The global wax marketsize is set to gain impetus from their increasing usage in a wide range ofapplications, such as plastic & rubber additives, candle manufacturing,
cosmetics, adhesives, polishes, and coatings. Wax also provides protection to
packaged goods from moisture. This information is given by FortuneBusiness Insights™ in a recent report, titled, “Wax Market Size,Share & Industry Analysis, By Product Type (Petroleum, Synthetic, Mineral
and Animal & Plant), By Application (Candles, Packaging, Coating &
Polishes, Hot-melt Adhesives, Cosmetic & Toiletries, Plastic & Rubber
and Others) and Regional Forecast, 2019-2027.” The report further mentionsthat the wax market was valued at USD 7,288.9 million in 2019and is expected to reach USD 9,249.2 million by 2027, therebyexhibiting a CAGR of 3.1% during the forecast period.
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This Report Addresses the FollowingFactors:
- Regions and segments that are expected to dominate or drive market growth.
- Elaborate information about the major sustainability strategies followed by key companies.
- Market drivers, barriers, and upcoming opportunities that will affect growth.
- In-depth analysis of the competitive landscape.
Drivers & Restraints-
Increasing Demand from PackagingIndustry to Propel Growth
The emergence of end use industries,such as rubber, plastic, cosmetics, packaging, and candles is surging in the
developing regions, namely, Latin America, Africa, and Asia Pacific. But the
growth is low in the developed regions, such as Europe and North America.
Hence, the ongoing industrialization is anticipated to create more
opportunities for such end use industries in the countries situated in these
regions. The demand for paraffin wax is high as it is used the most in
corrugated packaging. This type of packaging is specially used to pack
furniture, food, and similar other goods. The expansion of packaging sector in
the developing regions worldwide would contribute to the wax market growth in
the coming years. However, animal andplant-based wax involves high manufacturing cost. It may hamper growth.
