August 23, 2019
Global automotive part cleaners & degreasers market is predicted to cross a consumption value of 7 billion gallons by the year 2024 , according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Growing population along with increasing disposable incomes around the globe are bolstering the sales in automotive industry, thereby encouraging the need for maintenance & servicing of vehicles. This is main factor driving the growth of automotive part cleaners & degreasers market. The product is known to remove grease, dirt & other residue hampering the vehicle performance and improve durability and appearance, which in turn favors the vehicle resale value. Strict environmental norms for vehicular emissions will further propel the product demand.
The automotive part degreasers & cleaners market was worth USD 22.5 billion in 2017 owing to the product ability to aid reduction of VOC emissions, improve engine performance and enhance consumer safety. It is used for cleaning of lubrication system, braking system and for improving fuel efficiency, all of which lead to reduction in harmful gas emissions. These applications along with the use of chemicals to impart gloss and shine to the vehicle body, will stimulate the product usage in automotive industry.
Considering the regional landscape, North America product market size from light commercial vehicles segment is expected to exceed USD 5.5 billion by 2025, pertaining to the increased use of vehicle type by small businesses due to its off-roading capabilities. Other factors include expansion of e-commerce and increasing economic growth together with vehicle safety advancements like anti-lock braking system.
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Moreover, the passenger car segment of Europe automotive part cleaners & degreasers market is anticipated to register a CAGR of 2.5% through 2024, on account of rising sales of passenger cars due to enhanced mobility. Stringent environment guidelines prevailing in the region have encouraged cleaner production and increased R&D investments for energy savings.
The key contenders of automotive part degreasers & cleaners market are focused on increasing the production capacity and undertaking R&D activities to meet the evolving needs of consumers. The companies profiled in the report are WD-40, Valvoline, Wurth Group, GUNK, and Bardahl Manufacturing Corporation, among others.