Global wax industry expected to reach $16.7 billion by 2030 – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The report “Wax Market by Application, by Type: Global Opportunity Analysis and Industry Forecast, 2020-2030” has been added to from ResearchAndMarkets.com offer.

Global Wax Market was valued at USD 11.6 Billion in 2020 and is projected to reach USD 16.7 Billion by 2030, growing at a CAGR of 3.7% from 2021 to 2030.

Wax is an organic ingredient that is solid at normal room temperature but becomes fluid when the temperature is raised. The main commercial source of wax is crude oil. However, waxes are produced from plants, lignite, animals and insects. Paraffin/mineral wax, synthetic wax and natural wax are the three types of waxes available in the market. These waxes differ in their chemical composition; however, the presence of normal alkanes is always in a high ratio to other ingredients.

The high demand for waxes in the packaging industry is driving the growth of the global wax market. Paraffin waxes offer exceptional water resistance, which is why they are widely used for packaging. Additionally, increasing demand for waxes from applications such as tires and rubber, coatings, and encaustics is driving the growth of the market across the globe. Another growth driver for the wax industry is the increase in demand for wax from the personal care industry. The cosmetics and personal care sectors have the maximum use of wax.

The personal care industry accounted for a major share of the global market in 2019. However, the market growth is limited due to the high prices of synthetic and natural waxes. Additionally, shortage of mineral paraffin/wax supply is hampering the market growth. However, the growth in awareness of natural cosmetics is expected to provide a major opportunity for manufacturers.

The wax market is segmented on the basis of type, application and region. By type, it is separated into paraffin/mineral wax, synthetic wax, natural wax and others. Based on the application, it is fragmented into candles, wrappers, emulsions, hot melts, floor polishes and others. Regionally, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.

Impact of COVID-19 on the global wax market

The COVID-19 outbreak has resulted in the partial or complete shutdown of production facilities that do not fall under essential goods, due to an extended lockdown in major countries including the United States, China, Japan , India and Germany. This has led to the closure or suspension of their production activities in most industrial units around the world.

The COVID-19 pandemic has stagnated production activities in various fields such as packaging, cosmetics, chemicals and candle manufacturing. Supply chain disruptions have disrupted the supply of raw materials to these industries. As a result, the demand for wax from those industries that depended on wax for production has declined. Additionally, the decline in demand for cosmetics, candles and consumer goods has reduced the demand for waxes across the globe.

Main benefits for stakeholders

  • This report provides a quantitative analysis of market segments, current trends, estimates and dynamics of the wax market analysis from 2020 to 2030 to identify current opportunities in the wax market.

  • Market research is offered with information related to key drivers, restraints, and opportunities.

  • Porter’s Five Forces analysis highlights the ability of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.

  • In-depth analysis of wax market segmentation helps to determine the existing market opportunities.

  • Major countries in each region are mapped according to their revenue contribution in the global market.

  • The positioning of market players facilitates benchmarking and provides a clear understanding of the current position of market players.

  • The report includes analysis of regional and global wax market trends, key players, market segments, application areas and market growth strategies.

Key market segments

By app

  • Candles

  • Packaging

  • Emulsions

  • Hot melts

  • Floor polishes

  • Others

By type

  • Paraffin/Mineral Wax

  • Synthetic wax

  • Natural Wax

  • Others

By region

  • North America

  • WE

  • Canada

  • Mexico

  • Europe

  • France

  • Italy

  • Germany

  • Spain

  • UK

  • The rest of Europe

  • Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Rest of Asia-Pacific

  • LAMEA

  • Brazil

  • South Africa

  • Saudi Arabia

  • Rest of LAMEA

Main market players

  • Akzo Nobel SA

  • Baker Hughes Company

  • BASF SE

  • Cepsa

  • national oil company of china

  • Evonik Industries AG

  • ExxonMobil Corporation

  • Holly Frontier Sinclair Company

  • Honeywell International Inc.

  • The International Group Inc.

For more information about this report visit https://www.researchandmarkets.com/r/3tm1s5


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