Wax Market, By Product (Mineral Wax, Synthetic Wax, and Natural Wax), Application (Candles, Packagin

Published Date: June 2020 | Report Code : MT2068276

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Wax Market, By Product (Mineral Wax, Synthetic Wax, and Natural Wax), Application (Candles, Packaging, Plastic & Rubber, Cosmetics & Toiletries, Fire Logs, and Adhesives), And By Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Market Size & Forecasting to 2028

COVID-19 Impact : Our team has been closely monitoring the current developments to identify the potential impact of COVID-19 on stakeholders and business processes across the value chain of industries. A special section about COVID-19 will be covered with the report to help companies in defining sustainable strategies.

Domain : Materials

Report Code : MT2068276

Status : Published June 2020

The Global Wax Market size is expected to reach at USD 10.39 billion by 2028 and is anticipated to grow at a CAGR of 3.25% during the forecast period. Wax are majorly produced by the combination of hydrophobic organic materials, which at a temperature of 20°C change into solid state from materials like honeybee, palm, soy, bayberries, rice bran oil, sunflower oil, sheep, whale, and petroleum. Applications of wax majorly includes production of hardware, electrical, inks and coatings, materials, paints, bundling, elastic, pharmaceuticals, sustenance, and natural and synthetic beautifying agents.

Though, factors like declining demand for corrugated boxes and high cost of synthetic and natural waxes is expected to hamper the growth of the global wax market during the forecast period. However, the growth in demand for natural cosmetics is expected to offer promising growth opportunities in the global wax market during the forecast period.

Key Factors Impacting the Growth of Global Wax Market:

  • High demand for wax as a base ingredient in cosmetic products
  • High adoption rate of wax-based personal care products
  • Increase in usage of waxes in the packaging industry
  • Increasing awareness regarding the wax-based natural cosmetics products

The wax market segmentation is based on product, application, and region.

Product Outlook:

On the basis of product, the global wax market is separated into mineral wax, synthetic wax, and natural wax. The mineral wax segment is predicted to held for the dominated position in 2019. However, the synthetic wax segment is expected to register highest compound annual growth rate in the global wax market during the forecast period.

Application Outlook:

On the basis of application, the global wax market is divided into candles, packaging, plastic & rubber, cosmetics & toiletries, fire logs, and adhesives. Candle segment held the largest market chunk in the global wax market in 2019, with high demand for home fragrance products in developed regions. However, the plastic & rubber segment with very high demand for wax as a performance additive in plastics industry is expected to register highest growth rate in the global wax market during the forecast period.

Regional Outlook:

The regional analysis of the global wax market includes segmentation by North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, & Rest of the World. North America with presence of major end use consumer good manufacturing companies like Unilever, Colgate-Palmolive, Maybelline, Procter and Gamble, Avon, and Johnson & Johnson and increasing demand for paraffin derivatives with growing popularity of cosmetics, held the largest market share in the global wax market in 2019.

Presence of well-established plastics and rubber processing industry in China, number of construction activities with recent economic development and high investment from automobile manufacturers for setting up manufacturing plants in India and ASEAN countries are the reasons behind Asia Pacific region being the highest growing region in 2019.

The report analyzes factors affecting the wax market from both demand and supply side and further analyses market dynamics affecting the market during the forecast year such as driver, restrain, opportunities and future trends. The report also provides comprehensive Porter’s model analysis on the Wax market for all six regions namely; North America, Western Europe, Eastern Europe, Asia Pacific, Middle East and the Rest of the world.

Competitive Landscape

Major companies are focusing on innovations, mergers, acquisitions, capital expansion, and strategic alliances, to enhance their offerings and expand customer base to make their presence felt in the wax market. Key companies operating in the market includes China National Petrochemical Corporation, Sasol Wax, International Group, Inc., Lukoil Company, Petroleo Brasileiro S.A. (Petrobras), Royal Dutch Shell PLC, ExxonMobil Corporation, Total S.A., Deurex AG, HollyFrontier Corp., The International Group, Inc., BASF SE, and Sinopec Corp, Petro-Canada Lubricants Inc., Petroleos de Venezuela, S.A., and Sinopec Limited among others. ExxonMobil Corp. held the largest market share in the global wax market in 2019.

This report also includes the profiles of key wax market companies along with their SWOT analysis and market strategies. In addition, these competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.

Key Developments in Wax Market:

  • In 2019, Deurex AG international suppliers of industrial waxes expanded the production capacities to ensure stability in the supply of the its bestselling products DEUREX EO 44 K to its customers.

What Does This Report Provide?

This report provides a detailed understanding of the global wax market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

By Product

  • Mineral Wax
  • Synthetic Wax
  • Natural Wax

By Application

  • Candles
  • Packaging
  • Plastic & Rubber
  • Cosmetics & Toiletries
  • Fire Logs
  • Adhesives
  • Others

By Region:

  • North America Wax Market
    • By Country (US, Canada, Mexico)
    • By Product
    • By Application
  • Europe Wax Market
    • By Country (Germany, Russia, UK, France, Italy, Spain, Rest of Europe)
    • By Product
    • By Application
  • Asia Pacific Wax Market
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Product
    • By Application
  • Middle East & Africa Wax Market
    • By Country (UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa)
    • By Product
    • By Application
  • South America Wax Market
    • By Country (Brazil, Argentina, Colombia, Rest of South America)
    • By Product
    • By Application

Reasons to Buy This Report:

  • Market size estimation of the wax market on a regional and global basis
  • Unique research Usage for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

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