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 account for 5.5% of the total market for car care goods. With the largest market share, liquid car wax will significantly contribute to global car wax revenue growth from 2022 to 2028.
Because of increased vehicle manufacturing in many nations, the worldwide auto wax industry is expected to grow gradually. This increasing vehicle manufacturing is projected to raise demand for auto wax products, which are widely utilized in the vehicle finishing process.
Car wax products also register high demand from automotive aftermarket services. The increasing vehicle fleet is expected to upsurge the demand for car wax products, which are mostly used in car wash and car cleaning services.
Future Market Insights released a research analysis named “Car Wax Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2022-2028” that studies the vehicle wax market and provides critical market insights for the next ten years.
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According to Future Market Insights analysis, the global sales of car wax are estimated to be valued at US$ 743.5 Million by the end of 2018 and are expected to register a 4.5% CAGR over the period of 2022–2028. This report divulges the demand for car wax and its break-up based on different types, forms, and end uses.
North America held the lion’s share in terms of the global vehicle fleet in 2017. As per the reports of OICA, the region holds a 21.2% share in terms of the global vehicle fleet. Western Europe, with a 19.8% share in the global vehicle fleet, is also expected to provide lucrative opportunities for the sales of car wax products in aftermarket car care 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.
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.
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Global Car Wax Market Competitive Landscape
Some of the players reported in this study on the global car wax market include
- Sonax GmbH
- Turtle Wax Inc.
- Mothers Polishes Wax Cleaners Inc.
- Chempace Corporation
- Treatment Products Ltd.
- Darent Wax Company Ltd.
- Henkel
- SONAX
- Malco Products
Key Segmentation
By Type:
- Natural Car Wax
- Synthetic Car Wax
By Form:
- Liquid Car Wax
- Car Wax Paste
By Sales Channel:
- Car Wax Manufacturers
- Car Wax Retailers and Distributors
By End Use:
- Original Equipment Manufacturers
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
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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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