March 1, 2024
Car Scratch Remover Market

Car Scratch Remover Market is driven by rising vehicle ownership


Car scratch removers are chemical-based or compound-based products that are used to remove minor scratches, swirls and abrasions from painted automotive surfaces such as cars. They help restore the gloss and smooth texture of car paints by filling in fine scratches and abrasions. With rising vehicle ownership worldwide, the frequency of minor accidents and scratches on cars is increasing. According to some estimates, over 1 billion vehicles will be plying on the roads globally by 2030. This growing vehicle parc is driving greater demand for car care and maintenance products like scratch removers.

 

The global Car Scratch Remover Market is estimated to be valued at US$ 19.14 billion in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Water-based and polymer-based formulations are gaining popularity
Traditionally, most car scratch removers were solvent-based formulations containing chemicals like acetone, methyl ethyl ketone, and trichloroethane that were effective at cutting through paint to fill in scratches. However, these were hazardous to human health and the environment. Consequently, manufacturers are increasingly switching to water-based and polymer-based formulations that deliver good performance without toxicity. They contain safe polymers and resins that melt and fuse into scratches upon application to restore a smooth texture. Their lower volatility and hazardous waste generation profile is boosting consumer demand. As environmental and sustainability awareness rises globally, water-based and polymer-based car scratch removers are expected to dominate the market over the forecast period.

Porter’s Analysis
Threat of new entrants: Low capital requirement poses threat of new entrants. However, established brands have economies of scale advantages.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes. They can easily switch to alternatives based on pricing.
Bargaining power of suppliers: Raw material suppliers have moderate power due to availability of substitute materials. Suppliers do not have differentiating power.
Threat of new substitutes: Threat from new substitutes like paint protection films is moderate as they provide additional functionality of protection.
Competitive rivalry: Intense competition exists among existing vendors due to low product differentiation. Focused marketing campaigns and brand positioning are key differentiators.

Key Takeaways

The Global Car Scratch Remover Market Growth is expected to witness high growth.

Regional analysis:

The Asia Pacific region is projected to witness growth at the highest CAGR during the forecast period. Countries such as China, Japan, and India are major automobile producers in the world. Increasing production of cars leads to higher demand for car scratch remover products in the Asia Pacific region.

Key players:

Key players operating in the car scratch remover market are GrainPro Inc., PackFreshUSA, ShieldPro Flexible Packaging, SorbentSystems, IMPAK Corporation, Green Storage Ltd., LPS Industries LLC, Seal King Europe B.V., TPB Plastech Limited, Integra Packaging. Major players focus on new product launches and expanding their distribution networks to strengthen market presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it