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 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. It is highly versatile and possesses a low
reactive nature. Therefore, it is best suited for several industrial
applications. In addition to this, it is cost-effective, unlike the other
types. The animal & plant segment would grow at a fast pace owing to the
rising demand for non- carcinogenic, as well as bio-based non-toxic products.
Regional Analysis-
Asia Pacific to Lead Stoked by AbundantAvailability of Raw Materials
Based on geography, the market isdivided into Europe, the Middle East 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.
Asia Pacific, on the other hand, islikely to lead the market during the forthcoming years. It is set to occur
because of the increasing number of end use industries in various countries, as
well as the availability of raw material in abundance. Japan, India, and China
are the major markets in this region. India is one of the largest producers of
beeswax in the world.
Competitive Landscape-
Key Players Focus on Manufacturing NewProducts to Intensify Competition
The market consists of a large numberof companies that are striving to keep up with the latest trends to cater to
the needs of their growing consumer bases. They are doing so by either investing
hefty amount of money on expansion projects, or are aiming to broaden portfolio
by launching innovative products. Below are two of the key industry
developments:
