Press release
Liquid Car Care Market to Witness Growth Acceleration During 2021 - 2031 | TMR Study
According to the report, the liquid car care market in Europe is projected to surpass EUR 7.7 Bn by 2031, expanding at a CAGR of 1.80% during the forecast period. Liquid car care products are developed for cleaning exterior and interior trims and body parts of cars. Liquid car care involves cleaning, washing, polishing, waxing, coating, and sealing the glaze of the car, which protects it from corrosion and other damage.Access Complete Report of Liquid Car Care Market @ https://www.transparencymarketresearch.com/europe-liquid-car-care-market.html
The development of new products to cater to different requirements of customers for car maintenance is propelling the liquid car care market. Moreover, most chemical companies are consistently engaged in tracking the changing customer requirements and developing new products. For instance, Triplewax (Brand of Tetrosyl) manufactured waterless wax and wash that has a two-phase shake and shine. Triplewax is a spray-on and wipe-off product that does not require water, as it contains three different waxes that are deeply clean and provides glossy shine to car parts. Such developments by companies are driving the market.
The COVID-19 pandemic has hampered the automotive as well as other industrial sectors across Europe. Supply chains in Europe were distorted, car and related parts manufacturing was stopped, and all the retail and online businesses were disrupted, which in turn hampered the liquid car care market.
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Expansion of Europe Liquid Car Care Market
The increasing demand for bio-based raw materials and antimicrobial car care products is expected to boost the liquid car care market during the forecast period. Antimicrobial products ensure that the interior of the car is clear of 99.9% of microscopic organisms. These spray-based products clean and sanitize the interior of the automobile. For instance, Lysis technology provides products that fight and destroy viruses and germs by puncturing the bacteria's cell membrane and entirely destroying its structure. On the other hand, bio-based products are made entirely or partially from biological elements, with the exception of those entrenched in geological formations. Bio-based products are gaining traction in the liquid car care market due to resource depletion and climate change.
Based on car type, the sedan car segment held a dominant share of the liquid car care market in Europe, in terms of revenue and volume, in 2020. Europe witnessed highest sales for sedan cars among consumers, which indicates high demand for car care products in the segment. Moreover, demand for sedan cars is increasing due to rising government subsidies and the development of new electric passenger car models across Europe.
Based on product type, the cleaning & washing segment held a major share of the liquid car care market in Europe, in terms of revenue and volume, in 2020, as car cleaning and washing is considered a primary usage of car care for maintaining the vehicle. Most of the customers opt for car washing in order to save time and maintain the appearance of the vehicle. On the other hand, the polishing & waxing segment also accounted for a prominent share of the market, in order to enhance the shine of car bodies and parts and protect them from corrosion.
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Regional Analysis of Europe Liquid Car Care Market
In terms of region, the liquid car care market in Europe has been segregated into Germany, France, Spain, Austria, Netherlands, Switzerland, and the Rest of Europe. Germany dominated the liquid car care market in Europe in 2020. The Government in Germany provides benefits for the adoption of electric vehicles; therefore, the demand for battery electric vehicles, hybrid, and plug-in hybrid electric vehicles is rising, which, in turn, is expected to boost the liquid car care market during the forecast period. Moreover, Germany is also home to a large number of car care manufacturers that provide several liquid products for car cleaning and maintenance.
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Europe Liquid Car Care Market Players
Prominent players operating in the liquid car care market in Europe include 3M, ALTRO GROUP PLC, Armor All, CARTEC B.V., FORMULA1 WAX, Limax Car, Liqui Moly, Liquid Elements, SONAX GMBH, MA-FRA, STOCKMEIER Group, Tetrosyl, TURTLE WAX, WURTH GROUP, Nanopool GmbH, and CREST OIL EUROPE LTD.
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