[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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| 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.
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.
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.
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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.
Increase in the number of cars in the USA 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.
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.
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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.
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.
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.
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.
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| 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 | Sonax GmbH; Turtle Wax Inc.; Mothers Polishes Wax Cleaners Inc.; Chempace Corporation;Treatment Products Ltd.; Darent Wax Company Ltd.; Henkel; SONAX; Malco Products |
| Pricing | Available upon Request |
The car wax market expanded at a 3.6% historical CAGR from 2013 to 2021.
Increasing car ownership and availability of DIY products is driving growth in the United States.
The car wax market is expected to reach US$ 1.1 billion by 2028.
China accounted for 17% of car wax sales in 2021.
Natural car wax is gaining significant popularity in the global market.
Liquid car wax fuel is gaining immense popularity in the market.
New launches and product innovation become the default growth strategy of competitors.
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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Car Wax Market
