Silicone In Car Care Products Market Growth & Trends
The global silicone in car care products market size is anticipated to reach USD 275.0 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.2% from 2021 to 2028. The market is anticipated to grow by the rising vehicle sales which have boosted the demand for protective covering and maintenance of premium-class vehicles, primarily for aesthetics and interior cleaning applications.
Silicone offers durable water-repellency, lubricant properties, and abrasion resistance, making them suitable for automotive leather care applications. Silicone coating applied to leather improves the malleability and feel of the leather, making it pleasant to the touch. Specialty artificial leather is also made of silicone rubbers that are very flexible, stretchable, and less likely to degrade over time. Silicone artificial leather is used to manufacture seats, and the dashboard gives a more durable look and is much more resistant to temperature variations, aging, and UV exposure.
Major players are collaborating with distributors to increase the market reach for silicone in car care products. For instance, in September 2020, BRB International BV appointed ANDICOR SPECIALTY CHEMICALS for distribution of silicone products for industrial and car care, personal care, coatings, and inks; home; elastomers, and sealants and adhesives markets for Canada.
Many companies manufacturing car care products are launching new silicone-based products to protect and provide shine to the car interior. For instance, in August 2021, Champion Lubricants launched interior detailer spray (Part #4527) to provide shine to vinyl and plastic surfaces and also protect the car interior.
Regional penetration is one of the main strategic initiatives many silicone-based car care product manufacturers undertake to establish their market position globally. For instance, in June 2020, Turtle Wax, Inc., a global car care product brand, announced its entry into the Indian market. The brand launched its complete range of appearance products for four-wheelers and two-wheelers for every surface, including tires, paintwork, plastic, wheels, and others.
Silicone In Car Care Products Market Report Highlights
- The market was valued at USD 216.97 million in 2020 and is estimated to grow at a CAGR of 3.2% from 2021 to 2028
- The paint preservatives application segment is expected to witness the highest CAGR of 3.9% over the forecast period in terms of revenue. The significant CAGR is attributed to the use of silicones as paint preservatives which extend the lifespan of the coatings used in automobiles and prevent the formation of bubbles on surfaces
- The increasing consumer awareness regarding vehicle maintenance and repair and growing demand for DIY car care products is expected to drive the market
- Asia Pacific accounted for more than 40.0% of the overall revenue in 2020. Silicone in car care products market in the region is expected to witness a growth of 3.6% to reach a revenue of USD 128.02 million by 2028
- In March 2021, Turtle Wax, Inc. introduced announced graphene-based hybrid solutions ceramic paste in India. It is infused with silicon dioxide ceramic and graphene technology to provide water repellency, slickness, excellent gloss, heat dissipation, chemical resistance, and UV protection for maintaining the surface finish of the vehicle.