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Wax Market is driven by increase in demand for wax from the candle and packaging industries
Global Wax Market Growth
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By application, the candles segment contributed to the major share in 2020, holding around three-fifths of the global wax market. Increasing applications of candles drive the segment growth. The packaging segment, however, would cite the fastest CAGR of 4.1% during the forecast period. The fact that wax offers improved rigidity, dry strength, and prevention against ply separation has heightened its use in the packaging industry, thereby propelling the segment growth.
By type, the paraffin/mineral segment accounted for the major share in 2020, holding more than two-thirds of the global wax market. This is because paraffin waxes are extensively used in corrugated plant packaging, food packaging, and furniture packaging, as they offer safety toward temperature change during transportation. The synthetic wax segment, on the other hand, is expected to grow at the fastest CAGR of 6.1% from 2021 to 2030, due to the increasing demand for synthetic wax from different industries such as paints & coatings, plastic, and adhesive.
The wax market is segmented on the basis of type, application, and region. By type, the market is segregated into paraffin/mineral wax, synthetic wax, natural wax, and others. On the basis of application, it is fragmented into candles, packaging, emulsions, hot melts, floor polishes, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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By region, the market Asia-Pacific had the lion's share in 2020, generating nearly one-third of the global wax market. The same region is also projected to portray the fastest CAGR of 4.7% by 2030. Development of the packaging industry fuels the market growth. The other provinces studied in the report include North America, Europe, and LAMEA.
By Application
Candles
Packaging
Emulsions
Hot Melts
Floor Polishes
Others
By Type
Paraffin/Mineral Wax
Synthetic Wax
Natural Wax
Others
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Key Benefits For Stakeholders:
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the wax market analysis from 2020 to 2030 to identify the prevailing wax market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the wax market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global wax market trends, key players, market segments, application areas, and market growth strategies.
Browse Full Report Summary: https://www.alliedmarketresearch.com/wax-market
Key players in the industry-
1. Baker Hugher Company
2. BASF SE
3. Cepsa
4. The International Group Inc.
5. China National Petroleum Corporation
6. Evonik Industries AG
7. Exxon Mobil Corporation
8. HollyFrontier Sinclair Corporation
9. Honeywell International Inc.
10. Akzo Nobel N.V.
Similar Report:
Polyethylene Wax Market
https://www.alliedmarketresearch.com/polyethylene-wax-market-A17059
Montan Wax Market
https://www.alliedmarketresearch.com/montan-wax-market-A17109
Industrial Wax Market
https://www.alliedmarketresearch.com/industrial-wax-market-A06403
Paraffin Wax Market
https://www.alliedmarketresearch.com/paraffin-wax-market-A12107
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