Dublin, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The "Car Care Products Market by Product Type (Cleaning & Washing, Polishing & Waxing, Sealing Glaze & Coating), Application (Interior, Exterior), Consumption, Solvent (Water, Foam-based), Vehicle Type, Distribution Channel & Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global car care products market is projected to grow from USD 4.4 billion in 2022 and reach USD 4.8 billion in 2027, at a CAGR of 1.9%.
Asia Pacific is the fastest growing market for car care products during the forecast period, and the interior segment is expected to have the largest share of the market by application. The auto beauty shops segment is expected to have the largest market of the car care products market by consumption.
The water-based solvent segment is expected to have the fastest growth due to pricing efficiency and also stands to clear all regulations on chemicals and environmental rules for a car care product. DIFM (Do It For Me) segment is expected to have the biggest market share in the global car care products market by distribution channel.
Globally, the Interior segment is expected to be the fastest-growing segment during the forecast period.
The interior segment includes car care products such as foam-based, or water-based solvent interior trim as well as exterior cleaners. The demand for these products is increasing due to their capability to clean trim parts and keep the interiors of a car new. Hence, the increasing consumer preferences for car interior detailing and cleaning are driving the growth of the interior segment.
Water based car care products are projected to be the fastest-growing market.
The water based segment is expected to see the fastest growth and is expected to have the largest market share. Due to their cost advantage over foam based they are more preferred for general purpose car cleaning whereas foam based are used for more specific cleaning applications.
Also with increasing environmental regulations the water based car care products are more eco friendly than foam based products which can polluted water bodies etc. Hence water based products are expected to see growth during the forecast period.Asia Pacific is projected to be the fastest growing market.
The Asia Pacific is the fastest growing market for car care products.
This is due to increasing vehicle production, increasing market for use cars and increasing disposable income has aided largely into these positive trends in this region.
The demand for car care products in interior applications is high due to increasing preference for interior car care products to maintain the aesthetics of interior parts and increasing demand for anti-microbial interior car care products in Asia Pacific. Thus, the interior segment in the Asia Pacific is expected to be the largest and fastest-growing market.
Report Metrics
| Report Attribute | Details |
| No. of Pages | 194 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $4.4 Billion |
| Forecasted Market Value (USD) by 2027 | $4.8 Billion |
| Compound Annual Growth Rate | 1.9% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Increase in Sales of Used Cars
- Use of E-Commerce Platforms by Leading Players to Increase Customer Base
Restraints
- Stringent Regulations Pertaining to Car Wash and Car Care Products
Opportunities
- Development of Antibacterial Car Care Products
- Increasing Demand for Water-Based Cleaners
Challenges
- High Cost of Specialized Car Care Products
- Usage of Hazardous Chemicals in Car Care Products
Companies Mentioned
- 3M
- Altro Group plc
- Armor All
- Armored Auto Group
- Auto Magic
- Bullsone
- Cartec B.V.
- Chemical Guys
- Formula1 Wax
- Guangzhou Biaobang
- Illinois Tool Works Inc.
- Jopasu Systems
- Liqui Moly
- Mafra Spa
- Northern Labs
- Simoniz USA
- Soft99 Corporation
- Sonax GmbH
- Tetrosyl
- Turtle Wax
- Wurth Group
For more information about this report visit https://www.researchandmarkets.com/r/nbf2u6-care-products?w=12
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