Car Wax Industry Size, Share, Demand & Growth by 2028
According to Future Market Insights analysis, the global sales of car wax are estimated to be
valued at US$ 743.5 Million by the end of 2018 and are expected to register a 4.5% CAGR
over the period of 2022 to 2028. This report divulges the demand for car wax and its break-up
based on different types, forms, and end uses.
The global car wax market is expected to be worth over USD 850 million in 2021. Car wax
sales are expected to reach USD 1.1 billion by 2028, growing at a CAGR of 4.5%. Car wax
sales account for 5.5% of the total market for car care goods. With the largest market share,
liquid car wax will significantly contribute to global car wax revenue growth from 2022 to
2028.
Because of increased vehicle manufacturing in many nations, the worldwide auto wax
industry is expected to grow gradually. This increasing vehicle manufacturing is projected to
raise demand for auto wax products, which are widely utilized in the vehicle finishing
process.
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.
Future Market Insights released a research analysis named “Car Wax Market: Global Industry
Analysis 2013-2017 and Opportunity Assessment 2022-2028” that studies the vehicle wax
market and provides critical market insights for the next ten years.
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.
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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.
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and
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nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and
renewable technology developments, and supply-demand-trade assessment. Our research
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institutions, channel partners, and government bodies for developing — ‘The Way Forward’.
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