Focus on Maintaining Vehicle Appearance Drives Demand for Automotive Aftermarket Appearance Chemicals, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) June 05, 2014 -- Automotive detailing and appearance care has always been as important to vehicle owners as repairs and replacement of worn out mechanical parts and components. As products that help vehicle owners and appearance care professionals protect and retain the visual appeal of automobiles, automotive chemicals are indispensable in vehicle maintenance. Vehicle appearance care involves maintaining interior and exterior of automobiles by periodic cleaning, polishing, and waxing. In addition to surface protection and enhancement, appearance chemicals also include products that help in cleaning and protecting windshields, tires and wheels. Increase in new vehicle sales and ownership, higher vehicle life expectancy and longer car retention, are factors fuelling growth in the market. Growing focus on protecting the resale value of the vehicle is also driving consumer spending on appearance chemicals. Increased investment in vintage and classic car collectables by affluent aging baby boomers is also poised to benefit demand in the coming years. Against a backdrop of rising vintage car valuation and prices as Generation X turn into lucrative buyers of classic cars, demand for appearance maintenance products is expected to witness sturdy gains. Predominantly a passion-led investment, the increase in the number of high net worth individuals is poised to benefit demand for both classic cars and appearance chemicals that help restore the appeal these antique assets.
Product development efforts aimed at offering biodegradable, environmental friendly and easy to use solutions are also expected to help support demand growth, especially for high-end appearance care products in the luxury vehicle segment. Development of novel chemical compounds that help deliver superior gloss, shine, durability, water beading, and soft feel/matte finish will help spur consumer interest and spending on appearance chemicals. Silicone-based automotive appearance chemicals are especially forecast to grow in popularity given their numerous performance benefits. Key products poised to witness healthy growth in the coming years include wash and rinse aids, exterior wax, conditioners and sealants, exterior trim protectant, upholstery care, interior trim renovator, leather conditioners, glass care, vinyl protectant, and tire care, among others. Increasing number of ‘Do-it-Yourself’ customers also represents a key trend lending traction to market growth. The emergence of the Internet as a medium for knowledge and information dissemination together with demographic and economic factors are encouraging the rise of automotive DIYers, which in turn is expected to benefit retail sales of appearance chemicals.
As stated by the new market research report on Automotive Aftermarket Appearance Chemicals, Europe represents the largest regional market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 5.6% over the analysis period. Growth in the region is driven by the rapidly expanding number of car ownership, huge commercial vehicle fleet, soaring demand for new and used vehicles, and strong focus on timely vehicle maintenance.
Key players covered in the report include 3M Company, 3M Automotive Aftermarket Division, Meguiar's Inc., Armored AutoGroup Inc., Blue Ribbon Products Inc., Illinois Tool Works Inc., Auto Wax Company, Permatex Inc., Northern Labs Inc., Protect All Inc., Turtle Wax Inc., and The Valvoline Company, among others.
The research report titled “Automotive Aftermarket Appearance Chemicals: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, service innovations and launches, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East, and Latin America (Brazil and Rest of Latin America). Product segments analysed include Waxes/Polishes, Protectants, Wheel & Tire Cleaners and Windshield Washer Fluids.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Automotive_Chemicals_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
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Raghu Gopal, Global Industry Analysts Inc, +1 408-528-9966, [email protected]
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