The global car care products market is projected to grow at a CAGR of 1.9% during the forecast period, from an estimated USD 4.4 billion in 2022 to USD 4.8 billion by 2027. Increasing market for used cars, establishment of online distribution channels by established players to reach to a wider and larger set of customers will bring more growth to the car care product market. Car care products providers are investing in making new partnerships, joint ventures and innovating in terms of efficient business models to increase their reach into Asia Pacific market which is expected to be one of the fastest growing market in the forecast period.
Illinois Tool Works (US), 3M (US), Sonax Gmbh (Germany), and Wurth Group (Germany). are the prominent players in car care products market. New product development, expansion, acquisition, and partnership strategy have been the most dominating strategy adopted by major players from 2018 to 2021, which helped them to innovate on their offerings and broaden their customer base.
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3M is one of the leaders in the market and a established player in a wide variety of products and services. Its portfolio has more than seven different varieties of car care products which is sold through its “consumer” division. 3M expands its product portfolio by actively investing in R&D of car care products. The company invested USD 1.98 billion in 2021 in R&D, which was 5.6% of its total revenue. In May 2022, in a move to expand production of 3M respiratory and hearing protection products, 3M announced plans to grow its plant in Valley, Nebraska. 3M is investing approximately $58 million to fund the 80,000 square foot expansion that will create around 50 new jobs at the facility.As part of the expansion, 3M plans to invest in additional production capacity for re-usable elastomeric respirators and PELTOR™ hearing protection products in 3M's Personal Safety Division. The additional investments and jobs will help increase capacity and reduce manufacturing cycle time to help meet customer demand. The expansion will include new production lines, equipment and a warehouse.
Illinois Tool Works is also a major player in the car care market as it has wide portfolio of products and services for multiple segments in terms of application, consumption and solvent. The company has several brands such as Black Magic, Blue Coral, and Slime, among others under its umbrella. Its product portfolio has of cleaners, wax, car wash, foam car wash, and tire and wheel cleaner. Illinois Tool Works Inc’s strategic focus on R&D helps expand and improve its product base and offers new and innovative products that meet customer expectations even in tough market situations. ITW previously communicated its intent to explore options, including potential divestitures, for certain businesses with revenues totaling up to USD 1 billion. The company expects any earnings per share dilution from divestitures would be offset by incremental share repurchases. In the fourth quarter of 2019, the company completed the divestitures of three businesses and continues to evaluate options for certain other businesses. However, due to the COVID-19 pandemic in 2020, the company has deferred any further significant divestiture activity until market conditions normalize.
Car Care Products Market by Product Type (Cleaning & Washing, Polishing & Waxing, Sealing Glaze & Coating), Application (Interior, Exterior), Consumption, Solvent (Water, Foam-based), Vehicle Type, Distribution Channel & Region - Global Forecast to 2027
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