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.
Car Wax Market Segmentation
Type
- Natural
- Synthetic
Form
- Liquid
- Paste
By Sales Channel
- Manufacturer
- Retailer and Distributor
By End Use
- OEM
- Aftermarket
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- SEA
- China
- India
- Japan
- Middle East and Africa
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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