CHICAGO, July 3, 2019 /PRNewswire/ -- According to the new market research report "Car Care Products Market by Product Type (Cleaning and Caring, Polishing and Waxing, Sealing Glaze and Coating), Solvent Type, Application, Consumption, Distribution Channel, and Region - Global Forecast to 2027", published by MarketsandMarkets™, Car Care Products Market is estimated to be USD 11.8 billion in 2019 and is projected to reach USD 16.1 billion by 2027, at a CAGR of 4.0%. Rising disposable income has resulted in an increase in spending capability for most of the end users towards car maintenance. The trend of maintaining a car as it is a part of a personal image is growing across most of the countries in the world. Used cars are a viable option for most of the first-time buyers across the globe and these users are a potential consumers of car care products. Increase in government mandates to protect the environment and the growth in overall sales volume of cars have immensely contributed to the growth of the car care products market.
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Cleaning and Caring Products segment is expected to be the fastest growing segment and will continue to grow till 2027
Car cleaning shampoos that will remove the dirt and grim without removing sealants or wax protection are the major products under this segment. The segment is mainly driven by interior and exterior cleaning, shampoos, upholstery cleaning, floor mats etc. New product ranges with new types of chemical compositions and solvents are being introduced by companies to cater to the demands of the consumers. The products in this segment are mainly driven by their multipurpose applications. They are user-friendly products at competitive price ranges.
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Water-based solvents are expected to lead the market globally
There has been an increasing adoption of water-based solvents because of their low cost. These products are biodegradable and environmentally friendly. In Europe, there has been government laws and regulations like preserving water, less use of hazardous chemicals in manufacturing car care products.
Asia Pacific is the largest market for car care products followed by North America
Chinese economy growth is stable and transition towards spending money to maintain cars is rising and will continue further till next decade. There has been growth in premium car sales in Indian market for past few years. Other Asian countries such as Japan and Korea are showcasing promising growth for the years 2017-2018 and this trend is expected to continue till 2027. The Asian market is the major market for the European and North American car care products manufacturers.
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The Car Care Products Market is dominated by 3M (USA), Illinois Tool works (USA), Autoglym (UK), Sonax (Germany), Würth Group (Germany), Soft99 Corporation (Japan), Tetrosyl (UK), Simoniz USA (USA), Turtle Wax (USA), Liqui Moly (Germany), Northern Labs (USA), Armored Group (USA), Automagic (USA), Bullsone (South Korea), Jopasu Systems Pvt Ltd (India) and Guangzhou Biabong Car Care Industries Co. Ltd. (China).
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