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Car Wax Market Snapshot

[217 Pages Report] That the global car wax market reached a valuation of around US$ 850 Million in 2021. Sales of car wax are slated to rise at a CAGR of 4.5% to top US$ 1.1 Billion by 2028.Car wax sales account for 5.5% share of the overall car care products market. Liquid car wax, with the highest market share, will largely contribute to global car wax revenue growth across the assessment period of 2022 to 2028.

Attribute Details
Car Wax Market Size (2021) US$ 850 Million
Car Wax Sales Forecast (2028) US$ 1.1 Billion
Global Market Growth Rate (2022 to 2028) 4.5% CAGR
Share of Top 5 Car Wax Manufacturers 50%

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How The Market Progressed Till June 2022?

Market Statistics Details
H1,2021 (A) 3.9%
H1,2022 Projected (P) 4.2%
H1,2022 Outlook (O) 4.4%
BPS Change : H1,2022 (O) - H1,2022 (P) (+) 20 ↑
BPS Change : H1,2022 (O) - H1,2021 (A) (+) 50 ↑

FMI presents a half-yearly comparison analysis and review about car wax market growth rates. The market has been significantly influenced by certain innovation factors including new product development and innovation in automotive coatings. Some new developments that have taken place in these market include increasing sales of electric vehicles, utilization of online platforms for the sale of the product.

The global market for car wax is witnessed a growth rate of 3.9% during first half of 2021. However, this growth varies across several regions all over the globe, with certain developing markets recording higher growth rates of near to 5.5%. Thus, leaving the gap of 50 BPS points between expected and projected as compare to 20 bps point increase in the earlier projections growth during H1 2022.

Increase in growth rate is attributed by growing fleet size of the automotive vehicles, increasing sales of electric vehicles and increase in individual spending on car care services. Further increasing preferences of the individual for shining of car, car paint’s protection, have fuel to the growth of the car wax market in recent years.

Car Wax Market Consumption Analysis (2013 to 2021) Vs Market Outlook (2022 to 2028)

As per Future Market Insights’ latest published report, the global car wax market was valued at US$ 850 Mn in 2021.

Car wax is generally used to provide shine to the painted exterior of a car’s body. Increasing production of cars across regions to cater to growing demand from the rising population is one of the key driving factors for the growth of the car wax market.

Increasing production of vehicles is expected to add to the growth of on-road vehicle fleet in the near future, owing to which, demand for car wax products is expected to remain high. Major demand for car wax polish will come from OEMs as well as aftermarket car care & service centers.

Car Wax Market

Increasing fleet of luxury cars is also expected to add to rising demand for car care products in the market. SUVs and midsize cars are expected to hold major share in the growth of car wax demand in the market. Introduction of electric cars and rising demand for natural car wax have created a new platform for the growth car wax suppliers.

All of these factors are expected to drive the car wax market at a 4.5% CAGR across 2022 to 2028.

Which Region is a Lucrative Market for Car Wax Manufacturers?

The North American regional car waxing solutions market is projected to expand 1.9X by 2028.

Some of the most significant players in the market are manufacturing luxury-grade car wax to meet the needs of luxury vehicle owners. Key competitors are also providing a variety of car wax products. They can produce a high-gloss finish for a historic car or tough protection for a four-wheel drive vehicle.

Increasing adoption of car wax polish, growing demand for natural car wax, and rising use of car care products are driving market expansion in the region.

Nikhil Kaitwade
Nikhil Kaitwade

Principal Consultant

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Car Wax Market Country-wise Analysis

What is the Car Wax Demand Outlook for the U.S.?

Increase in the number of cars in the U.S. and high availability of DIY products for the application of car wax are some of the prominent factors behind the growth of the car wax market in the United States.

Why are Sales of Car Wax Flourishing in China?

The car wax market is dominated by China with a share of 17%, owing to high share in the global vehicle fleet. Increasing vehicle production in the country is also expected to add to the growth of car wax demand.

Increasing per capita disposable income in China is also adding to per capita spending on vehicle repair and maintenance. Rising population in China is also one of the key reasons for increasing on-road vehicle fleet in the country, thereby driving sales of car wax products.

Car Wax Market Category-wise Insights

Why is Natural Car Wax Gaining Immense Popularity in the Market?

Natural car wax is manufactured using carnauba leaves, which are blended with oils and solvents. To make natural wax more functional, petroleum and other oils are generally added. Water and dirt are easily repelled by these natural waxes.

Natural waxes are used by many types of flora for protection, and they can also help protect paint from pollutants. Many wax products that claim to contain "100% Carnauba Wax" are referring to the purity of the carnauba wax in the product, not the entire product.

Will Growing Demand for Liquid Car Wax Fuel Overall Market Growth?

Liquid car wax is expected to gain traction over the forecast period, owing to its easy-to-apply characteristics and low cost. The most popular type is liquid wax, which comes in a spray or squeeze bottle, and is simple to use.

Demand for liquid car wax is expected to remain high in aftermarket car care services, owing to less time required for applying liquid car wax as compared to paste car wax.

Moreover, liquid wax is widely available, and a bottle can be purchased for a reasonable price. Good liquid wax will provide a car's paintwork a long-lasting seal that will endure for months.

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COVID-19 Impact on Car Wax Market

Many changes in car-buying behavior and mindsets have resulted from the COVID-19 pandemic. Lockdowns around the world in 2020 as well as continued limitations in 2021 affected the car wax supply chain, causing issues for car wax providers.

Unprecedented problems as a result of the pandemic's predicted third and following waves are producing a bleak outlook. Changing prices, competition, and shifting OEM demands are projected to be major difficulties for car wax suppliers.

However, the car wax market will be bolstered by economic revival in most of the developing nations.

Car Wax Market Competitive Landscape

Many regional and global car wax suppliers are focusing on offering car care services to end consumers by creating their own car care service facilities in different regions in order to mitigate the impact of macroeconomic factors and competition from other manufacturers.

For instance,

  • 3M has opened a number of car care centers in India, the U.S., and Europe.
  • Turtle Wax Inc. has started car care service centers of its own in the U.S.

Car Wax Industry Report Scope

Attribute Details
Forecast Period 2022 to 2028
Historical Data Available for 2013 to 2021
Market Analysis Value in US$ Million, Volume in Tons
Key Regions Covered
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa (MEA)
Key Countries Covered
  • USA
  • Canada
  • Mexico
  • Brazil
  • Mexico
  • Argentina
  • Germany
  • Italy
  • France
  • UK
  • Nordic
  • Spain
  • Japan
  • China
  • India
  • Malaysia
  • Thailand
  • Australia
  • GCC Countries
  • South Africa
  • Turkey
Key Market Segments Covered
  • Type
  • Form
  • Sales Channel
  • End Use
  • Region
Key Companies Profiled
Pricing Available upon Request

Car Wax Market Key Segments

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

Frequently Asked Questions

What was the historical CAGR of the Car Wax Market?

The car wax market expanded at a 3.6% historical CAGR from 2013 to 2021.

What drives growth potential of the Car Wax Market in the United States?

Increasing car ownership and availability of DIY products is driving growth in the United States.

How much is the projected market worth by 20328?

The car wax market is expected to reach US$ 1.1 billion by 2028.

What was the value share of the Chinese Market in 2021?

China accounted for 17% of car wax sales in 2021.

Which Car Wax type is gaining popularity in the market?

Natural car wax is gaining significant popularity in the global market.

Which Car Wax Form is expected to fuel the Market Prospects?

Liquid car wax fuel is gaining immense popularity in the market.

What is the Key Growth Strategy of Competitors in the Market?

New launches and product innovation become the default growth strategy of competitors.

Table of Content

1. Executive Summary

    1.1. Market Overview

    1.2. Market Analysis

    1.3. FMI Analysis and Recommendations

    1.4. Wheel of Fortune

2. Market Introduction

    2.1. Market Definition

    2.2. Market Taxonomy

3. Car Wax Market Background

    3.1. Macro-Economic Factors

    3.2. Opportunity Analysis

    3.3. Global Economic Outlook

        3.3.1. Global GDP by Region and Country, 2006–2021

        3.3.2. Global Industry Value Added

    3.4. Market Dynamics

        3.4.1. Drivers

        3.4.2. Restraints

        3.4.3. Trends

    3.5. Value Chain Analysis

    3.6. Forecast Factors – Relevance & Impact

4. Global Car Wax Market Analysis 2013–2021 and Forecast 2022–2028

    4.1. Market Volume Projections

    4.2. Pricing Analysis

    4.3. Market Size Projections

        4.3.1. Y-o-Y Projections

        4.3.2. Absolute $ Opportunity Analysis

5. Global Car Wax Market Analysis 2013–2021 and Forecast 2022–2028, by Form

    5.1. Introduction

        5.1.1. Market Value Share Analysis By Form

        5.1.2. Y-o-Y Growth Analysis By Form

    5.2. Historical Market Size (US$ Mn) and Volume By Form, 2013–2021

    5.3. Market Size (US$ Mn) and Volume Forecast By Form, 2022-2028

        5.3.1. Liquid

        5.3.2. Paste

    5.4. Market Attractiveness Analysis By Form

6. Global Car Wax Market Analysis 2013–2021 and Forecast 2022–2028, by Product Type

    6.1. Introduction

        6.1.1. Market Value Share Analysis By Product Type

        6.1.2. Y-o-Y Growth Analysis By Product Type

    6.2. Historical Market Size (US$ Mn) and Volume By Product Type, 2013–2021

    6.3. Market Size (US$ Mn) and Volume Forecast By Product Type, 2022-2028

        6.3.1. Natural

        6.3.2. Synthetic

    6.4. Market Attractiveness Analysis By Product Type

7. Global Car Wax Market Analysis 2013–2021 and Forecast 2022–2028, by Sales Channel

    7.1. Introduction

        7.1.1. Market Value Share Analysis By Sales Channel

        7.1.2. Y-o-Y Growth Analysis By Sales Channel

    7.2. Historical Market Size (US$ Mn) and Volume By Sales Channel, 2013–2021

    7.3. Market Size (US$ Mn) and Volume Forecast By Sales Channel, 2022-2028

        7.3.1. Manufacturers

        7.3.2. Distributors/Retailers

    7.4. Market Attractiveness Analysis By Sales Channel

8. Global Car Wax Market Analysis 2013–2021 and Forecast 2022–2028, By End Use

    8.1. Introduction

        8.1.1. Market Value Share Analysis By End Use

        8.1.2. Y-o-Y Growth Analysis By End Use

    8.2. Historical Market Size (US$ Mn) and Volume By End Use, 2013–2021

    8.3. Market Size (US$ Mn) and Volume Forecast By End Use, 2022-2028

        8.3.1. OEM

        8.3.2. Aftermarket

    8.4. Market Attractiveness Analysis By End Use

9. Global Car Wax Market Analysis and Forecast, By Region

    9.1. Introduction

        9.1.1. Market Value Share Analysis By Region

        9.1.2. Y-o-Y Growth Analysis By Region

    9.2. Historical Market Size (US$ Mn) and Volume By Region, 2013–2021

    9.3. Market Size (US$ Mn) and Volume Forecast By Region, 2022-2028

        9.3.1. North America

        9.3.2. Latin America

        9.3.3. Western Europe

        9.3.4. Eastern Europe

        9.3.5. South East Asia & Pacific

        9.3.6. Middle East & Africa

        9.3.7. China

        9.3.8. Japan

        9.3.9. India

    9.4. Market Attractiveness Analysis By Region

10. North America Car Wax Market Analysis 2013–2021 and Forecast 2022–2028

    10.1. Introduction

    10.2. Historical Market Size (US$ Mn) and Volume By Market Segments, 2013–2021

    10.3. Market Size (US$ Mn) and Volume Forecast By Market Segments, 2022-2028

        10.3.1. By Country

            10.3.1.1. U.S.

            10.3.1.2. Canada

        10.3.2. By Form

        10.3.3. By Product Type

        10.3.4. By Sales Channel

        10.3.5. By End Use

11. Latin America Car Wax Market Analysis 2013–2021 and Forecast 2022–2028

    11.1. Introduction

    11.2. Historical Market Size (US$ Mn) and Volume By Market Segments, 2013–2021

    11.3. Market Size (US$ Mn) and Volume Forecast By Market Segments, 2022-2028

        11.3.1. By Country

            11.3.1.1. Brazil

            11.3.1.2. Mexico

            11.3.1.3. Rest of Latin America

        11.3.2. By Form

        11.3.3. By Product Type

        11.3.4. By Sales Channel

        11.3.5. By End Use

12. Western Europe Car Wax Market Analysis 2013–2021 and Forecast 2022–2028

    12.1. Historical Market Size (US$ Mn) and Volume By Market Segments, 2013–2021

    12.2. Market Size (US$ Mn) and Volume Forecast By Market Segments, 2022-2028

        12.2.1. By Country

            12.2.1.1. Germany

            12.2.1.2. United Kingdom

            12.2.1.3. France

            12.2.1.4. Italy

            12.2.1.5. Spain

            12.2.1.6. Benelux

            12.2.1.7. Rest of Western Europe

        12.2.2. By Form

        12.2.3. By Product Type

        12.2.4. By Sales Channel

        12.2.5. By End Use

13. Eastern Europe Car Wax Market Analysis 2013–2021 and Forecast 2022–2028

    13.1. Introduction

    13.2. Historical Market Size (US$ Mn) and Volume By Market Segments, 2013–2021

    13.3. Market Size (US$ Mn) and Volume Forecast By Market Segments, 2022-2028

        13.3.1. By Country

            13.3.1.1. Russia

            13.3.1.2. Poland

            13.3.1.3. Rest of Eastern Europe

        13.3.2. By Form

        13.3.3. By Product Type

        13.3.4. By Sales Channel

        13.3.5. By End Use

14. South East Asia & Pacific Car Wax Market Analysis 2013–2021 and Forecast 2022–2028

    14.1. Introduction

    14.2. Historical Market Size (US$ Mn) and Volume By Market Segments, 2013–2021

    14.3. Market Size (US$ Mn) and Volume Forecast By Market Segments, 2022-2028

        14.3.1. By Country

            14.3.1.1. ASEAN

            14.3.1.2. ANZ

            14.3.1.3. Rest of SEA & Pacific

        14.3.2. By Form

        14.3.3. By Product Type

        14.3.4. By Sales Channel

        14.3.5. By End Use

15. Middle East & Africa Car Wax Market Analysis 2013–2021 and Forecast 2022–2028

    15.1. Introduction

    15.2. Historical Market Size (US$ Mn) and Volume By Market Segments, 2013–2021

    15.3. Market Size (US$ Mn) and Volume Forecast By Market Segments, 2022-2028

        15.3.1. By Country

            15.3.1.1. GCC Countries

            15.3.1.2. Turkey

            15.3.1.3. South Africa

            15.3.1.4. Rest of MEA

        15.3.2. By Form

        15.3.3. By Product Type

        15.3.4. By Sales Channel

        15.3.5. By End Use

16. China Car Wax Market Analysis 2013–2021 and Forecast 2022–2028

    16.1. Introduction

    16.2. Historical Market Size (US$ Mn) and Volume By Market Segments, 2013–2021

    16.3. Market Size (US$ Mn) and Volume Forecast By Market Segments, 2022-2028

        16.3.1. By Form

        16.3.2. By Product Type

        16.3.3. By Sales Channel

        16.3.4. By End Use

17. Japan Car Wax Market Analysis 2013–2021 and Forecast 2022–2028

    17.1. Introduction

    17.2. Historical Market Size (US$ Mn) and Volume By Market Segments, 2013–2021

    17.3. Market Size (US$ Mn) and Volume Forecast By Market Segments, 2022-2028

        17.3.1. By Form

        17.3.2. By Product Type

        17.3.3. By Sales Channel

        17.3.4. By End Use

18. India Car Wax Market Analysis 2013–2021 and Forecast 2022–2028

    18.1. Introduction

    18.2. Historical Market Size (US$ Mn) and Volume By Market Segments, 2013–2021

    18.3. Market Size (US$ Mn) and Volume Forecast By Market Segments, 2022-2028

        18.3.1. By Form

        18.3.2. By Product Type

        18.3.3. By Sales Channel

        18.3.4. By End Use

19. Competition Analysis

    19.1. Competition Dashboard

    19.2. Competition Deep dive

        19.2.1. 3M

        19.2.2. Turtle Wax Inc.

        19.2.3. Future Development (Manufacturing) Ltd.

        19.2.4. Koch Chemie GmbH

        19.2.5. Mothers Polishes Wax Cleaners Inc.

        19.2.6. Northern Labs, Inc.

        19.2.7. Chempace Corporation

        19.2.8. Sonax GmbH

        19.2.9. KAO Corporation

        19.2.10. Sasol Ltd.

        19.2.11. Chemical Guys Mfg., Co

        19.2.12. The Darent Wax Company Ltd.

        19.2.13. Koster Keunen Inc.

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