According to the latest report by IMARC Group, titled “Wax Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global wax market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global wax market size reached US$ 9.72 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 12.03 Billion by 2027, exhibiting a CAGR of 3.40% during 2022-2027.
Wax is a diverse class of organic compounds that exist as malleable and lipophilic solids at room temperature. It can be of various types, including mineral, synthetic, natural, microcrystalline, etc. These wax variants are insoluble in water but soluble in organic and non-polar solvents and are utilized as a base material and additive to aid processing applications. They have excellent anti-caking and insulation properties and are resistant to ultraviolet (UV) rays, microorganisms, moisture, and odor. As a result, wax materials are extensively utilized to manufacture candles, cosmetics, adhesives, rubber, automotive polishes, etc.
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Important Attribute and highlights of the Report:
- Detailed analysis of the global market share
- Market Segmentation type, form, application and region.
- Historical, current, and projected size of the market in terms of volume and value
- Latest industry trends and developments
- Competitive Landscape for wax market
- Strategies of major players and product offerings
The inflating demand for personal care products, cosmetics, and several home decor items, such as colored and scented candles, on account of the changing lifestyle patterns of the consumers, is primarily driving the global wax market. Besides this, the growing product adoption in printing ink formulations, hot melt adhesives, coating solutions, etc., is also positively influencing the market growth.
Furthermore, the rising utilization of wax variants in food containers, flexible packaging, folding cartons, corrugated containers, etc., owing to their water-, moisture-, and vapor-resistant properties, is acting as another significant growth-inducing factor. Besides this, the development of bio-based wax, including vegetable wax, by the market players to meet the escalating consumer preference for renewable and eco-friendly products is expected to propel the wax market over the forecasted period.
Key Players Included in Global Research Report:
- Baker Hughes Company
- BASF SE
- Cepsa
- China Petrochemical Corporation
- Eni S.p.A.
- Evonik Industries AG
- Exxon Mobil Corporation
- HF Sinclair Corporation
- Honeywell International Inc.
- Mitsui Chemicals Inc.
- Nippon Seiro Co. Ltd.
- Sasol Limited
- Shell plc.
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COVID-19 Impact Overview:
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Segmentation:
Breakup by Type:
- Mineral Wax
- Synthetic Wax
- Natural Wax
- Others
Breakup by Form:
- Flakes
- Granules
- Powder
- Others
The Breakup by Application:
- Candles
- Cosmetics
- Packaging
- Emulsions
- Hot Melts
- Floor Polishes
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
TOC for the Wax Market Research Report:
- Preface
- Scope and Methodology
- Executive Summary
- Introduction
- Global Wax Market
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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