Wax Market Size And Forecast
The Global Wax Market report provides a holistic evaluation of the market for the forecast period. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market. These factors; the market dynamics involve the drivers, restraints, opportunities, and challenges through which the impact of these factors in the market is outlined. The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market. The Global Wax Market study provides an outlook on the development of the market in terms of revenue throughout the prognosis period.
Wax Market was valued at USD 10.36 Billion in 2019 and is projected to reach USD 13.72 Billion by 2027, growing at a CAGR of 3.6% from 2020 to 2027.
What is Wax?
Waxes are made by mixture of hydrophobic organic materials. That mixture changes into a solid state at a temperature of 20°C. It starts to melt at temperature 40°C. The solubility and stability of waxes are reliant on chemical composition and temperature. Waxes are made from ingredients such as palm, honeybee, soy, rice bran oil, bayberries, sunflower oil, whale, and petroleum. It is utilized widely as base materials, added substances and to help preparing. Waxes are mainly used in industries, especially for coatings. Comprising superior properties such as hydrophobicity, malleability and its ability of solubility in organic nonpolar solvents have increased its use in different industries such as textile, pharmaceuticals, paints, coatings, packaging, etc.
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Global Wax Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
Rise in usage of waxes in the packaging industry, increase in demand for paperboard & paper and building boards, speedily growing inks & coatings, personal care & cosmetics, and adhesives sectors, rise in use of wax as a base ingredient in cosmetic products and superior properties of wax are projected to boosts the global wax market growth. However, environmental issue of waste disposal of synthetic derivative, because of harmful chemical content in the waste and high prices associated with synthetic and natural waxes may hamper the growth of the market. On the other hand, surge in adoption of natural cosmetics provides potential growth opportunities for market development.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The “Global Wax Market” is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.
Global Wax Market Competitive Landscape
The “Global Wax Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as ExxonMobil Corp., HollyFrontier Corp., BASF SE, The International Group, Inc., Sinopec Corp, Dow Corning, Evonik Industries, Akzo Nobel N.V., Honeywell International and Lubrizol Corporation. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
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Wax Market, By Product
• Mineral Wax
• Synthetic Wax
• Natural Wax
Wax Market, By Application
• Candles
• Plastic & Rubber
• Packaging
• Cosmetics & Toiletries
• Adhesives
• Fire Logs
• Others
Wax Market, By Geographic Scope
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Rest of Asia Pacific
• Rest of the World
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