Industry Background:
Car wax is a waxy substance that is rubbed onto a vehicle's exterior. Car wax is a non-abrasive coating material that provides a layer of protection to the paint or previously polished surface. It is used to enhance the luster of the previously polished surface of the car and to protect it from UV rays, intense heat, and contaminants, such as airborne pollutants, dust, acid rain, etc. Car wax is also used to protect the surface from the oxidation process and helps in avoiding corrosion. Rising demand for luxury cars has led to significant growth of the global car wax market in the forecast period.This growth is primarily driven by Growing Production of Premium Cars in Various Developed Economies
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Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Volume Unit | Tonne |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Automobiles sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as 3M (United States), Turtle Wax (United States), Henkel AG & Co. KGaA (Germany), SONAX GmbH (Germany), Malco Products, Inc (United States), Mother's (United States), Bullsone (South Korea), Prestone Products Corp (United States), The Darent Wax Company Ltd (United Kingdom) and Tetrosyl Group Limited (United Kingdom), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In January 2020, 3M acquired Meguiar's products, which include waxes, polishes, cleaners, conditioners, and protectants. 3M and Meguiar will collaborate to bring more innovative, high-performance products to enthusiasts worldwide. Meguiar's Inc. is a 100-year-old family business that manufactures Meguiar's brand of car care products that clean and protect automotive surfaces to enhance 3M's range of automotive aftermarket products.
In March 2023, the iconic car care brand and leader in the entire car care category, Turtle Wax, launched a new innovative product line, Streakless Mist, just in time for National Car Care Month this April. Consisting of five interior and exterior products that offer consumers a fast, effective, and easy solution to auto detailing, this line is sold exclusively at Walmart US and Walmart.com.The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Influencing Trend:
Increasing Demand for the Car Wax from the OEMs
Market Growth Drivers:
Growing Production of Premium Cars in Various Developed Economies and Increasing Automotive Industry across the Globe
Challenges:
Chemical Burn on the Surface After Using it over a Regular Period
Restraints:
High Cost Associated with Car Wax
Opportunities:
Increasing Customization of the Cars and Vehicles in Developing Economies
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Car Wax Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Car Wax Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Car Wax players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Car Wax Study Sheds Light on
The Car Wax Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Car Wax industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Car Wax industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.