PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485888
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485888
Car Care Solvents Market size was valued at USD 1,269.2 Million in 2023, expanding at a CAGR of 7.00% from 2024 to 2032.
Car care solvents are high-performance chemicals used to improve the aesthetic look of vehicles, as well as their durability, gloss, aesthetics, and other maintenance characteristics. They are commonly used in automotive cleaning, refinishing, paint restoration, and polishing, among other applications. Some car care solvents include acetone, xylene, toluene, mineral spirits, and propylene glycol.
Car Care Solvents Market- Market Dynamics
Strict Government Regulations Drive Global Car Care Solvents Market Growth
Stringent government laws promoting car cleanliness are driving the worldwide car care solvents industry's expansion. For instance, according to a July 2019 report in The Economic Times, the Dubai government fines citizens 500 dirhams (about $132.1) for keeping their cars unclean. This prompted automobile owners to visit car washes and service centers more regularly, where car care solvents are commonly used for cleaning, sanitization, polishing, detailing, and other applications. Furthermore, important firms, including Rust-Oleum, CRC Industries, Sunnyside Corporation, and others, have adopted e-commerce platforms to sell auto care solvents both online and in retail stores. This has increased the appeal of auto care solvents, hence boosting the market expansion.
Car Care Solvents Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.00% over the forecast period (2024-2032)
Based on Type segmentation, The acetone sector gained the most revenue in 2023 and is predicted to grow at a CAGR of 6.6% over the forecast period.
Based on End-use segmentation, The service centers and garages category led the global market in 2023.
Based on region, North America was the leading revenue generator in 2023
The Global Car Care Solvents Market is segmented by Type, End-use, Application, and Region.
The market is divided into three categories based on Type: Acetone, Mineral Spirits, Toluene, Isopropyl Alcohol, Propylene Glycol, and Others. The acetone sector generated the most revenue in 2023 and is expected to rise at a CAGR of 6.6% over the forecast period. The significant key market trend is the increasing use of acetone as a car care solvent for automotive cleaning, paint restoration, and degreasing, among other applications. Furthermore, factors such as rising disposable income and an increase in the number of authorized and non-authorized service centers in both developed and developing economies, where acetone is widely used for maintenance and repair-related activities, are expected to contribute to the growth of the acetone car care solvents market.
The market is divided into two categories based on End-use: Service Centres and Garages and Personal. The service centers and garages category dominated the global market in 2023 over the forecast period. Car care solvents are widely used at service centers and garages for car cleaning, paint restoration, disinfection, and polishing, among other purposes. Both authorized and non-authorized service shops utilize a variety of solvents (depending on the customer's needs) for various car care operations. Customers' rising investment in repair and maintenance activities has increased demand for automobile care solvents used for degreasing, paint restoration, and other purposes in service centers and garages.
Car Care Solvents Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
In 2023, North America led the auto care products market with the biggest revenue share. The surge is linked to rising car sales and increased understanding of vehicle maintenance. Furthermore, as micro trucks become more popular as family vehicles and demand for luxury automobiles rises, so will the use of car maintenance products. Rising sales of cars and passenger vehicles, together with other reasons, will boost the regional market for car maintenance products.
The Asia-Pacific car care solvents market is expected to develop at the fastest CAGR over the forecast period. The increased involvement of original equipment manufacturers (OEMs) in the aftermarket industry, together with the consolidation of vehicle care solvent distributors, fosters market expansion in the region. Furthermore, the market is being driven by factors such as expansion in the automotive and retail sectors as a result of rising per capita income and fast urbanization.
To remain competitive, the market's leading competitors offer a wide range of creative offerings. The market's major players use various methods to meet demand from diverse industries. Acquisitions, Partnerships, and collaborations are the market's primary development strategies. The market research report analyzes the market's main stakeholders. Solventis, Dow, RelaDyne LLC, Rust-Oleum, Auto-Wares Group of firms, INEOS, Ducan Automotive, and others are among the key firms highlighted in the report.
In June 2022, LIQUI MOLY's car care product portfolio continues to expand. Although LIQUI MOLY is best known for its lubricants and additives, the company's portfolio of car maintenance products is constantly expanding. The Display Cleaner and Detailer are the most current updates. Detailer Speedy Paint Care is a global talent that accomplishes a lot with minimal effort. The Display Cleaner is designed to remove fingerprints and dust off navigation systems, touchscreens, and other delicate surfaces that vigorous cleaning agents may damage. It is also suitable for use on eyeglasses, camera lenses, helmet visors, and other non-absorbent surfaces.
GLOBAL CAR CARE SOLVENTS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Solventis
Dow
RelaDyne LLC.
Rust-Oleum
Auto-Wares Group of Companies
INEOS
Ducan Automotive
Eastman Chemical Company
Penn Tool Co. Inc.
sunnyside corporation
BASF SE
Recochem Corporation
Knowde Group
MOMAR
Exxon Mobil Corporation
Others