Wax Market Growth and Industry Analysis - 2023

"Increase in usage of wax in packaging application and rise in popularity of wax-based natural cosmetic products boost the growth of the global wax market."

Global Wax Market was valued at $9,322 million in 2016, and is projected to reach at $11,780 million by 2023, registering a CAGR of 3.4% from 2017 to 2023.

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Waxes are a mixture of hydrophobic organic materials that turns into solid state at a temperature of 20C, and melts at temperature higher than 40C up to 140C. Wax offers superior resistance towards temperature. The key sources of producing wax are petroleum, plants, animals, and natural gases. Paraffin/mineral wax, synthetic wax, and natural wax are the three types of waxes available in the market.

High adoption rate of waxes in the packaging applications and their superior properties such as heat and water resistance make them suitable for use in hot melts, emulsions, and candles, which act as the major drivers of the global wax market. Moreover, increase in use of wax as a raw material for several cosmetics products boosts the market growth. However, high cost of synthetic and natural wax restricts the growth of the market. In contrast, the augmented use of wax in developing natural cosmetic products is anticipated to offer growth opportunity for the market.

Key Findings of the Wax Market:
1. North America dominated the market both in terms of value and volume
Asia-Pacific is projected to register the highest growth rate from 2016 to 2023.
2. The LAMEA market contributed one-fifth of the global market revenue in 2016.
3. U.S. was the highest revenue contributor of the wax market globally in 2016.
4. China is projected to register the highest growth rate from 2016 to 2023 in the Asia-Pacific wax market.
5. China and India collectively contributed approximately more than 70% to the Asia-Pacific market revenue in 2016. In the same year, Japan contributed approximately one-seventh of the wax market in Asia-Pacific.

The key players profiled in the report include Dow Corning, Akzo Nobel N.V., Evonik Industries, Arch Chemicals, BASF SE, Hexion Inc., Honeywell International, Lubrizol Corporation, The Clorox Company, and Momentive Performance Materials.

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