The global car wax industry is expected to be worth over US$850 million in 2021. Car wax sales are expected to reach US$ 1.1 billion by 2028, growing at a CAGR of 4.5%. Car wax sales make up 5.5% of the entire market for car care products. With the largest market share, liquid car wax will significantly contribute to global car wax revenue growth from 2022 to 2028.
The global auto wax industry is predicted to rise steadily as vehicle manufacturing increases in various countries. This increased vehicle production is expected to increase demand for auto wax products, which are commonly used in the vehicle finishing process.
Car wax is also in high demand in the automobile aftermarket. The expanding vehicle fleet is expected to increase demand for car wax products, which are mostly used in car wash and car cleaning services.
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Future research Insights published a study report titled “Car Wax Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2022-2028” that investigates the vehicle wax market and delivers vital market insights for the next ten years.
According to Future Market Insights, global car wax sales will be worth US$ 743.5 million by the end of 2018 and will increase at a 4.5% CAGR between 2022 and 2028. This article investigates the demand for automotive wax and how it varies depending on the kind, form, and end use.
North America accounted for the vast majority of the global automotive fleet in 2017. The region accounts for 21.2% of the global vehicle fleet, according to OICA data. With 19.8% of the global vehicle fleet, Western Europe is expected to be a lucrative market for car wax product sales in aftermarket car repair services.
Segmentation Analysis
The global car wax market is estimated to witness steady growth, owing to the increasing demand for aftermarket car care services. Increasing vehicle fleet is the key driving force surging the demand for car wax products in aftermarket car services. SUV, mid-range, and upscale cars account for around a 47% share of the demand for car wax products in aftermarket car care services.
As per the reports of OICA, global vehicle production was reported to be 7.1% of the global vehicle fleet in 2017. Attributing to this, the demand for car wax products is expected to remain high in aftermarket car care services over the forecast period. Liquid car wax is expected to gain traction over the forecast period, owing to its easy-to-apply characteristics and low cost.
The demand for the liquid form of car wax is expected to remain high in aftermarket car care services, owing to the less time required for applying liquid car wax as compared to paste car wax. The demand for paste car wax is expected to be driven by vehicle manufacturers who usually prefer long-lasting products for the finishing of vehicles.
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Regional Market Projections
Based on region/country, China is anticipated to dominate the global car wax market throughout the forecast period. In China, the car wax market is expected to expand at a CAGR of around 9.6% during the forecast period. Moreover, Latin America and India are anticipated to register relatively higher CAGRs during the forecast period.
These two regions, coupled with Latin America, are expected to register attractive growth rates in the global car wax market during the forecast period. The Western Europe car wax market is at a mature stage and is expected to witness slow growth over the forecast period.
Global Car Wax Market Competitive Landscape
Some of the players reported in this study on the global car wax market include 3M, Turtle Wax Inc., Darent Wax Company Ltd, Mothers Polishes Wax Cleaners Inc., Sonax GmbH, Treatment Products Ltd, Northern Labs Inc., Swissvax AG, Waxpol Industries Ltd, Carsco0 Inc., Shenzhen Marpa Imp & Exp Trading Co., Ltd and Kao Chemicals GmbH, among others.
Key Segmentation
Car Wax Market by Type:
- Natural Car Wax
- Synthetic Car Wax
Car Wax Market by Form:
- Liquid Car Wax
- Car Wax Paste
Car Wax Market by Sales Channel:
- Car Wax Manufacturers
- Car Wax Retailers and Distributors
Car Wax Market by End Use:
- Original Equipment Manufacturers
- Aftermarket
Car Wax Market by Region:
- North America Car Wax Marke
- Latin America Car Wax Market
- Europe Car Wax Market
- East Asia Car Wax Market
- South Asia & Pacific Car Wax Market
- Middle East & Africa (MEA) Car Wax Market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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