Press release
Car Care Solvents Market Innovating Growth Unlocking Success with Future Market Sizing Strategies
AMR
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Major Market Drivers:
The growth of the global car care solvents market is primarily driven by strict government regulations promoting car cleanliness, increased disposable income, and rising investments in repair and maintenance activities. However, market growth is hindered by factors such as the use of fossil fuels and fluctuations in crude oil prices. Nonetheless, the trend of vehicle customization presents new opportunities for market players in the coming years.
Impact of Covid-19:
The Covid-19 pandemic negatively affected the market due to lockdown measures, limited operational capacity of manufacturing facilities, disrupted supply chains, and a shift in investments towards healthcare. Additionally, in 2020, prices of car care solvents in the Asia-Pacific region increased due to regional demand trends and supply chain disruptions.
Segment Analysis:
The propylene glycol segment is expected to exhibit the highest CAGR of 6.8% during the forecast period, driven by increased awareness among car owners regarding cleanliness.
Acetone held the largest share in 2021 and is expected to maintain its dominance due to its wide application in automotive cleaning, paint restoration, and degreasing.
The service centers and garages segment dominated the market in 2021 and is projected to maintain its leading position, with the highest CAGR of 6.3% during the forecast period, driven by increasing investments in repair and maintenance activities.
The exterior application segment is anticipated to register the highest CAGR of 6.4%, while the interior segment held the largest share in 2021 due to rising disposable income and awareness of hygiene-related activities.
Asia-Pacific accounted for nearly half of the market share in 2021 and is expected to register the highest CAGR of 6.8% during the forecast period.
Key Players:
Major players in the global car care solvents market include ASELSAN A.S., Honeywell International Inc., General Dynamics Corporation, Israel Aerospace Industries Ltd., Indra, Leonardo S.p.A., L3Harris Technologies, Inc., Thales, Norsat International Inc., and Viasat Inc. These players have adopted various strategies such as expansion, new product launches, and partnerships to strengthen their market position.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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