Wilmington, Delaware, United States, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2018, the value of the global wax market stood at US$ 8.49 Bn, according to a study by Transparency Market Research. The Insights on the Wax Market expect the market to develop at a CAGR of 2.62% during the forecast period, from 2019 to 2027. The global market value of wax is expected to attain value of US$ 10.73 Bn by 2027. Wax finds use in a variety of industries, including those that deal with food, paints, elastic, materials, hardware, packaging, inks and coatings, electrical, medicines, and beautifying agents. With such extensive range of usage Along these grounds, it is anticipated that advancements and expansion in end-use industries would spark a significant amount of interest in wax application. The production of paraffin wax has reduced in the last few years, nevertheless, this is offset by the increase in the making of natural and synthetic waxes, which is expected to accelerate growth of the global wax market.
Wax is frequently used as base materials, additives, and in the making of many other products. Importance of surface insurance and surface shine in the making of earthenware are growing along with the value of finished products in the metals business. This is probably going to increase the use of wax in crafting earthenware, which is likely to boost the global wax market. Wax serves as an important corrosion inhibitor in all of the metal works as well, thus it is predicted to be used more frequently in the assembly of metal objects. They are widely used in material industries since they resist water. They are also used as shields in the electrical and hardware industries, which is estimated to drive sales of wax market.
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Key Findings of Market Report
- In terms of application, the category of petroleum and mineral wax accounted for a major market share for wax. The segment is also likely to lead the global wax market in the coming years. However, it is anticipated that in 2018, the synthetic wax category would have the fastest growth throughout the course of the forecast timeline. In 2018, synthetic wax made up approximately 11% of the global wax market.
- In terms of both volume and value, Asia Pacific region is estimated to dominate the global wax market. The existence of several assembly units is credited with the region's growth. In the Asia Pacific, the cosmetics industry is the one where wax is used quite extensively in the production of bundling materials, glues, candles, and various beautifying agents. China continues to be the world's largest supplier of wax, especially oil-based waxes.
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Global Wax Market: Key Players
Some of the key market players are
- Royal Dutch Shell plc
- Exxon Mobil Corporation
- The International Group, Inc
- Petróleos de Venezuela SA.
- Total Petrochemicals & Refining USA, Inc.
- Sasol Wax
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Global Wax Market: Segmentation
Product
- Petroleum & Mineral wax
- Synthetic wax
- Natural wax
Application
- Candles
- Packaging
- Wood & fire-logs
- Rubber
- Adhesive
- Cosmetics
- Others
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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