New York (US), July 17, 2023 (GLOBE NEWSWIRE) -- Wax Market Overview
The research documents by MRFR indicate that the “Wax Market Research Report Information by Product Type, Region, and Application - Forecast Till 2032”, the Wax market is predicted to grow substantially over the assessment timeframe from 2022 to 2032 at a healthy CAGR of around 4.50%. The reports even share predictions regarding the market's growing revenue share, which will likely reach USD 15.6 Billion by the end of 2032. As per the reports, the market was worth nearly USD 10.5 Billion in 2022.
Due to its wide range of uses across numerous industries, the wax market is expanding steadily on a global scale. Market expansion is being driven by rising consumer demand for candles, packaging, cosmetics, and coatings. The market environment is also being shaped by the rising popularity of natural and environmentally friendly waxes like soy wax and beeswax.
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Competitive Analysis
The catalog of the top leaders across the global Market for Wax includes players such as:
- Sinopec Corp
- Exxon Mobil Corporation
- China National Petroleum Corporation
- Sasol Limited
- HollyFrontier Corporation
- The International Group, Inc.
- B.P. P.L.C
- Evonik Industries AG
- Nippon Seiro Co., Ltd
- BASF SE
- Baker Hughes Company
- Dow
- Mitsui Chemicals, Inc.
- Royal Dutch Shell P.L.C
- Honeywell International Inc.
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 15.6 Billion |
| Compound Annual Growth Rate (CAGR) | 4.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Dynamics | Synthetic wax is increasingly in demand across a range of industries due to its outstanding properties, including high gloss, good water repellency, and exceptional chemical resistance. |
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Market Drivers
The global Wax industry has advanced enormously in recent years. The primary aspect causing a surge in market performance is the growing demand in various industries because of its superior properties. Furthermore, the growing adoption of synthetic Wax given to its resilience to chemicals and water, better stability against polishing, and resistance against scratch, metal marks, and scuff is also considered to be one of the crucial parameters enhancing the development of the market. Moreover, factors such as the significant involvement of international corporations, the expansion of polymer manufacturing, the increase in demand for Wax from the candle & packaging sectors, and the growing manufacturing of Bio-based products are also likely to enhance the development of the market over the coming years.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Wax industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era. In addition, several governmental organizations and key market players are collaborating and, therefore, introducing solutions like innovations and research and development processes through excellent funding that will positively impact the global market for Wax over the review timeframe.
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Segment Analysis
Among all the product types, the mineral wax segment secured the leading position across the global market for Wax in 2022. The main parameter enhancing the development of the market segment is the increasing use of the substance in cosmetic formulation. Moreover, the explosive growth in demand for cosmetics in emerging and developing nations is also projected to positively impact the growth of the market segment over the assessment period.
Among all the application areas, the candles segment secured the leading position across the global market for Wax in 2022. The main parameter enhancing the development of the market segment is the rising popularity of aromatherapy through scented candles.
Regional Analysis
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World.
The research documents by MRFR indicate that The Asia-pacific Region secured the leading position across the global Wax industry in 2022 with the largest contribution of nearly 45.80%. The regional market is projected to showcase the maximum growth rate over the assessment era. India, China, and Indonesia are the leading development contributors in the region. Further, the China Wax Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the rising living standards and increased industrialization, especially in emerging nations.
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The North American Region secured a substantial position across the global Wax industry in 2022. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Wax Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional market expansion is the presence of numerous personal care and cosmetics firms, such as Johnson & Johnson, Colgate-Palmolive, Procter & Gamble, Unilever, Avon, and Maybelline. Over the coming years, demand for paraffin wax will be predicted to increase, given the significant product development brought on by the increasing popularity of cosmetics, which is also projected to cause a surge in the regional market's performance.
The European Region anticipates ensuring the second spot across the global Wax industry over the coming years. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Wax Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The region's main aspect supporting regional market expansion is the young people's increasing use of cosmetic items such as creams, makeup, sunscreens, and lotions.
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