The global wax market isset 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 topackaged 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 mentions that the waxmarket was valued at USD 7.28 billion in 2019 and is expected to reach USD 9.24billion by 2027, thereby exhibiting a CAGR of 3.1% during the forecast period.
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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 developedregions, such as Europe and North America. Hence, the ongoing industrializationis anticipated to create more opportunities for such end use industries in thecountries situated in these regions.
The demand for paraffin wax is high as it is used the most incorrugated packaging. This type of packaging is specially used to packfurniture, food, and similar other goods. The expansion of packaging sector inthe developing regions worldwide would contribute to the wax market growth inthe coming years. However, animal and plant-based wax involves highmanufacturing cost. It may hamper growth.
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 petroleumsegment held 63.5% wax market share in 2019 and would grow considerablythroughout the forecast period. Petroleum products mainly consist ofmicro-crystalline type, petrolatum, and paraffin. Paraffin is the most commonlyused product worldwide. It is highly versatile and possesses a low reactivenature. Therefore, it is best suited for several industrial applications. Inaddition 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 fornon- carcinogenic, as well as bio-based non-toxic products.
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 isattributable to the U.S. as the country is considered to be the largest globalimporter and consumer of wax. Also, the high demand for premium qualitybio-based and petroleum candles would aid growth in this region.
Asia Pacific, on the other hand, is likely to lead the marketduring the forthcoming years. It is set to occur because of the increasingnumber of end use industries in various countries, as well as the availabilityof raw material in abundance. Japan, India, and China are the major markets inthis region. India is one of the largest producers of beeswax in the world.
Browse Summary of this Research Insights with DetailedTOC:
https://www.fortunebusinessinsights.com/wax-market-102783
