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Rising Vehicle Fleet Boosts Demand for Car Wax Products in Aftermarket Services

09-22-2023 09:01 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Future Market Insights

Car Wax Market

Car Wax Market

Car wax is a protective product used in automotive maintenance. It's typically a blend of natural or synthetic waxes, polymers, and oils. Applied to a vehicle's exterior, it creates a glossy, protective layer that shields the paint from UV rays, dirt, and contaminants. This enhances the car's appearance and prolongs its paint life, ensuring a lasting shine and protection against environmental damage. Regular waxing is essential for preserving a vehicle's finish and value.

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.

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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.

Segmentation Analysis

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.

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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.

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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.

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