Wax Market with Development Factors and In-depth study on market Size Trends, Emerging Growth Factors

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.

According to a new report published by Allied Market Research, titled, Wax Market by Type, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the 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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Based on application, the market for wax is divided into candles, packaging, emulsions, hot melts, floor polishes, and others. The candles application was the highest revenue contributor in 2016, accounting for around three-fifths share. This is attributed to increased use of candles in hotels, spa, and other buildings for aromatherapy.

Key Findings of the Wax Market:

• 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.

• The LAMEA market contributed one-fifth of the global market revenue in 2016.

• U.S. was the highest revenue contributor of the wax market globally in 2016.

• China is projected to register the highest growth rate from 2016 to 2023 in the Asia-Pacific wax market.

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.

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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.

Top Key Players :

• Dow Corning
• Akzo Nobel N.V.
• Evonik Industries
• Arch Chemicals
• BASF SE
• Hexion Inc.
• Honeywell International
• Lubrizol Corporation
• The Clorox Company
• Momentive Performance Materials.

Analyst Review :

Waxes are organic materials derived from sources such as plants, animals, crude oil, and natural gases. Paraffin/mineral, synthetic, and natural waxes are the major types of wax. Paraffin wax is majorly produced through crude oil, and is used for packaging application.

Candles were the dominating segment in 2016, accounting for 60.10% of the market revenue, and are projected to witness significant growth during the forecast period, owing to their increased use in hotels, spa, and other buildings for aromatherapy. Moreover, the accessibility of an extensive range of candles along with increase in consumer spending power in the developing economies of China, India, and Korea is anticipated to boost the market growth for candles.

The global wax market possesses a substantial scope for growth in the future, due to continuous increase in demand for wax from packaging application. Upsurge in demand from personal care products further supplements the market growth, as most the cosmetics products have wax as key raw material. However, high cost of synthetic and natural wax acts as a major restraint of the market. Asia-Pacific is projected to register significant growth as compared to North American and European markets, owing to augmented demand for wax for packaging and candle applications. Moreover, the market possesses high growth potential, owing to increase in awareness about the benefits of natural cosmetics products, which accelerates the market expansion.

LIST OF TABLES

TABLE 01. GLOBAL WAX MARKET REVENUE, BY TYPE, 2015-2023 ($MILLION)
TABLE 02. GLOBAL WAX MARKET VOLUME, BY TYPE, 2015-2023 (KILOTONS)
TABLE 03. GLOBAL PARAFFIN/MINERAL WAX MARKET REVENUE, BY GEOGRAPHY, 2015-2023 ($MILLION)
TABLE 04. GLOBAL PARAFFIN/MINERAL WAX MARKET VOLUME, BY GEOGRAPHY, 2015-2023 (KILOTONS)
TABLE 05. GLOBAL PARAFFIN/MINERAL WAX MARKET REVENUE, BY COUNTRY, 2015-2023 ($MILLION)
TABLE 06. GLOBAL PARAFFIN/MINERAL WAX MARKET VOLUME, BY COUNTRY, 2015-2023 (KILOTONS)
TABLE 07. GLOBAL SYNTHETIC WAX MARKET REVENUE, BY GEOGRAPHY, 2015-2023 ($MILLION)
TABLE 08. GLOBAL SYNTHETIC WAX MARKET VOLUME, BY GEOGRAPHY, 2015-2023 (KILOTONS)
TABLE 09. GLOBAL SYNTHETIC WAX MARKET REVENUE, BY COUNTRY, 2015-2023 ($MILLION)
TABLE 10. GLOBAL SYNTHETIC WAX MARKET VOLUME, BY COUNTRY, 2015-2023 (KILOTONS)
TABLE 11. GLOBAL NATURAL WAX MARKET REVENUE, BY GEOGRAPHY, 2015-2023 ($MILLION)
TABLE 12. GLOBAL NATURAL WAX MARKET VOLUME, BY GEOGRAPHY, 2015-2023 (KILOTONS)
TABLE 13. GLOBAL NATURAL WAX MARKET REVENUE, BY COUNTRY, 2015-2023 ($MILLION)

LIST OF FIGURES

FIGURE 01. TOP INVESTMENT POCKETS, BY GEOGRAPHY
FIGURE 02. MARKET SHARE ANALYSIS, 2016
FIGURE 03. GLOBAL WAX MARKET, BY TYPE, 2016 VS. 2023 (USD MILLION)
FIGURE 04. GLOBAL WAX MARKET, BY APPLICATION, 2016 VS. 2023 (USD MILLION)
FIGURE 05. WAX MARKET, BY GEOGRAPHY, 2016 VS. 2023 (USD MILLION)
FIGURE 06. U.S.: WAX MARKET, 2015-2023 ($MILLION)
FIGURE 07. CANADA: WAX MARKET, 2015-2023 ($MILLION)
FIGURE 08. MEXICO: WAX MARKET, 2015-2023 ($MILLION)
FIGURE 09. GERMANY WAX MARKET, 2015-2023 ($MILLION)
FIGURE 10. UK: WAX MARKET, 2015-2023 ($MILLION)

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