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Automobile Care Products Market is estimated to register 4.11% CAGR | Market Research Future (MRFR)

Key industry participants in the global Automobile Care Products Market are Adolf Würth GmbH & Co. KG (Germany), Jopasu Systems Pvt. Ltd. (India), Mothers Inc. (US), BULLSONE Co. Ltd (South Korea), Valvoline Inc. (US), Total S.A (France), SOFT99 corporation. (Japan), Tetrosyl Ltd. (England), Simoniz USA (US), 3M (US), Turtle Wax (US), The Armor All (US), SONAX GmbH (Germany), LIQUI MOLY GmbH (Germany), Autoglym (UK), Guangzhou Botny Chemical Co., Ltd (China), Illinois Tool Works Inc. (US), and Guangzhou Biaobang Car Care Industry Co., Ltd (China).

/EIN News/ -- Pune, March 12, 2021 (GLOBE NEWSWIRE) -- Invest in the Best Auto Care Products

The automobile care products market is a flourishing space. The market is growing mainly due to the growing production and sales of vehicles over the past few years. Whether a brand new car or used ones, regular car maintenance and investing in quality auto care products always pays back well. The right auto care solution restores vehicles to their top form. 

There is a range of products available in the market to protect and maintain vehicles from top to bottom and from under the hood to the surface. The global automobile care products market is garnering remarkable growth over recent years. Factors such as the rising sales of luxury vehicles and growing awareness of automotive care products drive the growth of the market. 

Besides, the strong economic growth and the spurring rise in the automotive industry create substantial market demand. Moreover, growing numbers of service stations and increasing aftermarket activities escalate market growth. Market Research Future (MRFR), in its latest analysis - the global automobile care products market, asserts that the market is projected to grow at a 4.11% CAGR during the forecast period (2019–2025). 

Auto owners are focusing on improving vehicle aesthetics and performances. Advances in technologies and the relative efficacy of competing auto care products are priorities that have already altered the market capitalization. The rapid expansion of automotive industries in emerging economies such as China, India, Thailand, Mexico, Indonesia, and Vietnam, fosters the automobile care products market size. 


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The COVID-19 outbreak severely hit the automobile care products industry. On one side, manufacturers faced various problems ranging from obtaining raw materials o develop products and attracting workers from quarantines t and delivering end products to attracting workers from quarantines. 

Strict lockdown mandates halted production facilities and forced several manufacturers to cut down on their production output. However, the automobile care products market is rapidly returning to normal, witnessing the steadily increasing demand. The automobile care products market demand is projected to pick up following the uplift of the lockdown in many countries. 

Industry Trends

The automobile care products market is garnering significant traction across the globe. The rising adoption of automotive care services in passenger vehicles is likely to foster the automobile care products market shares. Additionally, the rising demand for automotive care products and increased maintenance cost of luxury vehicles act as major driving forces. 

Besides, rapid advances in care & maintenance technologies and materials influence the growth of the market. Conversely, price volatility and the demand-supply gap in raw materials essential for production are major factors impeding the growth of the market. Also, the availability of several low-cost counterfeit automobile care products poses challenges to market growth.



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Segmentation

The automobile care products market is segmented into type, application, and region. 

The type segment is sub-segmented into cleaning & caring, polishing & waxing, sealing glaze & coating, and others. Among these, the cleaning and caring segment holds the largest market share due to the increasing use of cleaning & caring products to remove dirt, mud, hard-dust, bird droppings, oil & grease from exterior automotive painted surfaces without damaging the surface.

The application segment is sub-segmented into service centers and garages, auto beauty shops, individual sources, and others. Among these, the service centers & garages segment holds the largest market share. Service centers & garages are well equipped to provide a range of services, including washing, aesthetic enhancements, lubrication, and tire and battery services.

Regional Analysis 

The Asia Pacific region dominates the global automobile care products market. Ample availability of key raw materials and cost-competitive workforces are major factors impacting the automobile care products market growth. Besides, the growing number of service stations, increasing aftermarket activities, and rising automotive sales in the region impact the market growth positively. 

Furthermore, the strong economic growth and the burgeoning automotive industry in this region create substantial market demand. Continually shifting market dynamics, technological improvements, and changing preferences of vehicle owners are key trends substantiating the region's automotive care products market size. The APAC automobile care products market is projected to maintain its market position throughout the review period. 



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North America acquires the second position in terms of automobile care products market value. Factors such as the North American Free Trade Agreement (NAFTA) and increasing sales of automobiles increase the demand for automotive care products in the region. With the presence of several key industry players, such as Valvoline, Turtle Wax, and 3M (US), the US dominates the regional market. 

Additionally, the growing number of automotive beauty shops and service stations and the rising consumer awareness regarding vehicle aesthetic enhancement boost the region's automotive care products market size. 

Europe witnessed a spurring rise in the automobile care products market value. The presence of major automotive manufacturers contributes to the European automobile care products market growth. Moreover, factors such as stringent regulations and increasing demand for environment-friendly vehicles boost the region's automobile care products market revenue. The European automobile care products market is expected to grow at a significant rate over the forecast period. 

Competitive Analysis

The automobile care products market witnesses significant strategic approaches, such as collaboration, mergers & acquisitions, expansion, and technology launch. Leading industry players make strategic investments to drive research and development activities and expansion plans. 

For instance, recently, on Feb. 01, 2021, Kraton Corporation, a leading global producer of specialty polymers and high-value bio-based products, announced the first commercial application of IMSS™ technology in an automotive application. SAIC-GM, a joint venture (JV) between General Motors Company and SAIC Motor Corporation Limited, officially released the 2021 Buick GL6 model's newly engineered interior in late November 2020 in the Chinese market.

In another deal on Jan. 20, 2021, Turtle Wax announced entering India to capitalize on the growing car care business. Along with a range of exterior & interior car care products, Turtle Wax would also launch a vehicle disinfectant in the next few months.

Key players involved in the market are Jopasu Systems Pvt. Ltd. (India), Adolf Würth GmbH & Co. KG (Germany), Mothers Inc. (US), Valvoline Inc. (US), BULLSONE Co. Ltd (South Korea), Total SA (France), Tetrosyl Ltd. (England), SOFT99 corporation. (Japan),Simoniz USA (US), Turtle Wax (US), 3M (US), The Armor All (US), LIQUI MOLY GmbH (Germany), SONAX GmbH (Germany), Autoglym (UK), Illinois Tool Works Inc. (US), Guangzhou Botny Chemical Co., Ltd (China), and Guangzhou Biaobang Car Care Industry Co., Ltd (China), among others. 



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