Rising Vehicle Fleet Boosts Demand for Car Wax Products in Aftermarket Services
The global car wax market is expected to witness steady growth, owing to the growing production of vehicles in different regions. This increasing vehicle production is expected to drive the demand for car wax products, which are particularly used in the finishing line in the manufacturing of a vehicle.
Car wax products also register high demand from automotive aftermarket services. The increasing vehicle fleet is expected to upsurge the demand for car wax products, which are mostly used in car wash and car cleaning services.
Get a Holistic Overview of the Market from Industry Experts to Evaluate and Develop Growth Strategies. Get the Sample:
Future Market Insights published a market report titled "Car Wax Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2022-2028" which examines the car wax market and offers crucial market insights for the next ten years.
According to Future Market Insights analysis, the global sales of car wax are estimated to be valued at US$ 743.5 Mn by the end of 2018 and are expected to register a 4.2% CAGR over the period of 2022-2028. This report divulges the demand for car wax and its break-up based on different types, forms, and end uses.
North America held the lion's share in terms of the global vehicle fleet in 2017. As per the reports of OICA, the region holds a 21.2% share in terms of the global vehicle fleet. Western Europe, with a 19.8% share in the global vehicle fleet, is also expected to provide lucrative opportunities for the sales of car wax products in aftermarket car care services.
The global car wax market is estimated to witness steady growth, owing to the increasing demand for aftermarket car care services. Increasing vehicle fleet is the key driving force surging the demand for car wax products in aftermarket car services. SUV, mid-range, and upscale cars account for around a 47% share of the demand for car wax products in aftermarket car care services.
As per the reports of OICA, global vehicle production was reported to be 7.1% of the global vehicle fleet in 2017. Attributing to this, the demand for car wax products is expected to remain high in aftermarket car care services over the forecast period. Liquid car wax is expected to gain traction over the forecast period, owing to its easy-to-apply characteristics and low cost.
The demand for the liquid form of car wax is expected to remain high in aftermarket car care services, owing to the less time required for applying liquid car wax as compared to paste car wax. The demand for paste car wax is expected to be driven by vehicle manufacturers who usually prefer long-lasting products for the finishing of vehicles.
Regional Market Projections
Based on region/country, China is anticipated to dominate the global car wax market throughout the forecast period. In China, the car wax market is expected to expand at a CAGR of around 9.6% during the forecast period. Moreover, Latin America and India are anticipated to register relatively higher CAGRs during the forecast period.
These two regions, coupled with Latin America, are expected to register attractive growth rates in the global car wax market during the forecast period. The Western Europe car wax market is at a mature stage and is expected to witness slow growth over the forecast period.
Discover the Engine Behind Insights Delve into Our Report Methodology! https://www.futuremarketinsights.com/request-report-methodology/rep-gb-2268
Global Car Wax Market Competitive Landscape
Some of the players reported in this study on the global car wax market include 3M, Turtle Wax Inc., Darent Wax Company Ltd, Mothers Polishes Wax Cleaners Inc., Sonax GmbH, Treatment Products Ltd, Northern Labs Inc., Swissvax AG, Waxpol Industries Ltd, Carsco0 Inc., Shenzhen Marpa Imp & Exp Trading Co., Ltd and Kao Chemicals GmbH, among others.
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
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 an economic revival in most of the developing nations.
Have a Look at the Trending Reports of Chemicals & Materials Domain:
Optical Materials Market: https://www.futuremarketinsights.com/reports/optical-materials-market
Azodicarbonamide (ADC) Market: https://www.futuremarketinsights.com/reports/azodicarbonamide-adc-market
China Clay Market: https://www.futuremarketinsights.com/reports/china-clay-market
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
For Sales Enquiries: firstname.lastname@example.org
Read Full Reports: https://www.futuremarketinsights.com/reports/car-wax-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Rising Vehicle Fleet Boosts Demand for Car Wax Products in Aftermarket Services here
News-ID: 3220220 • Views: 427
More Releases from Future Market Insights
Global Lithium Ion Battery Separator Market Projected to Reach US$ 3,256.7 Milli …
The lithium-ion battery separator is a critical component in lithium-ion batteries, responsible for preventing short circuits and ensuring safe and efficient battery performance. It acts as a physical barrier between the positive and negative electrodes, allowing lithium ions to pass through while blocking the flow of electrons. With advancements in separator technology, these separators play a key role in enhancing battery capacity, cycle life, and overall safety in various applications,
Industrial Drums Market on a Trajectory to Reach US$ 17.6 Billion by 2027, Bolst …
The Industrial Drums Market is experiencing a steady and promising trajectory, with an estimated value of US$ 12.5 billion in 2022, projected to escalate to US$ 17.6 billion by 2027 at a commendable Compound Annual Growth Rate (CAGR) of 7.1%. This growth is substantiated by a 6.6% CAGR in volume during 2022-27, as per Future Market Insights. Anticipated to expand 1.5 times within this period, the market presents alluring prospects for industry
Supermarkets, Convenience Stores, and Eco-friendly Choices Fuel the Expansion of …
The metal cans market is predicted to grow at a CAGR of 5% over the forecast period, according to research by Future Market Insights. The industry's estimated value is expected to increase from US$ 56 Bn in 2023 to US$ 91.1 Bn by 2033. The market for metal cans has been driven by the heightened demand for the product in food and beverages industry. Metal cans helps prolong shelf-life of perishable
Folding IBCs Market Poised for Growth: Expected to Reach US$ 528 Million by 2027 …
The folding intermediate bulk containers (IBCs) market is on a growth trajectory, with an estimated value of US$ 418 million in 2022, projected to reach US$ 528 million by 2027, showcasing a Compound Annual Growth Rate (CAGR) of 4.8%. Remarkably, the China folding IBCs market defied initial pandemic-related skepticism and is anticipated to grow by 6.9% year on year in 2022. Despite global challenges, China's folding IBCs market is poised to contribute
More Releases for Wax
Ski Wax Market Exceptional Business Performance | Start Ski Wax, Swix, Darent Wa …
Report Ocean recently published a new report on the Global Ski Wax Market. The study has an in-depth analysis of the forecast period from 2021-2025. The report reveals a comprehensive picture of the Ski Wax Market situation, taking into consideration all major trends, market dynamics, and competitive factors. Additionally, the report contains key statistics concerning the Ski Wax Market situation of the leading key players, key market trends, and potential
2020-2026 Candle Wax Global Market 2020: CJ robinson, IGI Wax, Lone Star, BASF, …
The newly issued research report provides comprehensive and an in-depth assessment of the "Global Candle Wax Market Forecast 2020-2026", which will also offer relevant data for the new industry entrants as well as well-established Candle Wax market players. According to the study, the worldwide Candle Wax market report unfolds the current and historical Candle Wax industry scenarios, Candle Wax market development patterns and is expected to proceed with continuous manufacturing
Bottle Sealing Wax Market - Global Industry Analysis, Size, Share, Growth, Trend …
Global Bottle Sealing Wax Market Report 2018 aims to fulfill the needs of the clients looking for a fresh outlook towards the Global Bottle Sealing Wax Market, or fill in the knowledge gaps with the data available in the report. The well-presented and curated report is compiled by seasoned and professional research experts and subject matter experts in the field. The clients will find the report complete in all aspects
Wax paper Market : Animal Wax, Vegetable Wax, Mineral Wax, and Petroleum Wax and …
Wax paper is a type of paper that has been made moisture-proof by applying wax. A lightweight paper material that has been coated lightly with a wax substance on both sides of the paper is known as wax paper. The wax coating enables this material to repel and effectively hold liquids, and provide a non-sticking surface for various types of applications such as food ingredients and baking products. In food
Ski&Snowboard Wax Market 2018: Darent Wax, Datawax, Rex, ONE-BALL, Start Ski Wax
Qyresearchreports include new market research report “Global Ski&Snowboard Wax Sales Market Report 2018” to its huge collection of research reports. Global Ski&Snowboard Wax market competition by top manufacturers/players, with Ski&Snowboard Wax sales volume, Price (USD/MT), revenue (Million USD) and market share for each manufacturer/player; the top players including Swix Maplus Dominator Start Ski Wax Burton Fast Wax Holmenkol Hertel Wax Maxiglide Products Darent Wax Datawax Rex ONE-BALL Purl Wax ZumWax Nanox Ski Wax FREE | Request Sample is Available at: https://www.qyresearchreports.com/sample/sample.php?rep_id=1808273&type=S The report then moves on to slice and
Global Automotive Wax Sales Market 2017 - 3M, Turtle Wax, SONAX, Mother’s, Dar …
The report studies Automotive Wax in Global market Professional Survey 2017 : Size, Share, Trends, Industry Growth, Opportunity, Application, Production, Segmentation, Cost Structure, Company Profile, Product Picture and Specifications during the Forecast period by 2022 The study Global Automotive Wax Industry 2017 is a detailed report scrutinizing statistical data related to the Global Automotive Wax industry. Historical data available in the report elaborates on the development of the Automotive Wax market