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.
The emergence of COVID-19 has broughtthe world to a standstill. We understand that this health crisis has brought an
unprecedented impact on businesses across industries. However, this too shall
pass. Rising support from governments and several companies can help in the
fight against this highly contagious disease. There are some industries that
are struggling and some are thriving. Overall, almost every sector is
anticipated to be impacted by the pandemic.
We are taking continuous efforts tohelp your business sustain and grow during COVID-19 pandemics. Based on our
experience and expertise, we will offer you an impact analysis of coronavirus
outbreak across industries to help you prepare for the future.
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 speciallyused 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 and plant-based wax
involves high manufacturing cost. It may hamper growth.
Segment-
Petroleum Segment to Grow ConsiderablyBacked by Rising Usage of Paraffin
In terms of product type, the market issegregated 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.
