The latest research study “Wax Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global wax market size reached US$ 9.72 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 12.03 Billion by 2027, exhibiting a CAGR of 3.40% during 2022-2027.
Wax is a diverse class of organic substances that appear as liquid and malleable solids at room temperature. It is derived from various petroleum, minerals, plants, animals, and synthetic sources. It is soluble in organic, nonpolar solvents but insoluble in water and is widely utilized as an additive and base material to assist processing. It exhibits anti-caking properties, excellent insulation, and resistance to ultraviolet (UV) rays, moisture, odor, and microorganisms. As a result, wax is extensively used for producing adhesives, rubber, coatings, inks, castings, crayons, chewing gum, polishes, candles, foods, polishes, cosmetics, and personal care products.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Trends and Drivers:
The market is primarily driven by the rising usage of wax in personal care products, candles, coatings, and polishes. In addition, the escalating demand for personal care products due to improved focus on physical appearance, changing lifestyles, and inflating consumer disposable incomes is contributing to the market growth. Moreover, the increasing usage of wax as a performance additive in the plastics industry represents another major growth-inducing factor. Apart from this, the rising product adoption in printing ink formulations, coating solutions, and hot melt adhesives is accelerating the product demand. Additionally, the increasing popularity of scented candles as luxury and decorative gift items and rising awareness regarding eco-friendly and renewable products is also escalating the product demand. Furthermore, extensive research and development (R&D) activities conducted by key players for developing bio-based wax, such as vegetable wax, to meet consumer demand is creating a positive market outlook across the globe.
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Wax Market Report Scope
Market size value in 2021
US$ 9.72 Billion
Market forecast in 2027
US$ 12.03 Billion
CAGR of 3.40% from 2022 to 2027
Base year for estimation
Global Wax Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Baker Hughes Company (NASDAQ: BKR)
- BASF SE (OTCMKTS: BASFY)
- China Petrochemical Corporation (OTCMKTS: SNPMF)
- Eni S.p.A.
- Evonik Industries AG (OTCMKTS: EVKIF)
- Exxon Mobil Corporation
- HF Sinclair Corporation
- Honeywell International Inc.
- Mitsui Chemicals Inc.
- Nippon Seiro Co. Ltd.
- Sasol Limited
- Shell plc.
Key Market Segmentation:
The report has segmented the market on the basis of region, type, form and application.
Breakup by Type:
- Mineral Wax
- Synthetic Wax
- Natural Wax
Breakup by Form:
Breakup by Application:
- Hot Melts
- Floor Polishes
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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