Wax Market is Expected to bring in US$ 11,017.7 million revenue towards the end of 2027

Wax Market 2022-2027

The report by Persistence Market Research (PMR) expects the global wax market to witness sluggish growth. It is also anticipated to register CAGR of 2.9% during the forecast period between 2017 and 2027. The global wax market is also expected to bring in US$ 11,017.7 million revenue towards the end of 2027.   

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There are different types of waxes being used for various applications. For instance, the fossil-based wax is being largely used for making candles, coatings and polishing, and in packaging. Meanwhile, paraffin wax which is derived from various processes of crude oil refining is being used in beauty and cosmetic care industry as it is safe to use. However, the demand for paraffin wax is declining as the demand for bio-based wax is growing, especially in the various countries in Asia-Pacific. The fully refined waxes are also widely used for candle making and as wax coatings for paper, film and foil substrates used in the packaging.  The global wax market has also become highly volatile in the recent years owing to the price volatility of crude oil. 

Key Players:

The report has profiled some of the important players prevalent in the global like - Exxon Mobil Corporation, Royal Dutch Shell plc., BP plc., Akzo Nobel NV, The Lubrizol Corporation, Honeywell International Inc., Cargill, Inc., Archer Daniels Midland Company, BASF SE, and more.

This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Wax Market. 

Increasing Application of Wax in Various Industries to Impact the Market Growth

Strengthening economy in the developed nations is supporting the manufacturing sector. Hence, the industrial wax is witnessing a rise in demand for adhesives, inks and coatings, and plastic and rubber processing. Meanwhile, these processing mostly uses cost-effective wax. The wax is expected to witness strong demand in the manufacturing sector and in construction activity. However, owing to the closure of some wax producing plants in North America and Europe is resulting in the decline in the wax market.
Meanwhile, the demand for vegetable and synthetic wax has increased. Moreover, it is also becoming inevitable for wax producing companies to shift from petroleum wax to natural vegetable and synthetic wax. These companies are therefore adopting innovative technologies in their production facilities.

Global Wax Market: Segment-Wise Analysis

The global wax market is segmented into the industry, application, product type, and region. Based on the product type, paraffin wax is expected to emerge as the largest product in the market. By the end of 2026, paraffin wax is estimated to surpass US$ 3,700 million revenue.

Based on the industry, plastic & rubber industry is expected to witness the highest growth during the forecast period 2017-2026. By the end of 2026, plastic & rubber industry is estimated to bring in more than US$ 2,400 million revenue.

Based on the application, the global wax market is segmented into rheology/surface applications, candles, polish, rubber, cosmetics, hot-melt adhesive, soap wax, and other. Among these, candles are expected to emerge as the largest application segment in the wax market. Candles are estimated to create an incremental opportunity of more than US$ 900 million between 2017 and 2026.

Geographically, the global wax market is segmented into Latin America, Europe, North America, Asia Pacific Excluding Japan (APEJ), Japan, and the Middle East and Africa (MEA). Among these, APEJ is expected to emerge as the most attractive market in the global wax market during the forecast period 2017-2026.

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Region Coverage (Regional Production, Demand & Forecast by Countries etc.):
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
Asia-Pacific (China, India, Japan, Southeast Asia etc.)
South America (Brazil, Argentina etc.)
Middle East & Africa (Saudi Araia, South Africa etc.)

Key Stakeholders 
Wax Market Manufacturers 
Wax Market Distributors/Traders/Wholesalers 
Wax Market Subcomponent Manufacturers 
Industry Association 
Downstream Vendors

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Wax Market - Report Highlights

A detailed overview of parent market of Wax Market
Changing Wax Market dynamics in the industry
In-depth segmentation of the Wax Market
Historical, current, and projected Wax Market size regarding volume and value
Recent industry trends and developments in Wax Market
Competitive landscape of the Wax Market
Strategies for key players and products offered
Potential and niche segments, geographical regions exhibiting promising growth
A neutral perspective on Wax Market performance
Must-have information for Wax Market players to sustain and enhance their market footprint                                             

Key Questions Answered in the Wax Market Report

How is the Wax Market expected to grow over the projected period?

What direction is the Wax Market expected to take in terms of volume and value during the forecast period?

What is the impact of macroeconomic factors on the Wax Market in future?

What are the key market drivers in the Wax Market?

What are significant opportunities and improvement areas for Wax Market manufacturers?

What are the key developments and trends taking over the Wax Market?

Which are the emerging countries that are expected to create significant growth opportunities in the Wax Market?  

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