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[strategyr-blog]

Vehicle Appearance Gets its Fair Share of the Spotlight for Reasons that Go Beyond Aesthetics into Performance, Functional & Safety Benefits

The global market for Automotive Aftermarket Appearance Chemicals is projected to reach US$5.6 billion by 2025, driven by rising average age of vehicle fleet, a parallel increase in maintenance expenditure, and undeterred customer focus on aesthetic appearance. The large global base of vehicle fleet is expected to benefit demand for automotive aftermarket appearance chemicals. The growth in the world's vehicle fleet can be put into perspective by the fact that the transportation industry currently accounts for over 50% of the world’s oil consumption, most of which is consumed in the form of motor fuel. Given that the vehicle fleet size is directly proportional to the population of a region, China and India which are already the most important automotive markets in the world, will emerge as strong markets for aftermarket products including appearance chemicals. The growth in the number of ‘Do-it-Yourself’ customers is benefiting demand for aftermarket appearance chemicals. The rise in the number of female DIYers is especially poised to support sales of waxing & polishing products, and Protectants. Also encouraging growth is the growing trend among aging baby boomers to restore their classic cars. The growing number of car wash centres, against a backdrop of a growing 'Do-It-For-Me' (DIFM) services market, will help drive sales of car shampoos and wheel cleaners. Financial austerity practiced by consumers is leading to a rise in demand for pre-owned cars and leased vehicles.

Popularity of pre-owned vehicles is especially high in the United States and Europe. Economic factors play an important role in the automotive market, and in turn on the automotive appearance chemicals market. Depending on the circumstances, economic factors play a key role in driving both the new car market as well as the used car market. Development of the new car market as well as the used car market bodes well for the automotive appearance chemicals market. New car sales tend to lead to increase in per capita consumption, while a vibrant used car market enables increased usage of automotive appearance chemicals.

As stated by the new market research report on Automotive Aftermarket Appearance Chemicals, Europe represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 5.5% over the analysis period, led by factors such as stable economic growth, growing employment rates, rising standards of living, increasing disposable income, growing per capita car ownership, higher propensity to spend on vehicle care and maintenance among the growing base of affluent middle class population, development of the transportation sector and the ensuing increase in commercial vehicle fleet especially service vehicles more focussed on appearance and new establishment of service centers specializing in providing exterior and interior detailing services and rapid proliferation of car wash stations in industrial and residential areas.  

Key players in the market include 3M Company, 3M Automotive Aftermarket Division, Meguiar's Inc., Armored AutoGroup Inc., Blue Ribbon Products Inc., Illinois Tool Works Inc., Auto Wax Company, Permatex Inc., Niteo Products LLC, Northern Labs Inc., Protect All Inc., and Turtle Wax Inc. among others.

The research report titled “Automotive Aftermarket Appearance Chemicals – Market Trends, Analysis and Forecasts” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, service innovations and launches, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East, and Latin America (Brazil and Rest of Latin America). Product segments analysed include Waxes/Polishes, Protectants, Wheel & Tire Cleaners, and Windshield Washer Fluids.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.

For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.         For cutting edge analyst reviews on top industries, follow us on Twitterand connect with us on LinkedIn

[pertamax7]

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