New York, NY, June 27, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Wax Market by Product (Synthetic [Paraffin, and Microcrystalline] and Natural [Animal, Vegetable, and Mineral]), by Application (Candles, Packaging, Wood & fire logs, Rubber, Adhesive, Cosmetics, and Others) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024’’. According to the report, the global wax market was valued at around USD 9 billion in 2017 and is expected to reach approximately USD 12 billion in 2024, growing at a CAGR of slightly above 3.5% between 2018 and 2024.
Wax refers to multiple types of organic substances that become free-flowing liquid at a higher temperature but is solid at ambient temperature. Wax has a complex chemical composition with normal alkanes present in higher proportion along with wide molecular weight profiles. Major commercial source of obtaining wax is crude oil through all the refineries do not produce wax. Mineral wax is produced from lignite. Insects, animals, and plants produce materials that are sold as wax.
Browse through 29 Tables & 23 Figures spread over 110 Pages and in-depth TOC on "Global Wax Market Size & Share 2017: Industry Trends, Growth Opportunities Analysis and Forecast, 2024”.
Request Free Sample Report of Global Wax Market Report @ https://www.zionmarketresearch.com/sample/wax-market
In tyres production, the wax is blended to insulate the product from ozone thus protecting it from cracking and chipping. The Tyre demand is anticipated is to grow anticipated to grow by 7 to 8% in 2018 and 2019 in terms of volume. Growth is attributed to stable replacement demand and escalating OEM requirements. Buses and trucks replacement demand is projected to increase by 5% in 2018. In 2017, tyre demand witnessed an increase of 9 to 9.5%, with strengthening replacement demand grown by 10 to 13%. Boosting tyre industry will give a positive outlook to the global wax market over the forecast timeframe.
Paraffin wax is profoundly consumed to insulate appliances and electric nodes wirings. Frequent technological advancement in electrical appliances would entice customers to purchase latest specification products available in the market, boosting the appliances demand. Paraffin wax is used to coat medicinal tablets to protect their surface. Additionally, it forms a vital component in a variety of lotions, pastes, creams, and lipsticks. Rising consumer demand for skin care products including creams, peels, and face masks will stimulate cosmetics industry in the forecast timeframe. Moreover, rising anti-aging products demand is projected to accelerate the industry growth to new avenues.
Download Free Report Brochure: https://www.zionmarketresearch.com/requestbrochure/wax-market
Lightening strips of matchstick box contain a considerable amount of wax that helps to regulate its burning. Fabrics possess a waxy coating that provides it flexibility, elasticity, and softness. Demand for luxurious fabrics in youth along with high- class population will primarily drive the global wax market in fabrics coating. Paper used to insulate various kind of food needs a coating of paraffin wax to restrict the passage of moisture, micro-organisms, and odors. Other prominent applications of wax are in manufacturing of surfing material, skiing, chipboard, varnishes, paints, and candles.
North America has witnessed significant enhancement in its dairy industry during past few decades. Cheese consumption ranks at the top in the industry’s product consumption pattern modification. Per capita, cheese consumption in 1950 was 7.7 pounds and has increased to 33.5 pounds in 2012. Paraffin wax is used extensively in coating food products such as cheese and citrus fruits. A person today is consuming 25 pounds more cheese annually as compared to 62 years ago. In 1950, the U.S. cheese manufacturers had to produce nearly 1 billion pounds of cheese, with a consumption of 10% of nation’s milk production. In 2014, the production increased to 11 billion pounds with a consumption of half of the U.S. milk production.
Browse the full "Wax Market by Product (Synthetic [Paraffin and Microcrystalline] and Natural [Animal, Vegetable, and Mineral]) by Application (Candles, Packaging, Wood & fire logs, Rubber, Adhesive, Cosmetics, and Others) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/wax-market
The Asia Pacific is anticipated to register significant gains in the global wax market owing to the growth of the textile industry. In the 20th century, the industry had witnessed major modifications in technological innovations pertaining to synthetic fibers, logistics, machinery, and globalization of business. Wax is coated on fabrics to provide softness, elasticity, and flexibility. Sources of fiber were not restricted only to wool and cotton but numerous chemical companies are producing synthetic fibers of superior quality that are used for multiple applications. In 2013, global share for textile exports was USD 772 billion as per United Nations Commodity Trade Statistics Database. Top 5 apparel and textile exporting nations are Turkey, Germany, Italy, India, and China. China had the largest share of export accounting for 39% in the region with India at second rank with 5% contribution.
Europe consumers are attracted to mosquito repellent candles owing to its lower emission of dirt and smoke as that of mosquito coils. Increasing consumer awareness and strengthening distribution of the product will increase its market during the forecast period in the region. Additionally, blending of natural raw materials in these candles such as eucalyptus oil and citronella oil will potentially increase its demand. Mosquito controlling market players are focusing on mosquito repellent candles owing to rising wellness and health awareness among consumers in Europe. These candles are less harmful to human health with better effectiveness in mosquitoes repelling due to its natural ingredients. Furthermore, alarming incidences of tiger mosquitoes in the region due to West Nile fever is fueling the demand for the product.
Inquire more about this report before purchase @ https://www.zionmarketresearch.com/inquiry/wax-market
The global wax market is highly consolidated in nature with major players accounting for above 70% of market share. Certain prominent manufacturers in the market are Petróleos de Venezuela, SA, Total Petrochemicals, Lukoil, Royal Dutch Shell Plc, Sinopec Limited, Exxon Mobil Corporation, International Group, Inc., and China National Petroleum Corporation.
Request customized copy of report @ https://www.zionmarketresearch.com/custom/3012
The report segments global wax market as follows:
Wax Market: Product Segment Analysis
- Synthetic
- Paraffin
- Microcrystalline
- Natural
- Animal
- Vegetable
- Mineral
Wax Market: Application Segment Analysis
- Candles
- Packaging
- Wood & fire logs
- Rubber
- Adhesive
- Cosmetics
- Others
Wax Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
Related Reports:
- Lingerie Market: https://www.zionmarketresearch.com/report/lingerie-market
- Cosmetic Products Market: https://www.zionmarketresearch.com/report/cosmetic-products-market
- Carpets & Rugs Market: https://www.zionmarketresearch.com/report/carpets-rugs-market
- Footwear Market: https://www.zionmarketresearch.com/report/footwear-market
- Cosmetic Skin Care Market: https://www.zionmarketresearch.com/report/cosmetic-skin-care-market
About Us:
Zion Market Research is an obligated company. We create futuristic, cutting edge, informative reports ranging from industry reports, company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.
Follow Us LinkedIn: https://www.linkedin.com/company/zion-market-research
Follow Us Twitter: https://twitter.com/zion_research
Blog: http://www.intenseresearch.com | http://www.mrsresearchgroup.com | http://www.marketresearchtrade.com | https://qyresearchgroup.com | http://marketnreports.com | https://zmrnewsjournal.us