The global car care products market size was valued at USD 4.4 billion in 2022 and is expected to reach USD 4.8 billion by 2027, growing at a CAGR of 1.9% from 2022 to 2027. Car care products are usually surface solvents and chemicals (acids or bases) used for removing stains, cleaning marks, restoring gloss and shine of car surfaces. Car care products are used to prevent or repair damages like swirl marks, scratch, paint fade to ensure. Waxes, polishes, paint protection products, tire cleaners, rim protectors, and glass cleaners are various automotive appearance chemicals available in the market.
Use of e-commerce platforms by leading players to increase customer base
E-commerce refers to purchasing goods and services over the internet with the help of an e-commerce website or application. E-commerce is one of the fastest-growing markets in the world. The global e-commerce retail market has increased from USD 2.4 trillion in 2017 to USD 4.3 trillion in 2020 and experienced a growth of 79.2% from 2017 to 2020. Ease of purchase or convenience, pricing and discounts on various products and services, and home delivery are the major reasons for increasing preference of e-commerce platforms around the world. Considering the success of e-commerce platforms and increasing consumer spending on car care products to maintain the aesthetics of a vehicle, many car care product manufacturers such as 3M, Illinois Tool Works, SONAX, and others have adopted this strategy to sell their car care products through online platforms and retail stores as well.
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Increasing demand for water-based cleaners
Water-based cleaners not only eliminate soils by dissolving contaminants, but they can chemically react with these pollutants, making them increasingly dissolvable in water. Most water-based cleaners consist of a range of other components as well to enhance their effectiveness. Some substances can include detergents or surfactants, builders, emulsifiers, saponifiers, sequestering agents, and chelating agents. Demand for water-based cleaners is increasing due to their various benefits over solvent-based cleaners in the car care products market.
Asia Pacific is expected to be the fastest growing market
Asia Pacific region is expected to be the fastest growing market. Several factors can be attributed to these observations which are first, there is an increase in sales of automobiles in some of the largest market of this regions i.e. China and India. Second, there is an increase in disposable income and awareness regarding good maintenance of car which allows people to spend more generously on maintenance of their car. Thirdly, there is an increasing use car market in this region where the most well-maintained used car get a higher value. Expansion car care shops/parlors by various top players such as 3M, ITW, Wurth Group etc. is expected to drive popularity of car care products. These factors are expected to boost growth of car care products in this region.
Key Market Players
Tetrosyl (UK), Illinois Tool Works (US), 3M (US), Sonax Gmbh (Germany), and Wurth Group (Germany). These companies adopted new product launches and expansion to gain traction in the car care products market.
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