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.
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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.
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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.