Demand for Global Wax Market Size Rise at 4.10% CAGR by 2028, Value to Cross US$ 12,068.03 Million - Comprehensive Research Report by 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?

• Report Overview:

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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• Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
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• About 203+ Pages Research Report (Including Recent Research)
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• Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
• Includes Tables and figures have been updated
• The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
• Facts and Factors research methodology

(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)

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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Key Offerings:

• Market Size, Trends, & Forecast by Revenue | 2022−2028
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis by Product Type, Application, and Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

Report Scope:

Key questions answered in this report:

• What is the market size and growth rate forecast for Wax industry?
• What are the main driving factors propelling the Wax Market forward?
• What are the leading companies in the Wax Industry?
• What segments does the Wax Market cover?

• How can I receive a free copy of the Wax Market sample report and company profiles?

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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.

Browse the full “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” Report at https://www.fnfresearch.com/wax-market

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:

• Sinopec Corp
• China National Petroleum Corporation
• HollyFrontier Corporation;
• BP P.L.C
• Nippon Seiro Co., Ltd.
• Baker Hughes Company
• Exxon Mobil Corporation
• Sasol Limited
• The International Group, Inc.
• Evonik Industries AG
• BASF SE
• Dow
• Honeywell International Inc.
• Royal Dutch Shell P.L.C
• Mitsui Chemicals Inc.

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The global Wax market is segmented as follows:

By Product Type Outlook

• Mineral wax
• Synthetic Wax
• Natural Wax

By Application Outlook

• Candles
• Packaging
• Plastics & Rubber
• Pharmaceuticals
• Cosmetics & Toiletries
• Fire Logs
• Adhesives
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Southeast Asia
• The Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Key Insights from Primary Research

• As per the analysis, the Wax market is likely to grow above a CAGR of around 4.10% between 2022 and 2028.
• The Wax market size was worth around US$ 9,482.70 Million in 2021and is estimated to hit approximately US$ 12,068.03 Million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on product, Mineral wax dominated the market and accounted for the majority of the revenue. This is due to the increasing use of goods in cosmetic formulations and the increased demand for cosmetics in developing and emerging nations.
• Based on Application, the candles application segment dominated the market.
• In 2021, Asia Pacific dominated the wax market, accounting for the most revenue share. Rising living standards and increased industrialization, particularly in China and India, are credited with the expansion.

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