The Global Wax Market was valued at US$ 9.3 billion in 2019, the expected CAGR through 2030 is 3%. Expansion of packaging industry, rising demand for candles across decorative & therapeutic applications, expanding cosmetic manufacturing industry, and growth of polymer processing industry globally are the major factors driving the growth of the global wax market. Wax is a temperature and pressure sensitive compound of hydrophobic organic materials. It offers excellent anti-caking, insulation, resistance from microorganisms, UV resistance, and, moisture & odor resistance properties. This has resulted in increased demand for wax across wide range of applications.
The demand for wax is increasing rapidly across the globe owing to increased demand for packaging, rubber processing, adhesives, building boards, cosmetics and toiletries and strong penetration in manufacturing of the same. However, disruption in petrochemical production and manufacturing industry across the globe due to implementation of lockdown to prevent spread of COVID-19 is anticipated to impede the growth of global wax market in coming years. The market is anticipated to regain its strength in couple of years and is expected to witness single digit growth during the forecast period.
Asia Pacific contributed a dominating share to the global wax market in 2019 and is anticipated to be a dominating segment throughout the forecast period. The Asia Pacific is expected to be the fastest growing geography during the forecast period owing to rising demand from expanding packaging and cosmetic industry across major countries.
Expansion of building & construction industry across emerging countries in Asia is anticipated to fuel the demand for adhesives, thereby contributing towards the growth of wax market during the forecast period. Europe is anticipated to witness prominent growth during the forecast period owing to strong demand for wax from cosmetic manufacturing and presence of wax producers across major countries. North America is expected to be a leading supplier of petroleum & mineral wax during the forecast period owing to increased production of petroleum fueled by discovery shale gas reserves.
Wax Market Share Analysis, by Geography (2021)
The report titled “Wax Market - Global Market Share, Trends, Analysis and Forecasts, 2022-2032”, wherein 2020 is historic period, 2021 is the base year, and 2022 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global wax market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The global wax market is segmented on the basis of product type, application, and geography. Based on product type, the global wax market is segmented into petroleum & mineral wax, synthetic wax, and natural wax. The petroleum & mineral wax is further sub-segmented into paraffin wax, microcrystalline wax, and others. The synthetic wax is further sub-segmented into gas-to-liquids (GTL) wax, polymer wax, and others. The natural wax is further sub-segmented into beeswax, vegetable wax, and others. Based on application, the global wax market is segmented into candles, packaging, wood & fire-logs, rubber, adhesive, cosmetics, toiletries, and others. Based on geography, the global wax market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on wax. Further, market share of prominent companies in the global wax market would also be estimated. the study takes into consideration the key competitive information such as business strategy, product portfolio, key development, swot analysis, and research and development focus of all the wax companies.
The global wax market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. Product portfolio would focus on all the products under the wax business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global wax market.
Major players active in the global wax market include BASF SE, BP PLC, China National Petroleum Corporation, Evonik Industries AG, Exxon Mobil Corporation, HollyFrontier Corp., Honeywell International Inc., International Group, Inc (IGI), Lukoil Company, Mitsui Chemicals, Nippon Seiro Co., Ltd., Petro-Canada Lubricants Inc., Petroleo Brasileiro S.A. (Petrobras), Petróleos de Venezuela, S.A. (PDVSA), Royal Dutch Shell plc, Sasol Wax, Sinopec Limited, and Total S.A.
Segmentations:
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The sample report for the wax Market can be obtained on demand from the website. Also, the 24*7 chat support & direct call services are provided to procure the sample report.
Key wax market players are BASF SE, BP PLC, China National Petroleum Corporation, Evonik Industries AG, Exxon Mobil Corporation, HollyFrontier Corp., Honeywell International Inc., International Group, Inc (IGI), Lukoil Company, Mitsui Chemicals and others.
Based on product type, the wax market is segmented into Petroleum & mineral wax, Synthetic wax and Natural wax.
Expansion of packaging industry, rising demand for candles across decorative & therapeutic applications, expanding cosmetic manufacturing industry, and growth of polymer processing industry globally are the major factors driving the growth of the global wax market.
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