Press release
What's driving the Automotive Part Cleaners & Degreasers Market growth? | by Key Players PETRA OIL COMPANY INC., Valvoline, HOSHO Co. Ltd, Fuchs Group, Zep, Inc., GUNK, Penray
Surging demand for low emission and high-performance engines has fueled global Automotive Part Cleaners And Degreasers Market share, coupled with growing importance regarding servicing and maintenance operations. The products help in the removal of engine contaminations before oil change which ensures fuel efficiency.
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Frontrunners in the Market:
3M, BASF SE, DowDuPont, WD-, Wurth USA Inc., Fuchs Group, Zep, Inc., GUNK, Penray, ABRO Industries, Inc., The Claire Manufacturing Company, AIROSOL COMPANY, INC, ICER BRAKES S.A., Bardahl Manufacturing Company, Wynn's, ENGEN PETROLEUM LTD, PETRA OIL COMPANY INC., The B'laster Corporation, Valvoline, HOSHO Co. Ltd
Growth Drivers:
1. North America: Increasing adoption of Gasoline Direct Injection (GDI) engine
2. Rising demand for hybrid degreasers for LCVs and HCVs
3. Europe: Growing import of automotive parts and components and focus on emission reduction
4. Asia Pacific: Rise in vehicle sales and increase in automotive manufacturing base
With the boom in e-commerce industry more people depend on buying automotive parts and repair products online in order to improve the performance and efficiency of engines. Additionally, increase in demand for heavy and commercial vehicles to meet the surging logistics requirements will furthermore accelerate the industry penetration.
Growing initiatives undertaken by the government and other regulatory authorities with an aim to reduce carbon emission levels and the need for enhanced consumer safety is furthermore steering the product development.
Cleaning of the entire lubrication system, removal of contaminations around brakes, improved fuel performance and removal of carbon build-up that can cause emission of toxic gases are some of the vital factors influencing the global automotive part cleaners and degreasers industry outlook.
Off-roading capabilities offered by LCVs make them a viable option for small scale business owners across the region. Presence of many business and industrial setups in the region due to the high disposable income among the people has steered the demand for vehicles.
North America automotive part cleaners and degreasers market share from light commercial vehicles segment is slated to surpass USD 5.5 billion by 2024. Technological advancements in vehicles has led to the introduction of safety features such as antilock braking system that has spurred the sale of automobiles in the region.
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Moreover, growing dependence on e-commerce due to its convenience, low cost and reliability has furthermore accelerated the industry rise. U.S. engine flush cleaner market share is expected to witness over 2.5% gains between 2018-2024. Consistently growing sales of EVs in the region will transform automotive part cleaners and degreasers market trends.
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