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Wax Market Size to Reach USD 9.24 Billion by 2027; Increasing Usage in Candle Manufacturing to Spur Growth, Says Fortune Business Insights™

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Pune, June 22, 2020 (GLOBE NEWSWIRE) — 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.” The report further mentions that the wax market was valued at USD 7.28 billion in 2019 and is expected to reach USD 9.24 billion by 2027, thereby exhibiting a CAGR of 3.1% during the forecast period.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Sasol Limited (South Africa)Sinopec (China)Royal Dutch Shell PLC (Netherlands)Exxon Mobil Corporation (USA)The International Group Inc. (Canada)Petróleo Brasileiro S.A. (Brazil)The PJSC Lukoil Oil Company (Russia)PDVSA (Petróleos de Venezuela, S.A.) (Venezuela)Kerax Limited (UK)DEUREX AG (Germany)NIPPON SEIRO CO. LTD. (Japan)Numaligarh Refinery Limited (India)Strahl & Pitsch, Inc. (USA)CALWAX (USA)Poth Hille & Co Ltd. (UK)Cargill, Inc. (USA)Samin Chemical (Iran)Regions and segments that are expected to dominate or drive market growth.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 GrowthThe emergence of end use industries, such as rubber, plastic, cosmetics, packaging, and candles is surging in the developing regions, namely, Latin America, Africa, and Asia Pacific. But the growth is low in the developed regions, such as Europe and North America. Hence, the ongoing industrialization is anticipated to create more opportunities for such end use industries in the countries situated in these regions.The demand for paraffin wax is high as it is used the most in corrugated packaging. This type of packaging is specially used to pack furniture, food, and similar other goods. The expansion of packaging sector in the developing regions worldwide would contribute to the wax market growth in the coming years. However, animal and plant-based wax involves high manufacturing cost. It may hamper growth.
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Petroleum Segment to Grow Considerably Backed by Rising Usage of ParaffinIn 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. Paraffin is the most commonly used product worldwide. It is highly versatile and possesses a low reactive nature. Therefore, it is best suited for several industrial applications. 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:Asia Pacific to Lead Stoked by Abundant Availability of Raw MaterialsBased on geography, the market is divided into Europe, the Middle East and Africa, North America, Asia Pacific, and Latin America. Amongst these, North America generated USD 1,940.0 million revenue in 2019. This growth is attributable to the U.S. as the country is considered to be the largest global importer and consumer of wax. Also, the high demand for premium quality bio-based and petroleum candles would aid growth in this region.Asia Pacific, on the other hand, is likely to lead the market during the forthcoming years. It is set to occur because of the increasing number of end use industries in various countries, as well as the availability of raw material in abundance. 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 CompetitionThe 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. They are doing so by either investing hefty amount of money on expansion projects, or are aiming to broaden portfolio by launching innovative products.IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Emerging Trends in Global MarketLatest Technological AdvancementsInsights on Regulatory ScenarioPorters Five Forces AnalysisKey developments: Acquisition, Collaboration, Strategic Partnership, and Joint VentureGlobal Wax Market Analysis, Insights and Forecast – By Product Type, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By Product Type Petroleum Wax Synthetic Wax Mineral Wax Animal & Plant WaxGlobal Wax Market Analysis, Insights and Forecast – By Application, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By Application Candles Packaging Coating & Polishes Hot-melt Adhesives Cosmetic & Toiletries Plastic & Rubber Others
TOC Continued…!!!
February 2018: Sasol, an integrated energy and chemical company based in South Africa, inaugurated the completion of its FT Wax Expansion Project (FTWEP). It would strengthen South Africa’s position in the wax industry. The company will now be able to produce high quality waxes equipped with unique characteristics.February 2017: Kerax Limited, a manufacturer & supplier of waxes headquartered in England, introduced its new soy candle wax. It is named KeraSoy. These pillar candle and container waxes are specially developed by the company to manufacture candles with superb glass adhesion, excellent scent throw, and premium quality finish.

Have a Look at Related Research Insights:Wax Emulsion Market Size, Share & Industry Analysis, By Source (Natural, Synthetic), By Type (BeesWax, Carnauba Wax, Paraffin Wax, Polyethene Wax, Polypropylene Wax, Montan ester Wax, Others), By End-Use Industry (Packaging, Paints & coatings, Adhesive & sealants, Textiles, Personal care, Others) Others and Regional Forecast, 2019-2026
Industrial Wax Market Size, Share & Industry Analysis, By Type (Fossil based Wax, Synthetic based Wax, Bio-based Wax), By Application (Candles, Packaging, Coatings & Polishing, Tire & Rubber, Food, Cosmetics, Adhesives, Others) and Regional Forecast, 2019-2026
Dyes and Pigments Market Size, Share & Industry Analysis, By Type (Dyes, {Reactive, Disperse, Vat, Acid, and Others}, and Pigment {Inorganic, and Organic}), By End-use Industry (Textiles, Leather, Paper, Paints & Coatings, Plastics, Printing Inks, and Others), and Regional Forecast, 2019-2026Antimicrobial Textiles Market Size, Share & Industry Analysis, By Agents (Synthetic Organic Compounds, Bio-Based Compounds, Metal & Metallic Salts and Others), By Fabric (Cotton, Polyester, and Others), By Application (Home, Commercial, Medical, Apparel, Industrial, and Others) and Regional Forecast, 2020-2027Automotive Composites Market Size, Share & Industry Analysis, By Fiber (Glass, Carbon and Natural), By Resin Type (Thermoset and Thermoplastics), By Application (Exterior, Interior, Structure & Power train, and Other), and Regional Forecast, 2019-2026
Roofing Materials Market Size, Share & Industry Analysis, By Material (Bituminous, Tile, Metal, Elastomeric, and Others), and By End-Use (Residential, Non-Residential, and Industrial), and Regional Forecast, 2020-2027About Us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.  At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
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