Future Market Insights has announced the addition of the “ Car Wax Market Forecasted to Grow at Steady Pace During 2016 – 2026 " report to their offering.
New York City, NY -- (SBWIRE) -- 10/12/2018 -- A car wax is a substance which is used primarily to protect the car's finish and enhance its shine. It generally refers to products containing carnauba wax, which comes from a palm tree, however other natural waxes can also be mixed to enhance capabilities. It is rubbed on the care exteriors and is allowed to dry, creating a protective top layer for the car. Moreover, a car wax also helps in filling minute hair line scratches and enables a smoother surface. Carnauba is generally a hard material and is derived from plants which are prominently found in South America, hence it is generally mixed with other substances such as solvents, oils, cleaners, polishes, etc. The highest usable concentration of carnauba in a car wax is nearly 30%. In recent years, synthetic polymer wax are also taking over the car wax landscape, though they are unable to meet the shine of carnauba. But, these are usually cheaper, easier to handle and remove, lasts longer and even offers more protection. The global car wax market is expected to expand with an impressive CAGR over the forecast period.
Global Car Wax Market: Drivers and Restraints
The global car wax market is projected to grow at a decent growth rate amid soaring car sales, especially in the developing countries of Asia and South America. Furthermore, as more and more car owners began to take pride in their car ownership and are giving increasing importance to detailing of their cars, directly fuelling the demand for car wax. Moreover, the advent of synthetic wax which are more economical and in many cases suffice the requirements of car protection and shine, is also driving more demand for car wax products and solutions. Increasing number of full-fledged car centres which offers complete packages including of car waxing services, is also fuelling revenues in the global car wax market.
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High cost of carnauba wax, is the prime restraint to the growth of global car wax market. However, the advent of more and more synthetic wax products made from manmade chemicals, shall help dilute the restraint in a long run.
Global Car Wax Market: Segmentation
On the basis of origin,
Natural Car Wax
Synthetic Car Wax
On the basis of type,
Global Car Wax Market: Region Wise Outlook
The global car wax market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). As of 2015, North America, leads the global car wax market, owing to significant number of passenger car owners in the region. Moreover, Europe is next in line for the demand of car wax products, amid high penetration of luxury cars in the region. Furthermore, with rising disposable income, APEJ is anticipated to be the fastest growing market for consumption of car wax products.
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Global Car Wax Market: Key Players
The 3M Company
Northern Labs Inc.
Guangzhou BiaoBang Auto ArticleIndustrial Co.,Ltd