Wax Market Size to go past 10 billion-dollar mark by 2024

Global wax market exhibited a high degree of consolidation and the top 5 players accounted for more than 70% of the overall industry share in 2016.

Selbyville, United States - July 10, 2019 /MarketersMedia/ —

Sturdy growth in cosmetics and personal care industry will be majorly driving wax market demand over the forecast period. Wax has air and water barrier properties, which open up a myriad of applications in various industries such as packaging, cosmetics and adhesives. The global cosmetics industry is driven by product innovation, the rise of e-commerce and growth in travel retail across the globe. Wax has skincare properties and its flexibility and plasticity facilitates easy application. These properties make wax highly desirable in cosmetics industry.

Increasing product application in packaging sector will also be a key factor for the wax market growth over the forecast duration. The global packaging industry is primarily driven by the BRICS market which accounts for approximately 37% of the global demand. The packaging industry growth in Asia Pacific is mainly a result of increasing consumption of consumer goods, which in turn has driven the need for sophisticated packaging. Increasing consumption levels in Asia Pacific and Latin America can be attributed to the rising disposable income of the middle class in these regions.

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According to its applications, cosmetics have acquired a respectable portion of the total wax market. Personal care products require wax as one of its major components which is propelling the wax market. Wax helps in the thickening of the lipid part of the cosmetic products and prevents admixtures from unravelling into their liquid and oil constituents. Moreover, waxes are used heavily in lipsticks to provide them the desired strength and stability. Currently, wax is being immensely used in hair care products as it provides strength and shape to hair for longer timespan.

In 2016, the packaging segment accounted for a prominent share of the overall wax market. The product has extensive usage in paper and food packaging to provide extra protection against foreign odors and moisture. This segment shall be moderate to highly attractive over the next few years. Wood & fire-logs and rubber segments are expected to be the least attractive due to availability of substitutes. The adhesive end-user segment is likely to be low to moderately attractive due to the presence of synthetic chemical substitutes.

Based on regions, North America shall be one of the fastest growing regions in the wax market. In North America, industrial demand for wax is rising rapidly for its industrial applications in adhesives, coatings & inks and plastic & rubber processing. These applications mostly require lucrative waxes, thus boosting the demand for wax and increasing production efficiency with minimal production costs. Therefore, in North America, waxes for industrial use will propel the wax market more than the commercial applications. Furthermore, strong personal care industry growth in the region will complement wax market by 2024.

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In 2016, Asia Pacific was the largest region, by volume and revenue in the global wax market. Asia Pacific was followed by Europe by volume. The Asia Pacific wax market is likely to expand at a comparatively faster rate in the next few years. This is due to high product demand in industries such as cosmetics, packaging and rubber & adhesives in China, India, Indonesia, South Korea and Japan. Wax market product demand in Latin America and Middle East & Africa is likely to expand at prominent rates in the next few years.

Global wax market exhibited a high degree of consolidation and the top 5 players accounted for more than 70% of the overall industry share in 2016. Major companies operating in the wax market which are highly integrated are China National Petroleum Corporation, Exxon Mobil, International Group, Royal Dutch Shell PLC and Sinopec Limited. These companies have an advantage due to their presence across the value chain compared to other product manufacturers. Market players are investing in R&D to maximize product application scope, which will ultimately accelerate wax market size during the forecast period.

Browse key industry insights spread across 600 pages with 716 market data tables & 23 figures & charts from the report, “Wax Market Size By Product (Petroleum And Mineral [Paraffin, Microcrystalline], Synthetic [GTL Waxes, Polymer Waxes], Natural [Bees Wax, Vegetable Wax]), By Application (Candles, Packaging, Wood & Fire-logs, Rubber, Adhesive, Cosmetics) Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Russia, China, India, Japan, Australia, Malaysia, Indonesia, Brazil, Mexico, South Africa, GCC), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/wax-market

Glimpse of Table of Content (ToC)

Chapter 5. Wax Market, By Application
5.1. Global wax market share by application, 2016 & 2024
5.2. Candles
5.2.1. Market estimates and forecast, 2013 - 2024
5.2.2. Market estimates and forecast by region, 2013 – 2024
5.3. Packaging
5.3.1. Market estimates and forecast, 2013 - 2024
5.3.2. Market estimates and forecast by region, 2013 – 2024
5.4. Wood & fire-logs
5.4.1. Market estimates and forecast, 2013 - 2024
5.4.2. Market estimates and forecast by region, 2013 – 2024
5.5. Rubber
5.5.1. Market estimates and forecast, 2013 - 2024
5.5.2. Market estimates and forecast by region, 2013 – 2024
5.6. Adhesive
5.6.1. Market estimates and forecast, 2013 - 2024
5.6.2. Market estimates and forecast by region, 2013 – 2024
5.7. Cosmetics
5.7.1. Market estimates and forecast, 2013 - 2024
5.7.2. Market estimates and forecast by region, 2013 – 2024
5.8. Others
5.8.1. Market estimates and forecast, 2013 – 2024
5.8.2. Market estimates and forecast by region, 2013 – 2024

Browse Full TOC @ https://www.gminsights.com/toc/detail/wax-market

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