Chicago, Oct. 28, 2022 (GLOBE NEWSWIRE) -- Car Care Products Market is projected to grow at a CAGR of 4.7% during the forecast period, from an estimated USD 4.2 billion in 2021 to USD 5.5 billion by 2027, according to a new report published by MarketsandMarkets.
Browse and in-depth TOC on "Car Care Products Market"
98 – Tables
44 – Figures
160 – Pages
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Individual Sources segment, by consumption is expected to be the fastest-growing segment during the forecast period.
Individual sources consume various DIY (Do It Yourself) car care products. DIY care products do not require specific skills or professional experience for their application. Increased adoption of e-commerce platforms by major manufacturers such as 3M and Sonax Gmbh has made it more convenient for car owners to use car care products.
Currently, the consumption of car care products through individual sources globally is high with the outbreak of the COVID-19. This pandemic resulted in lockdowns and the closing of auto beauty shops and garages. Hence, this resulted in an increase in the consumption of DIY car care products through individual sources.
Water based solvent car care products are expected to be the fastest and largest segment during the forecast period.
Water-based solvent car care products have a narrow range of evaporation rates and can be used based on the application. No toxic fumes are released in water-based solvent as well as the presence of volatile organic compounds in water-based solvents is low. The water-based solvents segment is expected to lead the market for car care products during the forecast period. The growth of this segment can be attributed to the reduced cost of raw materials used in water-based car care products and the need to have more products that are biodegradable and harmless to the environment and consumers.
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Asia Pacific region is estimated to be the second largest regional market.
The region is one of the major producers of car care products. It is the largest producer of economical cars in the world. Japan and South Korea are the leaders in technology, while India and China have the largest vehicle production in Asia Pacific. Asia Pacific has emerged as a hub for automotive production in recent years due to changing consumer preferences, increasing per capita income of the middle-class population, and cost advantages for OEMs. This has simultaneously contributed to the growth of the Car Care Products Market in Asia Pacific. Consumers in the region are inclined toward cost-effective car care products. The growing automotive vehicle production and sales of used cars in the country, as well as increasing demand for cost-effective water-based solvent car care products, is driving the Car Care Products Market in the region.
Key Market Players
The Car Care Products Market is dominated by globally established players such 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 market.
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