An Incisive, In-depth Analysis on the Car Wax Market
This study offers a comprehensive, 360 degree analysis on the Car Wax market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Car Wax market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Car Wax Market Introduction
Car wax is a non-abrasive coating material which provides a layer of protection to the paint or previously polished surface. It is used to enhance the luster of the previously polished surface of the car and to protect it from UV rays, intense heat and contaminants, such as airborne pollutants, dust, acid rain, etc. Car wax is also used to protect the surface from the oxidation process and helps in avoiding corrosion. Car wax is generally classified under two categories: natural and synthetic car wax. Natural car wax is manufactured using Carnauba leaves, which are blended with oils & solvents. Synthetic car wax is a formulated mixture of different natural waxes, oils and solvents, which include crude oil distillates, ethanol, petroleum and naphtha products. Carnauba wax is one of the key ingredients used in the production of car wax and is produced from the carnauba leaf, found mostly in the five states of Brazil.
The global Car Wax market is estimated to be valued at US$ 743.5 Mn by 2018 end and is expected to reach US$ 1,126.4 Mn by the end of 2028 while expanding at a CAGR of 4.2% over the forecast period. The global Car Wax market is anticipated to represent incremental opportunity worth US$ 383.1 Mn between 2018 and 2028.
Car wax market is expected to witness steady growth over the forecast period
Car wax is generally used to provide shine to the painted exterior of the car body. Increasing production of cars in various regions to cater to the growing demand form the increasing population is one of the key driving factors for the growth of car wax market. The automobile industry has reported a significant growth in recent years owing to the increasing production of vehicles in the recent past. This increasing production of vehicles is expected to add to the growth of on-road vehicle fleet in near future owing to which the demand for car wax is expected to remain high. Major demand will come from OEMs as well as the aftermarket car care & service centers.
Increasing fleet of luxury cars is also expected to add to the increasing demand for car wax in the market. SUV and midsize cars are expected to hold the lion’s share in the growth of the car wax demand in the market. Introduction of electric cars is expected to create a new platform for the growth of global car wax market over the forecast period.
China dominates the global car wax market and India is tipped to be a high potential market by the end of the forecast period
From a regional perspective, the Car Wax market is dominated by China owing to the region’s high share of vehicle fleet. Increasing vehicle production with year-on-year growth of 3.2% in the region is also expected to add to the growth of car wax demand in the region. Increasing per capita disposable income in the region is also adding to the increase in the region’s per capita spending on the vehicle repair and maintenance. Increasing population in the China is also one of the key reasons for increasing on-road vehicle fleet in the region.
Moreover, India is expected to witness high growth rate over the forecast period. The region has witnessed 6.5% growth in the production of vehicles, which in turn, is expected to boost the sales of car wax during the forecast period.
Key Trends
Car wax demand in different regions is totally dependent on the macro-economic factors affecting the Car Wax market in that particular region. In order to nullify the effect of macro-economic factors and competition from the other manufacturers, many regional and global players are focused on providing car care services to the end users by opening their own car care service centers in different regions. For instance, 3M has opened a number of car care centers in India, U.S and Europe and Turtle Wax Inc., has started car care service centers of its own in the U.S.
The Car Wax market is saturated with domestic players, which is a threat to the prominent players. To nullify this threat posed by the competitive environment, car wax manufacturers are focusing on entering into long-term supply-agreements with the service providers.
Key Players
Some of the players reported in this study on the global Car Wax market are 3M, Sonax GmbH, Turtle Wax Inc., Future Development (Manufacturing) Ltd. KAO Chemicals Ltd, Mothers Polishes Wax Cleaners Inc., Chempace Corporation, Treatment Products Ltd., Darent Wax Company Ltd., and Northern Labs Inc., among others. Moreover, car wax manufacturers have been channelizing efforts towards strengthening their distributor and retailer network and are focusing on specific regions. This is expected to positively impact the Car Wax market in near future.
Future Market Insights analyzes the global car wax market in its new publication titled “Car Wax Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028”. This study provides thorough analysis and key insights on the car wax market on the basis of type, form sales channel, end use and region for the historical period 2013–2017 and forecast period 2018–2028. The objective of the report is to assess the dynamics in the car wax market and provide key information pertaining to the several segments of the global car wax market. To provide a better understanding and support stakeholders for decision making and market analysis, the report is incorporated with the analysis of drivers, restraints and trends that influence the current market scenario and are expected to impact the global car wax market over the forecast period. The study provides data for 2017 along with an inclusive market forecast for the period 2018 – 2028.
Car Wax Market Segmentation
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Report Description
To comprehend and ascertain car wax market opportunities and trends, the global car wax market report has been categorically split into different sections based on type, form, sales channel, end use and region. The global car wax report starts with a market overview and provides the car wax market definition and taxonomy along with value chain, drivers, & pricing analysis pertaining to the market. Following this, the car wax market background is covered, which includes the factors affecting the car wax market such as the macro-economic factors, which include the region-wise growth rates of various GDP and various industries. The macro-economic factors in car wax market include the global statistics of vehicle production, vehicle fleet, spending on automotive repair and maintenance, carnauba production and trade. The car wax market background also covers the market dynamics that affect the car wax market. The dynamics covered in the report include restraints, and trends. The car wax market background also includes the value chain analysis wherein the flow of car wax from raw material manufacturers, car wax manufacturers to end-users through various distributors and retailers involved are listed. The final part in the car wax market background is the forecast factors, which include the factors that are expected to have an impact on the global car wax market.
The sections that follow include the global car wax market analysis by type, form, sales channel, end use and region/country. All the above sections evaluate the car wax market on the basis of various factors affecting the car wax market. Each section discusses the qualitative and quantitative aspects of the global car wax market. To give a brief idea about the revenue opportunities from the end-use, delivery form and region/country-wise segments, the report also provides car wax market value (US$ Mn) data, growth rates, car wax market shares and total incremental $ opportunity indices for each segment over the forecast period (2018-2028).
In the final section of the car wax market report, we have provided a detailed competition landscape with company market share and performance in order to provide report audiences with a dashboard view of key players operating in the global car wax market along with their business strategies. This would enable clients to assess strategies deployed by car wax market leaders and help them develop effective strategies accordingly.
Research Methodology
For car wax market data analysis, we have considered 2017 as the base year with market numbers estimated for 2018 and forecasts made for 2018–2028. To ascertain the car wax market, global demand for car wax is assessed and funneled down to different types w.r.t. region/country. FMI assessment is based on a multipronged approach that comprises secondary and primary and triangulation of data obtained therefrom. During the initial phase of research work, the product mapping was done, in which the types of products offered by major players with respect to application area were identified. Further, in secondary research, data available in public domains such as industry association, company annual reports, white papers, publications, journals and government sites, among others sources were collected and accordingly, set of data points were built. For the same, a top-down approach has been used to assess market numbers for each type and a bottom-up approach was been used to counter validate the market estimation. The forecast presented in the report evaluated the actual market size (US$ Mn) in 2017 with regard to car wax and the expected market value in the global car wax market over the forecast period.
We have also analyzed the different segments of the global car wax market in terms of basis point share (BPS) to understand individual segments’ relative contribution to car wax market growth. This detailed level of information is important for identifying various key trends governing the global car wax market. The car wax market report also analyses the global car wax market based on the incremental $ opportunity & the global absolute $ opportunity. This is usually overlooked while estimating the car wax market forecast. However, from a business development perspective, it is essential to identify that car wax market attractiveness in terms of three indices, viz. market share index, CAGR index and incremental $ opportunity index to identify the high potential resources in the car wax market. Moreover, the car wax market attractiveness index is key to understanding the key segments in terms of their performance and growth in the global car wax market. This car wax market attractiveness index would help clients identify real market opportunities in the global car wax market.
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