Automotive Chemicals Market and Application Development Competitive Landscape Analysis 2015-2021 – The Courier
Automotive chemicals are the elements applied in various segments of the automotive industry. Various products such as lubricants, adhesives, cleaning and maintenance chemicals and coatings are used in the automotive industry with the aim of increasing efficiency and preventing corrosion.
Global demand for automotive chemicals has been largely dependent on the trends and growth patterns of the automotive industry, which serves as a barometer of a country’s economy, where economic conditions determine incomes and consumers and their spending. in vehicles. The accelerated pace of economic activities in emerging economies such as China, India and Brazil has boosted the demand for automobiles, thus contributing to the growth of the automotive chemicals market in these regions.
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The increase in the number of light-duty vehicles and the growing popularity of larger vehicles such as sport utility vehicles (SUVs) are expected to be the main driving factors for the market, future growth will be driven by emerging trends in the market. the automotive industry, such as greater importance. on reducing emissions and focusing on fuel efficiency, resulting in increased demand for automotive chemicals. However, the market is expected to experience a slow growth rate due to the increasing restrictions on the use of solvent-based paints which are rich in volatile organic chemicals (VOCs). The focus on developing innovative chemicals such as automotive biological chemicals is expected to provide new opportunities for market growth.
North America was the largest consumer of automotive chemicals, followed by Europe because of the significant automotive industries present in these regions. However, future market growth is expected to come from Asia-Pacific owing to the increase in consumers’ disposable income and spending on low cost vehicles.
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- BASF SE
- British Petroleum
- Exxon Mobil
- Chevron Corporation
- Fuchs lubricants
- Sinopec lubricants company
- TEEC Automotive Chemicals Co.
and The Dow Chemical Company are among the leading manufacturers of automotive chemicals in the industry.
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