Europe) - Global Market Insights 2023-2033
Analysis of Automotive Aftermarket Appearance Chemicals Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Automotive Aftermarket Appearance Chemicals Market Outlook
The global automotive aftermarket appearance chemicals market abbreviated as AAACs by Fact.MR, is estimated to be valued at US$ 4.6 billion in 2023 and to grow at a CAGR of 4.5% to reach a valuation of US$ 7.1 billion by the end of 2033.
Automotive aftermarket appearance chemicals include protectants, washer fluids, cleaners, and others used to enhance the appearance of vehicle body during maintenance and post wear and tear incidence.
Market Size (2022A)
US$ 4.4 Billion
Estimated Market Value (2023E)
US$ 4.6 Billion
Forecasted Market Value (2033F)
US$ 7.1 Billion
Global Market Growth Rate (2023-2033)
Europe Market Share (2023)
China Market Growth Rate (2023–2033)
Key Companies Profiled
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AAACs Market Buoyancy Analysis
AAACs are likely to witness high demand in light of the growing automotive industry, for instance, the global automotive manufacturing industry was valued at US$ 3.0 trillion in 2022 and is anticipated to grow with a prominent growth rate. Hence, the demand for windshield washer fluids, cleaners, and structure protectants to increase during the forecast period.
- Short Term (2023–2026): The growing automotive sector is estimated to be a prominent factor to drive the AAACs market during the forecast period.
- Medium Term (2026–2029): Pullulating rental car services and increasing sales of electric vehicles especially across emerging economies such as Brazil, China, and others to supplement AAACs market growth.
- Long Term (2029–2033): Efforts led by market players are set to create ample growth opportunities for the market players. For instance, noble product development coupled with a pricing strategy is likely to drive the market in a long run.
According to the Fact.MR analysis, the historic growth rate for the AAACs market was 3.5% and is estimated to grow at a CAGR of 4.5% during the forecast period from 2023–2033, According to the Fact.MR, a market research and competitive intelligence provider.
Market Dynamics Overview
“Surging Rental Car Service Industry to Augment AAACs Market Growth”
Owing to significant growth of the travel and tourism sector, the demand for rental cars is expected to increase during the forecast period. Additionally, the growing urban population and their interest in travel and adventure coupled with rising disposable income are likely to drive the car rental service market.
Governments of both developed and developing economies emphasize lowering vehicle emissions and promoting car rentals as one of the most cost-effective modes of transportation. Other factors, such as the availability of car rental services through websites and mobile applications, along with the growing expenditure capacity of individuals, are anticipated to fuel the car rental service market.
With the growing car rental service, car maintenance and servicing play a crucial role to determine the rental prices. AAACs are used to clean, protect, and strengthen vehicular structures for end-use purposes, which is anticipated to drive AAAC’s market growth.
“Factors Affecting AAACs Market Growth”
Factors such as fluctuating crude oil prices and energy crisis impact the production of AAACs. For instance, the energy crisis arising due to the ongoing Russia-Ukraine War is likely to push certain economies to halt their manufacturing operations, especially during winter to meet basic energy requirements.
On the back of this, the reduction in chemical production and lack of raw materials due to the supply chain gap is likely to hamper AAACs market growth. As many European countries are highly dependent on either Ukraine or Russia for their energy-related requirements.
Predominating economies such as Italy, Saudi Arabia, China, and Russia in terms of oil and gas production are witnessing certain crises which led to a hike in oil and gas prices at the global level.
For instance, Italy and Russia are witnessing numerous sanctions and trade crises imposed by the U.S. coupled with Saudi Arabia's initiatives to reduce per-day oil production, and China is still emerging from the COVID-19 crisis, such factors are responsible for skyrocketing fuel prices, affecting AAACs market growth. As numerous chemicals required for automotive aftermarket appearance are produced using crude oil or petroleum as base material.
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What are the Factors Driving AAACs Demand Across the US?
Across the U.S., car washing demand multiplied over the years. The growth is attributed to the improved services coupled with pocket-friendly packages adopted by service providers.
Hence, due to this, the demand for professional car cleaning services is anticipated to increase. Further, the strict environmental regulations that forbid household methods of car washing are likely to contribute to the growth of the car washing industry across the U.S. Also, consumers' attention to routine vehicle maintenance is projected to keep growing owing to increasing disposable income.
The growing car wash industry across the U.S. creates demand for automotive aftermarket appearance chemicals to offer proper car servicing for customers.
Why is the Brazilian AAACs Market Expected to Be Highly Lucrative?
The electric vehicles market is growing tremendously across the globe due to the consumer preference towards sustainable moving as well as government favorable incentives are likely to create high demand for the electric vehicle market at the global level, especially across emerging economies such as Brazil.
Brazil projected a plethora of opportunities for electric vehicle manufacturers across the country as supportive government incentives, shifting consumer preference, and other factors are contributing to the EV market growth. On the back of that Chinese automaker, BYD Co Ltd started marketing its two new electric vehicle models in Brazil in November 2022.
Brazil has over 0.1 million electric vehicles operating on the roads, including 50,000 electric buses and many to come during the forecast period. With the growing vehicular use the demand for their maintenance is likely to increase, in the light of aforementioned facts, the demand for AAACs increases to protect vehicle structure, wheels, windshields, and others from wear & tear.
Why Wax/Polish Product Type is Growing?
Polishes are used to enhance the surface appearance caused by wear & tear incidence. The flattened surface gives vehicles a clean appearance while ensuring proper light reflection. The main raw materials used in the production of polish used in automotive aftermarket appearance chemicals are silicone, and carnauba wax and many more.
This is likely to drive the demand for wax or polishes in the AAACs market during the forecast period at a CAGR of 4%.
Eminent Player’s Key Stratagems
Eminent automotive aftermarket appearance chemicals manufacturers are 3M Company, Blue Ribbon Products Inc., Illinois Tool Works Inc., and Meguiar's Inc.
Market players are adopting ground–breaking strategies to gain a competitive advantage over other players operating in the market. Establishing long-term trade relations with the end-users enables AAACs manufacturers to develop a noble product that caters to the needs of the consumers. Further, the enhancement of production capacity and development of new and advanced product ranges in the line of AAACs is likely to supplement the revenue growth for the AAACs manufacturers.
Fact.MR has provided detailed information about the price points of key manufacturers of automotive aftermarket appearance chemicals positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Automotive Aftermarket Appearance Chemicals Industry Research
By Product Type :
- Windshield Washer Fluids
- Wheel & Tire Cleaners
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- FAQs -
The market is anticipated to reach a valuation of US$ 7.1 billion in 2033.
The regions included in the AAACs market study include North America, Latin America, MEA, South Asia & Oceania, East Asia, and Europe.
Prominent players in the AAACs market include 3M Company, Blue Ribbon Products Inc., Illinois Tool Works Inc., and Meguiar's Inc.
From 2018–2022 the market witnessed a prominent growth rate of 3.5% and was valued at US$ 4.4 billion in 2022 from US$ 3.7 billion in 2018.
The global AAACs market is valued at US$ 4.4 billion in 2022.