Selbyville, Delaware, Aug. 12, 2019 (GLOBE NEWSWIRE) --
The wax market size is showcasing a massive rise, primarily due to the growth of the food industry and rising consumer concern regarding the overall impact of wax consumption on the environment. The food industry is one of the largest plastic polluters worldwide. Increasing concerns pertaining to environmental safety have begun to impact the usage of plastic in the F&B space, however. Recently, growing consumer awareness and government regulations have opened up new pathways for other packaging material industries to claim their stake in the food sector.
While many food companies are moving on to paper for developing new packaging solutions, it appears that the industry that is most capable of amassing a substantial stake in this avenue is the natural wax sector. Attributing to a number of favorable food storage and preservation capabilities, the global wax market size is anticipated to surge significantly from the natural wax segment in forthcoming years.
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From the regional perspective, Europe wax market is anticipated to depict a momentous growth graph in coming years. The region’s prominence can be attributed to the vast nature of its apiculture industry. Europe is one of the world’s foremost producers of apiculture products including honey, pollen, royal jelly, propolis and beeswax. Moreover, despite being a prominent producer of apiculture products, Europe is also a net importer of apiculture products.
The natural wax market segment is further bifurcated into two key sub-segments; beeswax and vegetable wax. Among the two aforementioned sub-segments, Beeswax is slated to register substantial growth in coming years.
Beeswax is considered to be a natural glazing agent and is increasingly being used across the food sector. The material is extensively used for preventing water loss and providing protection from the elements while in storage. Beeswax is often used in cheese and fruits to prevent loss of water, retard shrinkage and spoilage. With a well-established beeswax industry and growing environmental concerns among the continent’s general population. Beeswax is slated to witness exponential demand from the region’s food industry, boosting the region’s wax market outlook substantially over the forecast time period.
It is a natural alternative to plastic packages, having no adverse effects on the environment, and fulfills the criteria set by the FDA to attain the Generally Recognized as Safe (GRAS) status. This gives natural wax segment an immense and relatively untapped growth potential. During the forecast timeframe, the global wax market is expected to garner modest proceeds from the beeswax segment alone.
Meanwhile, another notable growth segment that is anticipated to drive considerable growth into the global wax industry is the microcrystalline wax sector. The sector is expected to bring in this growth from its rubber applications. The biggest shortcoming of rubber materials, when compared to metals, inorganic and natural materials like leather, is that they degrade quite easily and hence are short lived. This rapid degradability is brought on by a phenomenon called blooming.
Blooming is a process in which all the materials, that have went into the rubber during its mixing before and its vulcanization, emerge back to the surface of the vulcanized rubber product overtime accelerating its ozone degradation. This is considered to be a crucial factor that impacts the overall service performance and properties of rubber products, including automotive tires. The wax market boasts of an innovative solution that uses the process of blooming to further extend the lifespan of rubber materials. Certain materials such as microcrystalline wax, when incorporated into the rubber vulcanisates before vulcanization, can bloom out of the material and form a protective layer that prevents ozone degradation.
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Moreover, an added advantage of this solution is that it keeps up product appearance while also safeguarding it from ozone cracking. It is anticipated that the global wax market would leverage this ability to boost demand for wax from rubber applications, especially in the automobile industry in forthcoming years.
What does this report offer?
This wax market report covers an in-depth analysis of every segment comprising application, technology, region, product type and end-use. The research study facilitates insights on this industry with regards to a number of parameters, such as industry outlook, growth drivers that are influencing commercialization graph of the business space, global trends that characterize the industry and market segmentation.
The study cites that the application segment is further subdivided into candles, packaging, rubber, adhesives, cosmetics, wood and fire-logs among others. Of these, the packaging segment has obtained increased traction recently, primarily owing to its offered benefits in the food industry like water loss prevention, extended storage life, halt shrinkage and spoilage.
Moreover, the candles segment accounts for a considerable chunk of the global wax market share, primarily due to the product’s wide use in manufacturing decorative candles, scented candles as well as other variations. This prominence comes primarily due to the product’s high demand across Europe and North America where they are extensively used on religious occasions such as Christmas, Easter and Halloween. The crucial drivers pertaining to the application segment are remunerative forecast during the projected time period, industry share of each sub-segment, as well as most proliferating trends.
Browse key industry insights spread across 327 pages with 716 market data tables & 23 figures & charts from the report, “Wax Market Size, Share & Forecast, to 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/wax-market
Wax Market, By Product:
1. Petroleum and mineral
1.1 Paraffin
1.2 Microcrystalline
2. Synthetic
2.1 GTL waxes
2.2 Polymer waxes
3. Natural
3.1 Bees Wax
3.2 Vegetable Wax
A detailed analysis of the product type segment of wax market is also entailed in the research report. On the basis of product type, the industry is bifurcated into synthetic, natural and petroleum & mineral. The market has witnessed commendable growth from the petroleum & mineral sector on account of a large number of application avenues that utilize the material in their operations.
In terms of regional analysis, wax market is segmented into U.S., Canada, Germany, Spain, UK, Italy, France, Russia, South Africa, GCC, Brazil, Mexico, Malaysia, Indonesia, Australia, Japan, India, and China. The regions are further segmented based on market contribution, availability of industry players, consumer base, and many other aspects.
The study projects that wax market is likely to experience substantial growth across Europe, the U.S. and Asia Pacific. Europe market is slated to witness a change in its market landscape, wherein a sizable chunk of its revenue growth is projected to come from the natural wax sector.
Moreover, the wax market report also encompasses a collection of vital parameters that would help stakeholders to easily undertake necessary decision-making. The wax industry research report also includes crucial information pertaining to a number of industries driving factors, SWOT analysis and more.
The aforementioned research report further provides a detailed industry analysis, overview of overall global trends, executive summary, market segmentation as well as crucial industry insights in wax industry. Furthermore, deliverables pertaining to the regulatory frame of reference as well as the competitive spectrum have also been discussed in the study report alongside the business strategies that are adopted by the prominent industry players across the market landscape.
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/wax-market
Partial Chapters from Table of Contents (TOC):
Chapter 3. Wax Market Insights
3.1. Industry segmentation
3.2. Industry size and forecast, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Profit margin
3.3.2. Value addition
3.3.3. Distribution channel analysis
3.3.4. Vendor matrix
3.3.4.1. List of key manufacturers/suppliers
3.3.4.2. List of key/potential customers
3.4. Raw material trends
3.5. Technology landscape
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.1.1. Increasing use of wax in cosmetics industry
3.6.1.2. Product applications in food packaging industry
3.6.2. Industry pitfalls & challenges
3.6.2.1. Fluctuations in feedstock prices
3.7. Regulatory landscape
3.7.1. U.S.
3.7.2. Europe
3.7.3. China
3.8. Growth potential analysis
3.9. Competitive landscape, 2016
3.9.1. Company market share analysis, 2016
3.9.2. Strategic dashboard
3.9.3. Patent analysis
3.10. Porter’s analysis
3.10.1. Supplier power
3.10.2. Buyer power
3.10.3. Threat of new entrants
3.10.4. Threat of substitutes
3.10.5. Industry rivalry
3.11. Regional price trends
3.11.1. Cost structure analysis
3.11.1.1. R&D cost
3.11.1.2. Manufacturing & equipment cost
3.11.1.3. Raw material cost
3.11.1.4. Distribution cost
3.11.1.5. Operating cost
3.11.1.6. Miscellaneous cost
3.11.2. Price by product
3.11.3. Regional pricing
3.12. PESTEL analysis
3.13. Innovation & sustainability
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