Global Wax Market Size, Share, Trends, Opportunities Analysis Forecast Report by 2028
Facts & Factors delivers in-depth insights on the report titled, “Global Wax Market Size, Trends, Analysis, Growth, and Forecast: 2022 to 2028”. The global wax market size was valued at USD 9,482.70 million in 2021 and is estimated to reach USD 12,068.03 Million by 2028 to register a CAGR of 4.10% in terms of value during the forecast period 2022–2028. The report offers in-depth insights, revenue details, and other crucial information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2028.
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Wax is in high demand in a variety of industries due to its remarkable properties such as high gloss, good water repellency, and superior chemical resistance. The market is highly fragmented because multinational corporations are heavily involved in rapid expansion, product innovation, and diversification. To survive in this competitive market, companies are implementing long-term strategic planning and execution plans to improve operational efficiency and expand their global market reach.
Bio-based wax is in high demand in two industries: food packaging and cosmetics. Natural waxes are widely used in the food and cosmetics industries, which has increased demand for bio-based waxes. The expanding food packaging industry is also creating new market opportunities.
The market for industrial wax is being driven by increased demand for various types of candles, such as colourful and scented candles. Candles are becoming more valuable as luxury items and attractive gifts. A significant trend driving market expansion is the increasing use of candles for dim lighting and perfume to enhance the ambiance of the place.
The increasing popularity of scented candles as gifts is expected to fuel the candle industry and drive market growth. The expanding cosmetics industry is expected to drive market growth. It’s applied to paper to make low-cost wrapping materials that keep water, humidity, and grease at bay. Furthermore, qualities such as slip resistance, water resistance, and anti-scratch are used in the automotive coating industry.
The mineral wax sector led the market in terms of product. This is due to an increase in the use of goods in cosmetic formulations as well as increased demand for cosmetics in developing and emerging markets. Mineral waxes, unlike beeswax and plant-based waxes, are completely free of esters and alcohol. These products are extracted from coal, petroleum, lignite, and shale oil using fractional distillation.
Mineral waxes that are well-known include microcrystalline, paraffin, petrolatum, and ceresin. As a byproduct of the oil industry, paraffin wax is one of the most commonly extracted waxes, ensuring consistent supply and ease of production.
Candles led the global market by application, and this trend is expected to continue for the foreseeable future. The rising demand for scented candles for home décor and aromatherapy is fueling the growth of this segment. Candles come in a variety of scents, sizes, shapes, and prices. Furthermore, they are said to be the best gift for a variety of occasions, including Christmas, birthdays, and housewarming celebrations. The National Candle Association reports that the majority of candle consumers in the United States use purchased candles within a week of purchase.
The Asia Pacific region dominated this market. This expansion has been aided by increased demand from key markets such as packaging, candle manufacturing, tyres & rubber, and coatings & polishes. China, Japan, and India, among other rapidly developing nations, are experiencing high demand from the aforementioned industries.
The region’s increased construction activity increased demand for waxes, which are used in hot-melt adhesive applications. Consumers in emerging markets have more disposable income, which is fueling an increase in wax usage for cosmetics and home decor. China is the world’s largest producer and consumer of candles, which can be attributed to the region’s growing urbanisation and population.
The report includes qualitative and quantitative research on the global Wax Market, as well as detailed insights and development strategies used by the market’s leading competitors. The report also includes an in-depth analysis of the market’s main competitors, as well as competitive information. The study also identifies and analyses key business strategies employed by these key market participants, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study looks at each company’s global presence, competitors, service offerings, and standards, among other things.
Sinopec Corp, China National Petroleum Corporation, HollyFrontier Corporation, BP P.L.C, Nippon Seiro Co., Ltd., Baker Hughes Company, Exxon Mobil Corporation, Sasol Limited, The International Group, Inc., Evonik Industries AG, BASF SE, Dow, Honeywell International Inc., Royal Dutch Shell P.L.C, Mitsui Chemicals, Inc., and others are among the major players in the global wax market.
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