Automotive Appearance Chemicals Market is Expected to Register a CAGR of Nearly 5% by 2029 - Research Report Insights
VALLEY COTTAGE, New York, June 12, 2019 /PRNewswire/ -- Research Report Insights (RRI) offers comprehensive insights relating to the global automotive appearance chemicals market, and provides in-depth information through designed market research. The report titled, 'Automotive Appearance Chemicals Market: Global Industry Analysis 2014–2018 and Opportunity Assessment 2019–2029', assesses the market, and forecasts the future market scenario on the basis of segments such as product type, vehicle type, sales channel, and region. The global automotive appearance chemicals market was pegged at US$ 24.8 Bn in terms of value at the end of 2018, and is expected to register a CAGR of nearly 5% over the forecast period.
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Cost-Effective, Bio-Based, and Innovative Products Trend in Market
Escalated production in the automotive sector across the world is creating ample of opportunities for the automotive aftermarket, owing to which, the demand for automotive appearance chemicals is estimated surge. Growth in the economies of emerging countries is projected to increase in the forthcoming period, which is anticipated to result into swift industrialization and growth in production activities. This, in turn, will directly and indirectly affect the growth of the vehicle fleet size. The increasing size of the automotive fleet is estimated to boost the demand for automotive appearance chemicals.
Growing urban populations in emerging economies is anticipated to positively influence the growth of the automotive appearance chemicals market. Increased consumer spending on vehicle care activities to maintain their aesthetics and look is a prime factor that is driving the growth of the automotive appearance chemicals market. Also, the shifting trend towards the utilization of professional automotive care services is estimated to create significant opportunities for high-end car care products. The development of innovative, cost-effective, and bio-based automotive appearance chemicals is expected to positively impact the growth of the automotive appearance chemicals market during the forecast period.
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Increasing two wheelers and public transportation, due to the rise in environmental concerns and the need to prevent traffic overcrowding problems, has been leading to a decline in the use of four wheelers. Also, the rising number of regulations relating certain automotive appearance chemicals is expected hamper the growth of the automotive appearance chemicals market during the forecast period.
Europe Remains a Prominent Market Characterized by an Increasing Shift from DIY to Do-It-For-Me Activities
In certain countries of Europe, such as the Netherlands and Germany, automotive owners are forbidden from wash their vehicles at home; hence, these regions have been witnessing the increasing uptake of professional automotive care services. Also, the growing water shortage problem in certain countries of Europe is leading to an increase in professional automotive care activities in the region. In some developed regions, there has been a significant shift to Do-It-For-Me activities from Do-It-Yourself activities. Due to this, North America and Europe are estimated to be promising markets for automotive appearance chemicals. In the Asia Pacific region, automotive production and vehicle fleet size have been witnessing lucrative growth, which, in turn, has increased related aftermarket activities. Thus, the Asia Pacific region is anticipated to be a promising market for automotive appearance chemicals.
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With the imposition of regulations on in-house automotive care activities in the Middle East, and the increase in consumer spending capacity for automotive care and maintenance in Latin America and Africa, the LAMEA region is expected to be a potential market for automotive appearance chemicals.
Some of the players listed in the analysis of the global automotive appearance chemicals market include Altro Limited, Kao Corporation, CRC Industries, PPG Industries Inc., Sasol Ltd., Jax Wax Inc., BASF SE, Future Developments (Manufacturing) Ltd., Malco Products Inc., and Koch-Chemie GmbH, among others.
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