Global Automotive Chemicals Market to Reach $3.3 Billion by 2010, According to a New Report by Global Industry Analysts, Inc.
The global market for automotive chemicals is dependent on developments in the automotive industry. Automotive chemical business depends directly on the number of new vehicles sold, which is inextricably tied to the health of world economy. Economic conditions determine discretionary incomes of consumers and their spending on service vehicles.
San Jose, CA (PRWEB) March 12, 2008 -- Waxing at a moderate growth rate, the global automotive chemicals market is forecast by Global Industry Analysts, Inc. to touch US $3.3 billion by 2010. While the expanding number of new vehicles in the developing nations is a major growth driver for the region, an aging fleet of vehicles holds enormous growth potential for mature markets such as Europe, Japan and the US. Other factors positively influencing the market include rising popularity of larger vehicles such as sports utility vehicles and shift in product mix towards higher-value products. Aftermarket represents the largest sector for automotive chemicals. The market is classified into products used for consumer vehicles such as passenger cars and light trucks, and for commercial vehicles. Cost cutting and consolidation coupled with sluggish growth in vehicle sales are limiting demand growth particularly in the developed countries.
United States, Europe, and Japan collectively account for over 70% of the global demand for automotive chemicals, as stated by Global Industry Analysts, Inc. The market is expected to gain impetus from the increasing vehicle populations in Asian economies such as India and China, and from the increasing average age of automobiles on road. Asia-Pacific represents the fastest growing automotive chemicals market, with a CAGR of 4.4% for the period 2001-2010.
With the US economy exhibiting signs of slowing down, Americans have been forced to ensure longevity of automobiles, as a result of which the demand for appearance chemicals has gained momentum. Young consumers, women and car enthusiasts constitute key consumer categories for appearance chemicals. In the United States, Automotive windshield washer fluids emerged as the leading segment with an estimated share of 32% in 2007. Hectic lifestyles and time constraints are compelling consumers to seek convenience-oriented formulations. To address this rising demand, retail outlets across the country are adopting new strategies to entice customers.
Production of waxes and polishes is affected by regulatory and legislative specifications, which limit the amount of 'Volatile Organic Compounds' (VOCs) in these products. In Europe, Automotive Waxes/Polishes market is projected to reach US$309 million in 2009.
Key players profiled in the study include 3M Company, Blue Ribbon Products, Inc., Honeywell International Inc., Illinois Tool Works Inc., Meguiar's Inc., Northern Labs Inc., Protect All Inc., SOPUS Products¸ The Clorox Company, Turtle Wax Inc.¸ and The Valvoline Company.
The report titled "Automotive Chemicals: A Global Strategic Business Report" published by Global Industry Analysts, Inc., provides detailed market analyses and industry trends. The study analyzes recent past, current and future market data and analytics over the period 2001-2010 and long term projections (2011-2015) for regions including the US, Canada, Japan, Europe Asia-Pacific, Middle East, and Latin America. Segments analyzed include Waxes/Polishes, Protectants, Wheel and Tire Cleaners and Windshield Washer Fluids.
For more details about this research report, please visit http://www.strategyr.com/Automotive_Chemicals_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs more than 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of more than 60,000 smaller research products including company reports, market trend reports and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Telephone 408-528-9966
Fax 408-528-9977
Email press @ StrategyR.com
Web Site www.StrategyR.com
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