The global wax market is set to gain impetus from their increasing usage in a wide range of applications, such as plastic & rubber additives, candle manufacturing, cosmetics, adhesives, polishes, and coatings. Wax also provides protection to packaged goods from moisture.
This information is given by Fortune Business 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.”
This Report Addresses the Following Factors
- Elaborate information about the major sustainability strategies followed by key companies.
- Market drivers, barriers, and upcoming opportunities that will affect growth.
- In-depth analysis of the competitive landscape.
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 the Asia Pacific. But the growth is low in the developed regions, such as Europe and North America. The expansion of the packaging sector in the developing regions worldwide would contribute to the wax market growth in the coming years. However, animal and plant-based wax involve high manufacturing costs. It may hamper growth.
Segment-
Petroleum Segment to Grow Considerably Backed by Rising Usage of Paraffin
In terms of product type, the market is segregated into animal & plant, mineral, synthetic, and petroleum. Out of these, the petroleum segment held 63.5% wax market share in 2019 and would grow considerably throughout the forecast period. Petroleum products mainly consist of micro-crystalline type, petrolatum, and paraffin. In addition 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 for non-carcinogenic, as well as bio-based non-toxic products.
Regional Analysis
The Asia Pacific, on the other hand, is likely to lead the market during the forthcoming years. \Japan, India, and China are the major markets in this region. India is one of the largest producers of beeswax in the world.
Competitive Landscape-
Key Players Focus on Manufacturing New Products to Intensify Competition
The market consists of a large number of companies that are striving to keep up with the latest trends to cater to the needs of their growing consumer bases
Information source:
https://www.fortunebusinessinsights.com/wax-market-102783
Segment-
Petroleum Segment to Grow Considerably Backed by Rising Usage of Paraffin
In terms of product type, the market is segregated into animal & plant, mineral, synthetic, and petroleum. Out of these, the petroleum segment held 63.5% wax market share in 2019 and would grow considerably throughout the forecast period. Petroleum products mainly consist of micro-crystalline type, petrolatum, and paraffin. In addition 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 for non-carcinogenic, as well as bio-based non-toxic products.
Regional Analysis
The Asia Pacific, on the other hand, is likely to lead the market during the forthcoming years. Japan, India, and China are the major markets in this region. India is one of the largest producers of beeswax in the world.
