PUBLISHER: Allied Market Research | PRODUCT CODE: 1179809
PUBLISHER: Allied Market Research | PRODUCT CODE: 1179809
The global car care solvent market was valued at $1.1 billion in 2021, and is projected to reach $2.0 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.
Car care solvents are high-performing chemicals used to enhance the aesthetic appearance of cars and improve durability, shine, aesthetics, and other maintenance factors of cars. They are widely utilized for car cleaning, refinishing, paint restoration, car polishing, and other applications. Some examples of car care solvents include acetone, xylene, toluene, mineral spirits, propylene glycol, and others.
The steadily growing application of a wide range of car care solvents such as acetone, toluene, mineral spirits, and others, for automotive cleaning, paint restoration, car detailing, degreasing, and other applications is the major key market trend. Furthermore, factors such as rise in disposable income coupled with increase in number of authorized and non-authorized service centers in both developed and developing economies where car solvents are widely employed for maintenance and repair-related activities may contribute to the growth of the car care solvent market.
However, health-related disorders associated with the use of car care solvent are expected to hamper the growth of the market during the forecast period.
On the contrary, disposable income of individuals has been increasing considerably across the globe. For instance, according to the Organization for Economic Co-operation and Development (OECD) statistics, the disposable income in OECD countries witnessed a growth of 1.7% in 2021. In addition, according to the China government, China's per capita disposable income observed an increase of 8.1% in 2021. In addition, increase in trend of vehicle customization has been witnessed, owing to rise in disposable income as car owners are more conscious about the looks and aesthetics of the car. This factor is projected to enhance the demand for car care solvents used in refinishing, car detailing, and other applications; thus, creating lucrative opportunities for the car care solvents market.
The car care solvent market is segmented into type, application, end use, and region. On the basis of type, the market is bifurcated into acetone, mineral spirits, toluene, isopropyl alcohol, propylene glycol, and others. By application, the market is classified into interior, and exterior. Depending on end use, it is fragmented into service centers and garages, and personal. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global car care solvent market profiles leading players that include BASF SE, Car Clean Products NZ Ltd., CRC Industries, DOW INC., Eastman Chemical Company, Exxon Mobil Corporation, INEOS, Kleanstrip, Momar Inc., Recochem Corporation, RelaDyne LLC, Rust-Oleum, Solventis, Sunnyside Corporation, and Solvents & Petroleum Service, Inc. The global car care solvent market report provides in-depth competitive analysis as well as profiles of these major players.
Key Benefits For Stakeholders
By Type
By End-use
By Application
By Region