Automotive Appearance Chemicals Market Projected to Witness a Measurable Downturn; COVID-19 Outbreak Remains a Threat to Growth in the Near Future
Over the recent years, there has been an increase in the production of automobiles with steady growth in the automotive sector. In 2018, the global production of automotive vehicles registered a 3.8% Y-o-Y growth as compared to 2017, and global vehicle production in 2018 was pegged at 101.9 Mn units. Automotive appearance chemicals include products that elevate and enhance the aesthetics of an automotive. Products such as wax, polish, soaps, coatings, and windshield washer fluids are the major product types of the market. Automotive appearance chemicals play a major part in prolonging lifespan and enhancing aesthetics.
The global automotive appearance chemicals market is projected to exhibit a 4.6% CAGR during the forecast period (2019-2029).
Market Landscape Moving towards Fragmentation
Key Takeaways of Automotive Appearance Chemicals Study
- Aftermarket sales are expected to spearhead the automotive appearance chemicals market during the forecast period, owing to consumer preference for increasing the vehicle’s life span as well as elevating the aesthetic aspect of the vehicle.
- The coatings segment is expected to register healthy growth during the forecast period, owing to the trend of decorative coatings on automobiles.
- The OEMs segment is expected to witness steady growth, owing to the shift being witnessed in aftermarket activities in high-growth regions such as China and India.
- Europe and Asia Pacific are expected to dominate the global automotive appearance chemicals market, owing to increase in car sales as well as aftermarket activities.
- South Asia and East Asia are anticipated to witness healthy growth in the coming years, owing to increase in DIY-activities. Growing street service providers in China and South Korea is a major factor driving the sales of automotive appearance chemicals in these regions.
The automotive appearance chemicals market is highly consolidated, with the presence of a large number of market players in both, tier I and II brackets. Domestic players are expected to account for 45 – 55% share in the overall market. 3M, Albemarle Corporation, Asahi Glass Co. Ltd., LyondellBasell Industries Holdings B.V, Honeywell International Inc., Dow Chemical Company, Chemours Company, Solvay SA, BASF SE, etc., are some of the established manufacturers in the market. Tier I participants are anticipated to face strong competition from tier II & III players over the foreseeable future.
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What Does the Future Hold?
In the coming years, with the growing purchasing power of customers in developing regions, demand for automotive appearance chemicals is also anticipated to grow. Moreover, cost-effective and environmentally-friendly characteristics will contribute heavily to the growth of the market. Demand for effective/protective coats and sustainable products from automotive and electrical & electronics industries is going to be the primary driving force of the automotive appearance chemicals market.
Want to Know More?
Future Market Insights has published a market research report on the automotive appearance chemicals market that contains global industry analysis for 2014–2018 and opportunity assessment for 2019–2029. The report provides insightful analysis of the automotive appearance chemicals market through four different segments – product type, vehicle type, sales channel, and region. The automotive appearance chemicals market report also provides the demand trends of different types across industry verticals, a comprehensive list of service providers in the market, various projects around the world, and a detailed overview of the parent market.
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