Automotive chemicals are used in various parts and components of vehicles. Automotive chemicals comprises plastics additives, lubricants, adhesives, coatings, and maintenance chemicals. These chemicals are specifically influenced by the production of cars across the globe. Automotive chemicals help increase efficiency and reduce wear & tear of vehicles. These chemicals are used in the manufacture of engine oils and transmission fluids. Automotive chemicals are also called lubricants. Chemicals such as lubricants are primarily employed in engine parts, transmission parts, and braking systems. Automotive chemicals enhance the overall efficiency of fuels, coolants, films, airbags, batteries, and insulation of several vehicles. Plastic components play an important role in the manufacture of vehicles.
Increase in production of passenger cars such as hatchbacks, electric vehicles, and SUVs is projected to propel the automotive chemicals market during the forecast period. Growth in the automotive industry, owing to the rise in disposable income of consumers, is majorly driving the demand for passenger cars. This is anticipated to boost the automotive chemicals market during the forecast period. Rise in demand for low-cost vehicles owing to the increase in awareness in reduction of carbon footprints is expected to fuel the demand for eco-friendly automotive chemicals in the next few years.
Automotive Chemicals Market: Segmentation
Based on material type, the global automotive chemicals market can be segmented into material plastics, lubricants, coatings, adhesives, and maintenance chemicals. The plastics segment is anticipated to account for dominant share of the global automotive chemicals market during the forecast period. Rise in strict regulations for reducing carbon emission by adopting light components made from automotive chemicals is anticipated to boost the automotive chemicals market in the next few years. Based on end-use, the automotive chemicals market can be divided into two-wheelers, passenger commercial vehicles, light commercial vehicles, and heavy commercial vehicles. Increase in production of passenger cars in various countries is estimated to drive the demand for automotive chemicals in the near future.
Automotive Chemicals Market: Region-wise Outlook
Based on region, the global automotive chemicals market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of consumption, Asia Pacific is likely to remain the dominant region of the global automotive chemicals market during the forecast period. Companies across the globe are focusing on Asia Pacific due to the large population in China and India. Rise in disposable income in counties such as China and India and increase in vehicle sales are estimated to fuel the automotive chemicals market. Additionally, expansion in the automotive aftermarket, which requires various automotive chemicals, is propelling the demand for these chemicals in Asia Pacific. The automotive chemicals market in North America is projected to expand at a moderate pace in the near future. The automotive market in Europe is expected to expand at a moderate pace during the forecast period. The European Union has enacted stringent regulations on the production of chemicals across the region. Prominent presence of premium car manufacturers such as Audi, BMW, and Mercedes Benz that widely employ automotive chemicals is expected to propel the automotive chemicals market in Europe during the forecast. The automotive chemicals market in Latin America is also likely to expand at a moderate pace owing to the positive recovery of the automotive sector since the last few years. The market in Middle East & Africa is estimated to expand at a sluggish pace compared to that in North America and Europe during the forecast period.
Automotive Chemicals Market: Key Players
Large numbers of companies operate in the global automotive chemicals market. Prominent companies functioning in the global automotive chemicals market include BASF Corporation, Akzo Nobel N.V., Exxon Mobil Corporation, Royal Dutch Shell Plc., Sinopac Lubricant Company, Chevron Corporation, Dow Chemicals Company, and British Petroleum Plc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.