Car Care Solvents Market Research, 2031
The global car care solvents 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 growth of the global car care solvents industry is driven by stringent government regulations to promote the cleanliness of cars. For instance, according to an article published by The Economic Times in July 2019, Dubai government imposes a fine of 500 dirham (approx. $132.1) on residents for leaving dirty car. This led the car owners to visit car washing stations and service stations more frequently where car care solvents are widely used for car cleaning, sanitization, polishing, car detailing, and other purposes. Moreover, adoption of e-commerce platforms by key players such as Rust-Oleum, CRC Industries, Sunnyside Corporation, and others, to sell their car care solvents through online platforms and retail stores as well. This has surged the popularity of car care solvents; thus, fueling the car care solvents market growth.
However, several car care solvents such as mineral/white spirits, toluene, and others are petroleum-based solvent which makes them a highly volatile commodity, owing to the fact that prices of crude oil/petroleum are controlled by oil traders, current oil supply, and future supply & demand. In addition, natural and man-made disasters have a great influence on price fluctuations of petroleum-based products. Therefore, increase in prices of these raw materials negatively affects the car care solvent vendors. In addition, there are certain health risks associated with the use of solvents. For instance, exposure to high concentration of acetone may cause headache, nausea & vomiting, dizziness, lightheadedness, and even passing out. Moreover, mineral spirits if exposed beyond maximum concentration limits may produce slight to moderate skin irritation, and prolonged or repeated exposure. These factors may restrain customers from using car care solvents; thus, hampering the market growth.
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 solvents market is segmented into Type, End-use and Application. 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 leading players holding the global car care solvents market share 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 Asia-Pacific car care solvents market size is projected to grow at the highest CAGR during the forecast period. Increase in involvement of original equipment manufacturers (OEMs) in the aftermarket industry combined with the consolidation of car care solvent distributors promotes the growth of the market in the region. Moreover, factors such as growth in automotive industry and retail sectors, owing to significant rise in per capita income and rapid urbanization, drive the market growth.
In 2021, the acetone segment was the largest revenue generator, and is anticipated to grow at a CAGR of 6.6% during the forecast period. The steadily growing application of acetone as a car care solvent for automotive cleaning, paint restoration, degreasing, and others 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 acetone is widely employed for maintenance and repair-related activities, are expected to contribute to the car care solvents market growth for acetone.
By application, the interior segment dominated the global market in 2021, and is anticipated to grow at a CAGR of 6.1% during the forecast period. Car care solvents are used in car interior for cleaning dashboards, glove boxes, seat & steering covers, and other parts. Solvents such as acetone, mineral spirits, and others find application in car interiors. Moreover, isopropyl alcohol is widely used in car interiors for disinfecting purposes. Increase in disposable income coupled with rise in customer preference toward having luxury car interior have surged the utilization of various car care solvents such as acetone, mineral spirits, and others. Moreover, increase in awareness for hygiene-related activities have surged the need for isopropyl alcohol used for killing bacteria and viruses in car interiors. These factors altogether may augment the growth of the car care solvents market for car interior applications.
By end use, the service centers and garages segment dominated the global market in 2021, and is anticipated to grow at a CAGR of 6.3% during the forecast period. Car care solvents hold a prominent role in service centers and garages for car cleaning, paint restoration, disinfecting, car polishing, and other applications. Both authorized and non-authorized service centers use a wide range of solvents (as per the customer requirements) for various car care activities. The increasing investment of customers on repair & maintenance activities has surged the demand for car care solvents used for degreasing, paint restoration, and other purposes in the service centers and garages. Moreover, governments of certain countries such as Dubai, Russia, and others, impose fine on keeping their cars dirty. This has led the car owners to visit car washing stations and service stations more frequently where car care solvents are widely used for car cleaning, sanitization, polishing, car detailing, and other purposes. This may further aid the growth of the car care solvents market in the service centers and garages.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the car care solvents market analysis from 2021 to 2031 to identify the prevailing car care solvents market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the car care solvents market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global car care solvents market trends, key players, market segments, application areas, and market growth strategies.
IMPACT OF COVID-19 ON THE GLOBAL CAR CARE SOLVENT MARKET
- The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe.
- The COVID-19 crisis created uncertainty in the automotive sector. According to a report published by Society of Indian Automobile Manufacturers (SIAM), sale of passenger cars declined by 51% in March 2020.
- Also, several car care solvent manufacturing companies either shutdown or shrank their operations due to the risk of infections among the workforce. This temporarily hampered the demand-supply chain of car care solvent market amid the COVID-19 period.
- Furthermore, to control the surge of novel coronavirus cases, there was a drastic shift of investments from other sectors toward healthcare. In addition, the falling income of customers has decreased the demand for automotive maintenance & repair products. Furthermore, the car care solvent manufacturing industry has faced various problems related to transportation, the non-availability of a skilled workforce, and reduced export/import orders amid the COVID-19 period. This has led the car care solvent market to witness a downfall in demand. Moreover, more than 100 countries locked their international borders for transportation and non-essential trade activities, which hampered the supply-demand chain of the car care solvent market during the COVID-19 scenario.
- In 2020, car care solvent prices were high in Asia-Pacific region. The price rise was due to continued regional demand trends and tight product availability. Firm downstream demand for car care solvent and stronger upstream costs are expected to sustain the price gain.
- However, increasing awareness for car cleaning and maintenance-related activities among car owners may surge the popularity of car care solvents post COVID-19 scenario. Moreover, the overall service activities of market players have registered a steady and favorable recovery in the subsequent months with increase in the sales of passenger cars. For instance, according to an article published by Business Today in March 2021, Maruti Suzuki witnessed a growth of 8.3% with 144,761 units being sold out while Hyundai witnessed a 29% jump with 51,600 units being sold out in February 2021. This is predicted to enhance the performance of the car care solvent market post COVID-19 period.
Car Care Solvents Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 2 billion |
 Growth Rate | CAGR of 6.3% |
 Forecast period | 2021 - 2031 |
 Report Pages | 315 |
 By Type |
|
 By End-use |
|
 By Application |
|
 By Region |
|
 Key Market Players | MOMAR, Eastman Chemical Company, Solventis, sunnyside corporation, Exxon Mobil Corporation, Ducan Automotive, Auto-Wares Group of Companies, Knowde Group, BASF SE, INEOS, Dow, Recochem Corporation, RelaDyne LLC., Rust-Oleum, Penn Tool Co. Inc. |
Analyst Review
This section provides the opinions of various top-level CXOs in the global car care product market. Hence, based on the interviews of various top-level CXOs of leading companies, the global car care solvent market is expected to exhibit high growth potential during the forecast period. Car care solvents are used for maintaining car aesthetics, vehicle repair & maintenance, and other associated purposes. The growing adoption of luxury cars & sports utility vehicles (SUVs) for outdoor recreational activities leads to the need for effective car care solvents used for cleaning and regular maintenance purposes may fuel the demand for the car care solvent market.
In addition, increase in investments made by the car owners on repair and maintenance activities has surged the demand for car care solvents among countries such as the U.S., Germany, and others. Furthermore, the market growth is supplemented by factors such as stringent government regulations, growth of automotive post sale services, and adoption of e-commerce platforms by leading players supplement the growth of the car care solvent market. Furthermore, factors such as high onset action and efficiency, have surged the popularity of car care solvent in the personal sector. CXOs further added that sustained economic growth and development of the service centers and garages have increased the popularity of car care solvent.
The steadily growing application of acetone as a car care solvent for automotive cleaning, paint restoration, degreasing, and others is currently rising. Moreover, the current trend of detailing and cleaning of cars among car owners is also gaining traction nowadays.
The interior segment dominated the global market in 2021 and is anticipated to grow at a CAGR of 6.1% during the forecast period.
The Asia-Pacific car care solvent market size is projected to grow at the highest CAGR during the forecast period. It is attributed to the highest number of car sales in the region driven by countries such as China, India, Japan, and South Korea.
The global car care solvent market is projected to reach $2.0 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.
The leading companies operating in the global car care solvent market 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.
Loading Table Of Content...
