April 24, 2020
According to the research report titled ‘Automotive Part Cleaners & Degreasers Market Size By Product, By Vehicle Type, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, global automotive part cleaners & degreasers market is expected to record a consumption of over 7 billion gallons by the year 2024.
Increasing significance of servicing and maintenance of automobiles is a major factor driving the growth of automotive part cleaners & degreasers industry. The product not only improves the durability but also enhances the aesthetic properties of the vehicle, which further increases the resale value. It is used to remove grease, dirt and other residues which minimizes the performance as well as the market value of the automobiles. Escalating disposable income, increasing automobile sales and strict regulations regarding emission control are further aiding the market expansion.
As per the report, automotive part cleaners & degreasers industry exceeded USD 22.5 billion in 2017. Increasing awareness pertaining to vehicle safety and growing demand for better engine performance are also stimulating the industry outlook. The product improves the fuel efficiency as well as eradicates additional contamination around brake systems. It also helps in reducing the carbon footprint of the vehicles and cleans the lubrication systems during oil change. Additionally, automotive part cleaners & degreasers impart gloss and shine to the vehicle, which in turn is bolstering the worldwide product demand.
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The report states that light commercial vehicles segment of North America automotive part cleaners & degreasers industry is presumed to cross USD 5.5 billion by the year 2024. Off-roading capability of these vehicles has impelled the demand for LCV among small scale businesses. Development of improved safety features such as antilock braking systems has further enhanced the sales of these vehicles.
The passenger cars segment of Europe automotive part cleaners & degreasers industry is expected to register a growth rate of 2.5% through 2024, primarily due to strict environment regulations and clean production processes.
Prominent companies in worldwide automotive part cleaners & degreasers market are Valvoline, Bardahl Manufacturing Corp., Wurth Group, WD-40, 3M and GUNK among others.
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