The global wax market sizeis set to gain impetus from their increasing usage in a wide range of
applications, 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, 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 Following Factors:
- 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 Packaging Industry 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.
Segment-
Petroleum Segment to Grow Considerably Backed by Rising Usage ofParaffin
In terms of product type, the market is segregated into animal& plant, mineral, synthetic, and petroleum. Out of these, the petroleum
segment held 63.5% wax market share in 2019 and would grow considerably
throughout the forecast period. Petroleum products mainly consist of
micro-crystalline type, petrolatum, and paraffin. Paraffin is the most commonly
used product worldwide.
Regional Analysis-
Asia Pacific to Lead Stoked by Abundant Availability of RawMaterials
Based on geography, the market is divided into Europe, the MiddleEast and Africa, North America, Asia Pacific, and Latin America. Amongst these,
North America generated USD 1,940.0 million revenue in 2019. This growth is
attributable to the U.S. as the country is considered to be the largest global
importer and consumer of wax. Also, the high demand for premium quality
bio-based and petroleum candles would aid growth in this region.
