That the global car wax market reached a valuation of around USD 850 Million in 2021. Sales of car wax are slated to rise at a CAGR of 4.5% to top USD 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) | USD 850 Million |
| Car Wax Sales Forecast (2028) | USD 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 USD 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.
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.
For instance
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2028 |
| Historical Data Available for | 2013 to 2021 |
| Market Analysis | Value in USD 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 USD 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.
| Estimated Market Size (2024E) | USD 11,544.3 million |
|---|---|
| Projected Market Value (2034F) | USD 19,352.3 million |
| Value-based CAGR (2024 to 2034) | 5.3% |
| Estimated Market Size (2024E) | USD 10509.6 million |
|---|---|
| Projected Market Value (2034F) | USD 18253.6 million |
| Value-based CAGR (2024 to 2034) | 5.7% |
| Market Estimated Size in 2023 | USD 759.6 million |
|---|---|
| Projected Market Size in 2033 | USD 1,163.83 million |
| Value-based CAGR from 2023 to 2033 | 3.1% |
| Expected Market Value (2023) | USD 4,065.94 million |
|---|---|
| Anticipated Forecast Value (2033) | USD 6,780 million |
| Projected CAGR (2023 to 2033) | 5.2% |
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Car Wax Market
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