Car Care Solvents Market Market to Witness Robust Expansion Throughout the Forecast Period 2022-2031

The global car care solvents market across Asia-Pacific held the largest share in 2021, accounting for nearly half of the market. Moreover, the region is expected to register the highest CAGR of 6.8% during the forecast period, owing to rise in the involvement of original equipment manufacturers (OEMs) in the aftermarket industry combined with the consolidation of car care solvent distributors and growth in automotive and retain sectors.

Allied Market Research published a new report, titled, "Car Care Solvents Market by Type (Acetone, Mineral Spirits, Toluene, Isopropyl Alcohol, Propylene Glycol, Others), by Application (Interior, Exterior), by End-use (Service Centres and Garages, Personal): Global Opportunity Analysis and Industry Forecast, 2021-2031. " The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

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Strict government regulations to promote cleanliness of cars, increase in disposable income, and surge in investment of customers in repair and maintenance activities have boosted the growth of the global car care solvents market. However, use of fossil fuels and fluctuations in crude oil prices hamper the market growth. On the contrary, rise in trend of vehicle customization would open new opportunities for the market players in the coming years.

This makes it important to understand the practical implications of the car care solvents market. To gain a competitive advantage, the players must have something unique. By tapping into the untapped market segment, they can establish a relevant point of differentiation, and this report offers an extension analysis of untapped segments to benefit the market players and new entrants to gain the market share.

As per the report, the global car care solvents industry was pegged at $1.1 billion in 2021, and is expected to reach $2.0 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.

KEY MARKET PLAYERS:

The report provides the SWOT analysis of the key market players including 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. which gives the business overview, financial analysis, and portfolio analysis of products and services. The latest news related to industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures, collaborations, product launches, market expansions etc. are included in the report for the better understanding of the stakeholders in framing strategic decisions to gain long term profitability and market share.

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The propylene glycol segment is estimated to portray the highest CAGR of 6.8% during the forecast period, due to increase in awareness among car owners to keep their cars clean. However, the acetone segment held the largest share in 2021, accounting for around one-fourth of the global car care solvents market, and is expected to continue its dominance throughout the forecast period. This is owing to growing application of acetone as a car care solvent for automotive cleaning, paint restoration, degreasing, and others.

NEED FOR THE REPORT:

The current situation of pandemic makes it very important for the stakeholders in the car care solvents market to understand the market deeply, which will help them in taking sound decisions, to gain the competitive advantage. By exploring the unexplored areas of market, the key players can surely gain a larger market share.

The exterior segment is projected to manifest the highest CAGR of 6.4% during the forecast period. This is attributed to the increase in demand for a wide range of consumer goods which in turn has led to the rapid establishment of chemical manufacturing units where solvent-borne coatings are used in interior and exterior parts of various industrial equipment for corrosion resistance purposes. However, the interior segment held the largest share in 2021, accounting for more than half of the global car care solvents market, and is expected to continue its dominance from 2022 to 2031.

KEY OFFERINGS OF THE REPORT:

Key drivers & Opportunities: An extensive analysis on key factors and opportunities available in different segments for strategizing.

Current trends & forecasts: A comprehensive analysis on latest trends, and forecasts for next few years to frame strategic decisions as a next step.

Segmental analysis: An extensive analysis of each segment and driving factors such as revenue and growth rate is offered.

Regional Analysis: A thorough analysis of each geographic region can help market players devise expansion strategies and gain from the opportunity.

Competitive Landscape: Useful insights on each of the leading market players for outlining competitive scenario and related strategies have been offered in the report.

Report Details: https://www.alliedmarketresearch.com/car-care-solvents-market-A31542

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