Strict government regulations to promote cleanliness of cars, increase in disposable income, and surge in investment of customers in repair and maintenance.

WILMINGTON, DELAWARE, UNITED STATES, July 9, 2024 /EINPresswire.com/ -- Allied Market Research recently released a report titled "Car Care Solvents Market by Type, Application, and End-use: Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global car care solvents market was valued at $1.1 billion in 2021 and is anticipated 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 include stringent government regulations promoting car cleanliness, increasing disposable incomes, and rising consumer investments in vehicle repair and maintenance. Challenges such as reliance on fossil fuels and fluctuating crude oil prices have somewhat restrained market expansion. However, opportunities are emerging with the rising trend of vehicle customization.

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. On the contrary, rise in trend of vehicle customization would open new opportunities for the market players in the coming years.

The propylene glycol segment is expected to exhibit the highest CAGR of 6.8% through 2031, driven by heightened consumer awareness regarding car cleanliness. Acetone, which held the largest market share in 2021, continues to dominate due to its versatile applications in automotive cleaning, paint restoration, and degreasing.

In terms of end-users, service centers and garages accounted for the largest market share in 2021 and are projected to maintain their lead with a CAGR of 6.3% during the forecast period. This growth is fueled by increased consumer spending on repair and maintenance activities and government fines for driving dirty cars in certain regions.

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. This is due to increasing disposable income coupled with rising customer preference toward having luxury car interiors. In addition, rise in awareness of hygiene-related activities and need for isopropyl alcohol for killing bacteria and viruses in car interiors.

Geographically, Asia-Pacific held the largest market share in 2021 and is expected to grow at the highest CAGR of 6.8% through 2031. This growth is attributed to expanding aftermarket involvement by original equipment manufacturers (OEMs) and a robust automotive sector.

The report profiles key market players such as ASELSAN A.S., Honeywell International Inc., and General Dynamics Corporation, detailing their strategies such as expansions, new product launches, and partnerships aimed at enhancing market presence and performance.

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

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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.

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