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Wax Market to phenomenally drive the global landscape over 2024

Wax Market

Wax Market

Wax Market has been witnessing incessant demand over the years due to its variety of applications, ranging from packaging, candle making to adhesives and cosmetics, and numerous others. The candle making sector is one of the major factors steering proliferation of wax suppliers.

While the conventional use of candles as a main source of light does not really exist everywhere today, candle manufacturing a multimillion-dollar business. Reportedly, USD 13.4 billion worth of candles are sold annually in the U.S. and nearly 35% of the candle sales occur during the Christmas or holiday season.

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Aided by the presence of social media and the internet, the trend of producing decorative and scented candles has added a new dimension to the growth of the candle manufacturing domain. Candles provide a variety of uses some of which include enhancing the aesthetic value, as emergency lighting during a power outage and for religious or ritual purposes.

With the evolution of myriad candle types, candle production process has witnessed various changes over the years. It is estimated that globally, the wax market will cross annual valuation of over USD 10 billion by 2024. Currently, candle manufacturers not only use fossil-based wax and paraffin but also synthetic, natural and biobased wax.

Growth drivers are Wax Market are

• Increasing use of wax in cosmetics industry
• Product applications in food packaging industry

High demand for processed food and beverages
It is prudent to mention that wax industry receives significant stimulus through the use of wax in food packaging since the product is an effective medium to protect the food from factors like humidity and moisture.

With increase in the rate of employment across the globe with an increase in the number of working men and women, there is a burgeoning need for on-the-go food and beverages. Wax provides superior moisture barrier such to protect dry foods from environmental moisture and also helps in reducing the loss of moisture in food items.

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Volatile cost of raw materials needed for wax
Wax market is likely to witness hindrance in growth due to the frequent fluctuation in the supply and price of raw materials. With fossil fuels becoming extremely scarce, wax products that depend only on crude oil or petroleum for their production are becoming expensive.

Key wax manufacturing companies outlining the global market dynamics include China National Petroleum Corporation, Royal Dutch Shell Plc., The International Group, Inc. and Sinopec Limited, among various others.

Contact Us:
Contact Person: Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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