Fact.MR’s recent report on the automotive aftermarket appearance chemicals market forecasts a rather sluggish, yet positive outlook, estimated to surpass US$ 5 Bn by 2031, expanding at a little over 2% CAGR. Increasing ownership of luxury vehicles is primarily generating demand for automotive aftermarket appearance chemicals, attributed to their heightened maintenance requirements.
Historically, the market grew moderately, expanding at a CAGR of under 3% from 2016 to 2020, being valued at over US$ 1 Bn in 2016, and surpassing US$ 4 Bn by 2020. This slow growth is attributed to a general slowdown in the global automotive industry. Prospects were further dimmed due to recessionary pressures induced by the COVID-19 pandemic.
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Future growth prospects are expected to be influenced by a flourishing EV market. According to the International Energy Agency, the number of electric vehicles will likely hit 125 million by 2030. Hence, maintenance cycles are bound to increase, as these vehicles are expected to consume a significant amount of material, including tires, paints, and drivetrains. This is expected to provide manufacturers renewed opportunities to establish revenue pools across key markets.
Key Takeaways from Market Study
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Key Market Segments Covered in Study
Product
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Market Competition
3M Company, Blue Ribbon Products Inc., Illinois Tool Works Inc., Meguiar’s Inc., Niteo Products LLC, Northern Labs Inc., Permatex Inc., Protect All Inc. and Turtle Wax Inc. are some prominent automotive aftermarket appearance chemical manufacturers profiled in Fact.MR’s report.
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