Demand for Global Wax Market Size Rise at 4.10% CAGR by – GlobeNewswire

| Source: Facts & Factors Facts & Factors
NEW YORK, United States, Aug. 04, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Wax Market Size, Share, Growth Analysis Report By Product Type Outlook (Mineral Wax, Synthetic Wax, Natural Wax), By Application Outlook (Candles, Packaging, Plastics & Rubber, Pharmaceuticals, Cosmetics & Toiletries, Fire Logs, Adhesives, Others), and By Region – Global Industry Insights, Comparative Analysis, Trends, Statistical Research, Market Intelligence, and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Wax Market size & share was approximately USD 9,482.70 Million in 2021. The market is expected to grow above a CAGR of 4.10% and is anticipated to reach over USD 12,068.03 Million by 2028.”
The report analyses the Wax market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Wax market.
What is Wax? How big is the Wax Industry?
Wax is a sort of organic compound that has a low water solubility and is flexible when it is at room temperature. Included in this mix are lipids and higher alkanes that cannot be dissolved in water but may be dissolved in non-polar organic solvents. One of the primary factors contributing to the expansion of the market is the rising demand for wax from the candle and packaging industries. The growing demand for home decor items such as scented and coloured candles is one of the primary drivers behind the expansion of the wax market. Candles used to be a practical commodity that provided light, but now they are considered more of a luxury item. Candles are increasingly frequently used in decorative settings, and they also make wonderful presents.
Another development in the industry is the increased usage of and demand for waxes derived from biomaterials. This demand is being driven by consumers’ concerns regarding the potential adverse effects that chemical products may have on their health. Because of this, there is a shift occurring in the market for wax products toward those that are organic or environmentally friendly.
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Wax Market – Growth Drivers
Due to its remarkable properties such as high gloss, good water repellency, and superior chemical resistance, wax is in high demand in a variety of industries. Because multinational corporations are heavily involved in rapid expansion, product innovation, and diversification, the market is highly fragmented. Companies are implementing long-term strategic planning and execution plans to improve operational efficiency and expand their worldwide market reach in order to survive in this competitive market. Food packaging and cosmetics are two industries where bio-based wax is in high demand. The extensive use of naturally occurring waxes in the food and cosmetics industries has fuelled demand for bio-based waxes. The expanding food packaging business is also opening up new market prospects.
The increased demand for various types of candles, such as colorful and scented candles, is driving the market for industrial wax. Candles are becoming increasingly valuable as luxury items and appealing gifts. The increasing use of candles for dim lighting and perfume to enhance the ambiance of the place is a significant trend that is driving market expansion. The rising popularity of scented candles as gifts is expected to fuel the candle industry, resulting in market growth. The growing cosmetics industry is expected to drive market expansion. It’s used on paper to create low-cost wrapping materials that keep water, humidity, and grease out. In addition, qualities like slip resistance, water resistance, and anti-scratch are utilized in the coating industry for automobiles.
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Wax Market: COVID-19 Impact Analysis
The outbreak of COVID-19 resulted in the partial or complete suspension of non-essential commodity production facilities due to the protracted lockdown in key countries. This led to the shutdown or cessation of production at the majority of the world’s industrial facilities. The COVID-19 epidemic disrupted production in numerous industries, such as packaging, cosmetics, chemicals, and candlemaking. The distribution of raw materials to these companies was hampered as a result of supply chain problems. As a result, industries that rely on wax for production have cut their wax consumption. Additionally, the global demand for waxes decreased as demand for cosmetics, candles, and consumer goods fell.
The comprehensive market research examines both qualitative and quantitative aspects of the wax industry. Both the supply and demand sides of the market have been examined. The demand side analysis analyses regional market income before comparing it to all of the major nations. The research on the supply side evaluates the leading competitors in the market, as well as their regional and worldwide presence and strategy. Each significant nation in North America, Europe, Asia-Pacific, the Middle East, Africa, and Latin America is explored in depth.
Wax Market: Segmentation Analysis
Based on the product, the mineral wax sector led the market. This is due to the increasing use of goods in cosmetic formulations and the increased demand for cosmetics in developing and emerging nations. Mineral waxes are completely free of esters and alcohol, unlike beeswax and plant-based waxes. Fractional distillation is used to extract these products from coal, petroleum, lignite, and shale oil. Microcrystalline, paraffin, petrolatum, and ceresin are a few of the most well-known mineral waxes. Paraffin wax is one of the most regularly extracted waxes as a by-product from the oil industry, ensuring consistent supply and ease of production.
Based on the application, the candles category led the global market, and this trend is expected to continue for the foreseeable future. This segment’s rise is being fuelled by the rising demand for scented candles for home décor and aromatherapy. Candles are available in a wide range of scents, sizes, shapes, and prices. Furthermore, they are said to be the best gift for many events such as Christmas, birthdays, housewarming celebrations, and so on. According to the National Candle Association, the majority of candle consumers in the United States utilize purchased candles within a week after purchase.
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Regional Dominance:
This market was controlled by the Asia Pacific. Increased demand from leading markets such as packaging, candle manufacturing, tires & rubber, and coatings & polishes has contributed to this expansion. China, Japan, and India, among other growing countries, are seeing high demand from the aforementioned industries. The region’s increased building activity raised the demand for waxes, which are utilized in hot-melt adhesive applications.
Consumers in emerging countries have more discretionary cash, which is driving an increase in wax usage for cosmetics and home decor uses. China is the world’s greatest producer and user of candles, which can be linked to the region’s increasing urbanization and population growth.
Competitive Players
The report contains qualitative and quantitative research on the global Wax Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market’s main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company’s global presence, competitors, service offers, and standards.
Some of the main players in the global Wax market include:
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The global Wax market is segmented as follows:
By Product Type Outlook
By Application Outlook
By Region
Key Insights from Primary Research
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