Car Care Solvents market Report

The global car care solvents market across Asia-Pacific held the largest share in 2021, accounting for nearly half of the market.

PORTLAND, OREGON, UNITED STATES, February 13, 2023 /EINPresswire.com/ -- 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. The report includes analysis of the market across North America, LAMEA, and Europe.

A complete and wide-ranging evaluation of the aspects that drive and restrain the market growth is also provided throughout the study. This detailed exploration of the market size and its proper segmentation help the market players define the prevalent opportunities that are looming large.

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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.

The report helps clients in comprehending the first-hand knowledge of the global market while providing a full-fledged understanding of the regional-level analysis of each segment. At the same time, the study contain in-depth information of the frontrunners that are active in the industry along with their financial agenda, segmental profits, company trends, services/products offerings, and major adopted stratagems.

The service centres and garages segment held the largest share in 2021, contributing to nearly four-fifths of the global car care solvents market, and is expected to maintain leading position during the forecast period. In addition, the segment is projected to manifest the highest CAGR of 6.3% during the forecast period, owing to increasing investment of customers in repair & maintenance activities and government of some countries including Dubai and Russia impose fines on driving dirty cars.

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.

The Car care solvents market report keeps a perfect tab on the market share of several companies, recent market trends, revenue forecast, and new product launches across the market. The report includes company profiles that delineate the revenue share of the top competitors in the market. Simultaneously, the report provides revenue forecasts for four regions and more than twenty major countries across Asia-Pacific, LAMEA. North America and Europe.

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.

Car Care Solvents Covered Market:- 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 Other.

Analysis of COVID-19 impact

The outbreak of the pandemic has had a massive impact on the majority of industries and the Car care solvents market was also not an exception in this regard. The report provides a detailed study on the micro- and macro-economic impact during the pandemic. Additionally, it emphasizes the direct impact of the COVID-19 pandemic on the Car care solvents market in the form of qualitative study. The report offers explicit details regarding the market extent and shares during this unprecedented time. At the same time, the major strategies adopted by the market players to combat the global crisis is also covered under the report. Last but not the least, the report highlights how the pandemic has distorted the supply chain of the market and takes in a post-COVID-19 analysis too.

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