The global silicone in car care products market size was valued at USD 216.9 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.2% from 2021 to 2028. The global car care products industry consists of many players operating in the market across the globe. Various silicone-based car care products have been developed with technological advancements, including car polish, car wax, glass cleaning products, interior/exterior care products, wheels & tire care products, and others.
The U.S. market for silicone in car care products is expected to accelerate in the coming years on account of robust growth in the automotive industry. The industry is likely to expand owing to the establishments by prominent automotive players. The presence of manufacturers of car care products, along with their establishments for car care centers across the country is expected to augment the market growth. Moreover, the increasing awareness among consumers regarding the benefits of car care products is expected to drive their consumption over the estimated period.
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Moreover, the rising number of luxury car owners is expected to fuel the market for silicones in car care products. The sale of luxury vehicles is attributed to the growing wealth among the population on a global level in some of the developed and developing economies. According to Capgemini’s World Wealth in 2020, the global high-net-worth individual (HNWI) wealth grew by 7.6% and the HNWI population grew 6.3%, nearly reaching USD 80 trillion. The rising high net worth population is one of the significant factors influencing the sale of luxury vehicles which will drive the silicone in the car care products market.
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