Tire Spray Market

Global Tire Spray Market Research Report Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2024-2032: By Type (Water-based Tire Spray, Silicon-based Tire Spray), By End-Use (Automotive Repair Shop, Automotive Care Shop, Others), and Region (North America, Europe, Asia-Pacific, and Rest of the World)

Automobile & Transportation | February 2024 | Report ID: EMR00593 | Pages: 301

The global tire spray market was valued at USD 1.24 million in 2023 and is estimated to reach approximately USD 2.04 million by 2032, at a CAGR of 5.69% from 2024 to 2032.

The market for tire spray has expanded rapidly because of the rising need for car detailing supplies. Tire sprays are an easy and effective way to give your tires a new look, sheen, and protection from the elements. Market competitors are coming out with novel formulations that provide long-lasting performance, like UV protection and water resistance, in addition to cosmetic advantages. The tire spray market is expected to increase steadily as customers place a higher value on aesthetics and vehicle upkeep. It will serve both professional detailers and do-it-yourself enthusiasts who are looking for high-quality tire care products.

 

 

TIRE SPRAY MARKET: REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2023)

1.24 Mn

Projected Market Value (2032)

2.04 Mn

Base Year

2023

Forecast Years

2024 - 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Type, By End-Use, & Region

Segments Covered

By Type, By End-Use, & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Tire Spray Dynamics

Products that give not only shine but also protection against environmental variables like UV radiation and filth buildup are a result of consumer desire for ease and aesthetics, which promotes innovation in formulas. Additionally, as consumers look for affordable tire maintenance solutions, the DIY automotive care culture is growing and expanding the market. Furthermore, the need for eco-friendly solutions is increasing due to rising environmental consciousness, which drives producers to create non-toxic and biodegradable formulations. Additionally, joint ventures with car dealerships and online shopping portals help break into new markets.

 

Global Tire Spray Drivers

  • Rise of DIY Automotive Care Culture

Enhanced availability of knowledge via online guides and discussion boards enables customers to perform maintenance activities independently. Economic factors also influence this trend, such as the financial savings from do-it-yourself projects compared to hiring a professional. Furthermore, a hands-on approach to automotive maintenance is desired since it gives car owners a sense of pride and ownership. All of these factors together have led to the rising acceptance of do-it-yourself car maintenance among consumers on a budget as well as automotive aficionados.

  • Technological Innovations in Formulations

Chemical and materials science developments have made it possible to create formulations with better durability, longer-lasting effects, and ecologically friendly qualities. Furthermore, since the automotive sector continues to develop, producers are compelled to produce tire sprays that are resistant to a variety of weather situations, filth and grime accumulation, and offer other advantages like UV protection. Customers looking for cutting-edge tire repair solutions are catered to by these advancements.

 

Restraints:

  • Competition from Alternative Tire Care Products

Market share is becoming harder for established spray manufacturers to keep as consumers look more closely at alternatives such tire shine gels, foams, and wipes. Competition is further heightened by the emergence of natural and eco-friendly tire care solutions. Furthermore, aggressive marketing tactics used by competitors in the industry can undermine consumer confidence in traditional tire spray brands and brand loyalty, which limits their ability to expand.

  • Distribution Challenges and Supply Chain Disruptions

Geopolitical concerns, inventory shortages, and traffic jams can all make it more difficult to get goods to stores and customers on time. Furthermore, supply chains may be disrupted by changes in the cost of raw materials and production hold-ups, which can result in uneven inventories and decreased product availability. These difficulties create serious barriers to market expansion and growth since they not only affect sales and revenue but also undermine consumer trust and brand reputation.

 

Opportunities:

  • Development of Eco-Friendly Formulations

Consumers' growing environmental consciousness has increased demand for products with less ecological impact. Tire care solutions that are sustainable, non-toxic, and biodegradable can be developed by manufacturers to take advantage of this trend. Businesses may attract environmentally concerned consumers, stand out in the market, improve their brand's reputation, and support environmental conservation initiatives by providing eco-friendly formulations.

  • Utilization of AI and Machine Learning for Product Development

Manufacturers may use these technologies to analyze massive volumes of data in order to find performance insights, market trends, and consumer preferences. This makes it possible to create specialized formulations that address particular client requirements, improving product efficacy and raising client satisfaction levels. AI-driven optimization can also increase productivity, lower costs, and streamline industrial processes all of which will promote market competitiveness and innovation.

 

Segment Overview

  • By Type

Based on type, the global tire spray market is divided into water-based tire spray and silicon-based tire spray. The water-based tire spray category dominates the market with the largest revenue share in 2023. Water is the primary solvent of water-based tire sprays, which are then combined with surfactants, polymers, and shine enhancers as necessary. Environmentally concerned consumers find these formulations appealing due to their well-known non-toxic and eco-friendliness. In addition to solvents and additives, silicone polymers or oils serve as the main active ingredients in silicone-based tire sprays. When compared to their water-based equivalents, these sprays give tires a deep, wet-look finish and a longer-lasting shine.

  • By End-Use

Based on the end-use, the global tire spray market is categorized into automotive repair shops, automotive care shops, and others. The automotive care shop category leads the global tire spray market with the largest revenue share in 2023. Car wash and detailing firms concentrate on aesthetic services, and tire care is included in their all-inclusive packages. They serve clients who place a high value on the upkeep and appearance of their cars by using tire sprays to give tires a glossy surface and shield them from the elements. Tire care services are only one of the many services that automotive repair shops, also referred to as auto service centers, provide. They specialize in vehicle maintenance and repairs.

 

Global Tire Spray Overview by Region

The global tire spray market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific emerged as the leading region, capturing the largest market share in 2023. The market for tire sprays and other automotive care products has increased in nations like China, India, and Japan due to rapid urbanization, the growing automobile industry, and rising disposable incomes. The popularity of DIY automotive culture and the region's growing knowledge of car upkeep and aesthetics have both contributed to the market's rise. Furthermore, the Asia-Pacific region's dominance in the tire spray market has been fueled by the presence of well-known automakers and rising investments in infrastructure development, which has spurred innovation and industry expansion.

Throughout the forecast period, North America is anticipated to post a significant CAGR. These include a strong preference for car upkeep and aesthetics, a well-established automotive industry in the area, and high levels of discretionary income among consumers. The market's growth trajectory is further supported by the expanding DIY automobile care culture and rising consumer awareness of the value of tire maintenance. Furthermore, developments in tire spray formulations tailored to the unique requirements and tastes of customers in North America are anticipated to further propel market progress.

 

 

Global Tire Spray Competitive Landscape

In the global tire spray market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.

Some of the prominent players in the global tire spray market include,

  • Meguiar (3M)
  • Black Magic
  • Goodyear
  • Supershine
  • CarGuys
  • TriNova
  • Bridgestone
  • Stoner Inc.
  • Dunlop
  • Chemical Guys, and various others.

 

Global Tire Spray Recent Developments

  • In February 2023, When developing tires, Apollo Tires uses 75% green ingredients. Data from India's Central Pollution Control Board indicates that about 3 lakh tires are disposed of there each year. The fact that we don't have a plan at the end of this life cycle for them is tragic enough, and it certainly doesn't help that car tyres are a leading environmental polluter as well.

 

Scope of the Global Tire Spray Report

Tire Spray Market Report Segmentation

ATTRIBUTE

DETAILS

By Type

  • Water-based Tire Spray
  • Silicon-based Tire Spray

By End-Use

  • Automotive Repair Shop
  • Automotive Care Shop
  • Others

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Tire Spray Market Size and Forecast: To identify and estimate the market size for the global tire spray market segmented by type, by end use, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of tire spray between 2019 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for the global tire spray market
  • Market Influencing Factors: To find out the factors which are affecting the sales of tire spray among consumers
  • Impact of COVID-19: To identify and understand the various factors involved in the global tire spray market affected by the pandemic
  • Company Profiling:  To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

 

Intended Audience

  • Automotive Manufacturers
  • Automotive Repair Shops
  • Automotive Care Shops
  • Retailers and Distributors

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

On the basis of Geography, the tire spray market is classified into North America, Europe, Asia Pacific, and the Rest of the world
According to tire spray market research, the market is expected to grow at a CAGR of ~5.69% over the coming years.
North America is expected to register the highest CAGR during 2024 - 2032
Asia-Pacific held the largest share in 2023
The major players operating in the global market include Meguiar (3M), Black Magic, Goodyear, Supershine, CarGuys, TriNova, Bridgestone, Stoner Inc., Dunlop, Chemical Guys, and various others.