Automotive Aftermarket Appearance Chemicals: A Global Strategic Business Report
San Jose, California (PRWEB) February 10, 2015
Follow us on LinkedIn – The large global base of vehicle fleet is expected to benefit demand for automotive aftermarket appearance chemicals. Growth in the world's vehicle fleet can be put into perspective by the fact that the transportation industry currently accounts for over 50% of the world’s oil production, most of which is consumed in the form of motor fuel. Given that the vehicle fleet size is directly proportional to the population of a region, China and India which are already the most important automotive markets in the world, will emerge as strong markets for aftermarket products including appearance chemicals. Also poised to spur future growth in the market are non-BRIC emerging markets grouped under multiple acronyms such as CIVETS, MIST, Next 11, and MINT. These markets are characterized by rapidly growing domestic consumption, strong financial systems unencumbered by fiscal deficits, expanding base of middle class consumers, and favourable demographics such as, a large base of young, affluent and employed population, unlike the aging, retiring baby boomers in the developed countries. Robust growth in vehicle ownership is therefore forecasted in these markets in the medium to long term period.
The growth in the number of ‘Do-it-Yourself’ customers is benefiting demand for aftermarket appearance chemicals. The rise in the number of female DIYers is especially poised to support sales of waxing & polishing products, and cleaning & washing fluids. Also encouraging growth is the growing trend among aging baby boomers to restore their classic cars. The growing number of car wash centres, against a backdrop of a growing 'Do-It-For-Me' (DIFM) services market, will help drive sales of car shampoos and wheel cleaners. Financial austerity practiced by consumers is leading to a rise in demand for pre-owned cars and leased vehicles. Popularity of pre-owned vehicles is especially high in the United States and Europe. The scenario is fuelling demand for appearance chemicals as maintaining vehicles in good condition and retaining their appearance is a major competitive strategy for professional rental and leasing service companies. Also retaining or enhancing appearance of a vehicle is critical for gaining higher resale value in the market.
As stated by the new market research report on Automotive Aftermarket Appearance Chemicals, Europe represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 5% over the analysis period. Growth in the region is driven by rising car ownership rates, huge commercial vehicle fleet, soaring demand for used vehicles, and increase in the number of luxury car owners in China and their higher propensity to spend on vehicle care and 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 click here
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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 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.
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