Service centres and garages dominated the market in 2021, holding nearly 80% of the market share, and this trend is expected to continue through 2031.

WILMINGTON, DE, UNITED STATES, October 16, 2024 /EINPresswire.com/ -- Allied Market Research recently released a 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." According to the report, the global car care solvents market, valued at $1.1 billion in 2021, is projected to reach $2.0 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/31992

Key Factors Driving Market Growth

- Government regulations promoting vehicle cleanliness.
- Increased disposable income and heightened customer investment in vehicle repair and maintenance.
- However, market growth is hindered by reliance on fossil fuels and fluctuations in crude oil prices.
- The rising trend of vehicle customization presents new growth opportunities for industry players.

Segment Insights

Propylene Glycol is projected to register the highest CAGR of 6.8% due to increased awareness among car owners regarding vehicle cleanliness.
The acetone segment held the largest market share in 2021, driven by its extensive use in automotive cleaning, paint restoration, and degreasing.

By end-use:

Service centres and garages dominated the market in 2021, holding nearly 80% of the market share, and this trend is expected to continue through 2031. The segment's growth is propelled by rising investments in vehicle maintenance and government regulations in countries like Dubai and Russia, where fines are imposed for driving dirty cars.

By application:

The exterior segment is forecasted to achieve the highest CAGR of 6.4% due to increasing demand for solvent-borne coatings in industrial equipment. However, the interior segment held over half the market share in 2021, fueled by rising disposable incomes, customer preference for luxury interiors, and growing demand for hygiene-related cleaning products like isopropyl alcohol.

Regional Insights

Asia-Pacific held the largest market share in 2021, accounting for almost 50% of the global car care solvents market. This region is also expected to grow at the highest CAGR of 6.8% during the forecast period, driven by the increasing involvement of OEMs, market consolidation, and growth in the automotive and retail sectors. The report also covers market analysis for North America, Europe, and LAMEA.

Leading Market Players

Key players profiled in the report include:

ASELSAN A.S.
Honeywell International Inc
General Dynamics Corporation
Israel Aerospace Industries Ltd.
Leonardo S.p.A.
L3Harris Technologies, Inc
Thales
Norsat International Inc.
Viasat Inc.

These companies have implemented strategies such as product launches, expansion, and partnerships to strengthen their market presence.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/car-care-solvents-market/purchase-options

About Us

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.

David Correa
Allied Market Research
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