Automotive & Transportation
July 28, 2020
Growing urban populations in emerging economies is anticipated to positively influence the growth of the automotive appearance chemicals market. 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.
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.
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.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.
Competitive Landscape :
Some of the Major Key players in the analysis of the global automotive appearance chemicals market are 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.