Windshield Washer Fluids Stays High in Demand
Windshield washer fluids continue to be in high demand in the global automotive appearance chemicals market. Capturing a leading share of the total demand, manufacturers will generate enormous returns from this product category. However, the value proportion of windshield washer fluids is expected to partially stagnate in due course, due to their low price range. Going forward, soaps and coatings, which are lagging behind automotive windshield washer system fluids in terms of revenue share, are likely to catch up through 2029.
East Asia’s Market Keeps Making Progress
Notable spike in per capita spending on car care as well as increasing private vehicle ownership are the drivers underpinning the growth of the automotive appearance chemicals market in East Asia. The region is also a manufacturing hub of automobiles, particularly passenger and light-commercial vehicles, and thus, is expected to see continued acceleration of stakeholders’ investments.
Moreover, market players are tapping new opportunities for growth and profitability in North America and Europe. Together, both these developed regions hold over 40% share in the global automotive appearance chemicals market.
Market Moving Ahead with Eco-friendly Approach
Policy makers are establishing regulations against petroleum products used for making waxes and coatings, in a bid to balance customer adoption with public safety. Manufacturers must realign their approaches with sustainability at the center; they are leveraging chemicals derived from palm kernel and soybean oil derivatives to develop eco-friendly car care products.
Companies such as Eco Touch Inc. and National Carwash Solutions, for instance, are solely focused on manufacturing bio-based car care products. Players in the automotive appearance chemicals market should embrace this preferential shift in order to increase the odds of creating outsized returns.
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How Growth will Unfold
Increasing customer awareness and acceptance regarding car care is resulting in demand inflation for automotive appearance chemicals from the aftermarket. Passenger vehicles (PV) continue to secure a substantial chunk of global automotive appearance chemicals market revenue, and this current surge will persist throughout the foreseeable timeframe.
By the end of 2021, the application of automotive appearance chemicals in PVs is expected to cross the US$ 20 Bn mark. Collectively representing nearly one-third of market value, manufacturers would reap stable margins from light (LCVs) and heavy commercial vehicles (HCVs).
FREQUENTLY ASKED QUESTIONS ABOUT GLOBAL AUTOMOTIVE APPEARANCE CHEMICALS MARKET
What are the growing trends in the automotive appearance chemicals market?
Growing environmental awareness among consumers has led to an increase in the demand for eco-friendly car wash detergents and soaps. Regulations against petroleum products used for making waxes and coatings have made customers shift towards environment-friendly alternatives. Manufacturers are utilizing organic sources to derive chemicals for the development of eco-friendly car care products.
How will the automotive appearance chemicals market fare in the coming years?
The market is projected to remain consolidated during the forecast period and beyond. However, with the growing demand for appearance chemicals, there is extensive scope for emerging players to evolve in the automotive appearance chemicals market.
Which end-use industry holds potential growth opportunities for the automotive appearance chemicals market participants?
The automotive industry is leading the end user in the automotive appearance chemicals market, OEMS have in-built facilities and self-sufficient protective coating departments. Moreover, manufacturers and service providers have shifted their focus towards green chemicals, recycling methods, and waste management to stand out from the competition, abiding by new norms against toxins and hazardous waste regulations.
What is the degree of competition in the automotive appearance chemicals market?
The automotive appearance chemicals market is highly competitive in nature, with a large number of regional and local market players. Also, growing unorganized participants in the market has led to a cutthroat market environment. In the current scenario, prominent industry participants include 3M Company, BASF SE, DowDuPont Inc., Kao Corporation, Turtle Wax Inc., Mothers Polishes Wax Cleaners Inc., and Koch-Chemie GmbH.
Which region will lead the global sales for the automotive appearance chemicals market?
Europe and East Asia are anticipated to lead the global automotive appearance chemicals market, with the emergence of China as a prominent consumer, owing to the significant presence of automotive, consumer goods, and aftermarket potential.
AUTOMOTIVE APPEARANCE CHEMICALS MARKET TAXONOMY
- Windshield Washer Fluids
- Car Wax
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Original Equipment Manufacturers (OEMs)
- North America
- Latin America
- South Asia & Pacific
- East Asia
- Middle East & Africa