[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
