Global Automotive Wax Market To Grow Faster In China Between 2018-2028, Future Market Outlook Reveals – Market Research Blog


The market report published by Future Market Insights titled “Automotive Wax Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028” examines the automotive wax market and offers crucial market information for the next ten years. According to the analysis of Future Market Insights, global automotive wax sales are estimated at US $ 743.5 million by the end of 2018 and are expected to register a CAGR of 4.2% over the period 2018-2028. This report discloses the demand for automotive wax and its decomposition based on different types, shapes and end uses.

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Dynamic

The Global car wax market is expected to experience steady growth, due to the increasing production of vehicles in different regions. This increasing production of vehicles is expected to stimulate the demand for automotive wax products, which are particularly used in the finishing line of vehicle manufacturing. Automotive wax products are also experiencing strong demand from automotive aftermarket services. The increase in the vehicle fleet is expected to lead to an increase in demand for car wax products, which are mainly used in car washing and cleaning services.

North America held the lion’s share in terms of the global vehicle fleet in 2017. According to OICA reports, 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 sale of automotive wax products in aftermarket automotive service departments.

Segmentation analysis

The global automotive wax market is expected to experience steady growth, owing to the increasing demand for aftermarket automotive maintenance services. The main driver behind the demand for automotive wax products in aftermarket automotive services is the increase in the vehicle fleet. SUVs, midrange and premium cars account for about 47% of the demand for automotive wax products in aftermarket auto maintenance services.

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According to OICA reports, global vehicle production would represent 7.1% of the global vehicle fleet in 2017. As a result, the demand for automotive wax products is expected to remain high in aftermarket auto maintenance services. during the forecast period. Liquid car wax is expected to gain traction during the forecast period, due to its easy to apply characteristics and low cost. The demand for the liquid form of automotive wax is expected to remain high in aftermarket automotive service departments, due to the time required to apply liquid automotive wax compared to automotive paste wax. The demand for automotive wax paste is expected to be stimulated by car manufacturers who generally prefer durable products for refinishing vehicles.

Regional market projections

On the basis of region / country, China is expected to dominate the global automotive wax market throughout the forecast period. In China, the automotive wax market is expected to grow at a CAGR of around 9.6% during the forecast period. Additionally, Latin America and India are expected to register relatively higher CAGRs during the forecast period. These two regions, along with Latin America, are expected to register attractive growth rates in the global automotive wax market during the forecast period. The automotive wax market in Western Europe has matured and is expected to grow slowly during the forecast period.

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Automotive wax market segmentation

Type

Form

By sales channel

  • Maker
  • Retailer and Distributor

By end use

Region

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • SEA
  • China
  • India
  • Japan
  • Middle East and Africa

Competitive Landscape of the Global Automotive Wax Market

Some of the players mentioned in this Global Automotive Wax Market Study 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.


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