Wax Market (Product: Petroleum & Mineral Wax (Paraffin wax, Microcrystalline wax, and Others), Synthetic Wax (Gas-to-liquids (GTL) Wax, Polymer Wax, and Others), and Natural Wax (Beeswax, Vegetable Wax, and Others); End-user Industry: Candles, Packaging, Wood & fire-logs, Rubber, Adhesive, Cosmetics, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
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Global Wax Market: Snapshot
Waxes discover their application crosswise over businesses, for example, materials, paints, bundling, hardware, electrical, inks and coatings, elastic, pharmaceuticals, sustenance, and beautifying agents. Along these lines, a development in these end client businesses likewise spells an elevated interest for wax. Since a greater part of the previously mentioned enterprises have been seeing a development in the ongoing years and this incorporates hardware, bundling, nourishment, makeup and pharmaceuticals, the market for wax is encountering a sound development. The generation of paraffin wax has diminished throughout the years, however this is adjusted by the higher creation of manufactured and characteristic waxes, which is boosting the development of the market around the world.
Wax is utilized widely as added substances, base materials, and to help preparing. Since the significance of completed products such in metals, surface shine, and surface insurance in earthenware production is expanding, the utilization of wax will likewise build, driving the market. Wax likewise fills in as a consumption inhibitor in metal works, along these lines finding their application in assembling metal items. They repulse water and along these lines, discover their application in material businesses. In addition, they are utilized as protectors in hardware and electrical businesses. In 2018, the global wax market stood at US$ 8.49 Bn progressing at a CAGR of 2.62% between 2019 and 2027, the market’s opportunity is likely to touch US$ 10.73 Bn by the end of 2027.
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Candles to Remain Key Segment in Global Wax Market
On the basis of application, the global wax market is segmented into In terms of product types, the report segments the global wax market into petroleum and mineral wax, synthetic wax, and natural wax. In 2018, petroleum and mineral wax segment dominated the market. However, over the forcast period, synthetic wax segment is projected to be the largest growing product type. Synthetic wax accounted for around 11% of the overall market in 2018. Additionally, in the coming years, the natural wax segment is expected to register lucrative growth.
In terms of end-use industries, the global wax market has been classified into candles, packaging, wood and fire-logs, rubber, adhesive, cosmetics, and other end-use industries. Of these, candles accounted for the largest share in the market in the year 2018 by accounting more than 41% of the market.
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Emerging Economies Slated to Make Major Difference to Global Earnings
In terms of geography, the global wax market is segmented into North America, Latin America, Europe, Japan, and Asia Pacific excluding Japan. Asia Pacific has been holding an overwhelming position regarding both volume and income in the worldwide wax advertises. The fundamental purpose for this is the nearness of many assembling units. The interest for wax is likewise high from candles, glues, bundling, and beautifying agents businesses in APAC. A key segment of the wax created in China is sent out to the U.S. A vast amount of the wax is additionally provided to huge numbers of the European countries. China remains the biggest provider of wax, even more explicitly, the oil based waxes around the world.
Another explanation behind the development of the Asia Pacific wax advertises is the prospering end client ventures. As nations, for example, China and India are rising as key markets, holding promising potential for countless which require wax, the market for wax will become even in the coming years. North America and Europe are foreseen to observe a sluggish development in the gauge time frame.
Key Players in the Global Wax Market
Some of the key players operating in the global wax market are
- The International Group, Inc. (IGI)
- Sasol Wax
- China National Petroleum Corporation (CNPC)
- Exxon Mobil Corporation
- Total Petrochemicals & Refining USA Inc
- Sinopec Limited and Royal Dutch Shell plc
- Petróleos de Venezuela SA.
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Global Wax Market: Recent Developments
- In July 2019, Deurex AG announced that the company has expanded its production capacities for oxidized high density polyethylene wax (HDPE) wax. The company’s DEUREX EO 44 K brand oxidized HDPE wax is one of its bestselling products, and the company has taken this step to in order to ensure stability in the supply of the product to its customers. Deurex AG is one of the prominent players in the Germany market.
Wax Market – Scope of the Report
Transparency Market Research’s recent report on the global wax market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the global wax market analyzes the market scenario for the period from 2018 to 2027, wherein 2018 is the base year. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the global wax market also provides data on developments made by important players and stakeholders operating in the market, along with competition analysis. The report also provides an understanding of strengths, weaknesses, threats, and opportunities, along with market trends and restraints in the competition landscape section.
This study also discusses the underlying trends and the impact of various factors on the global wax market along with their influence on evolution of the market
This study also offers Porter’s five forces analysis, value chain analysis, and regulatory scenario of the global wax market, in order to elaborate crucial growth strategies of and opportunities for players operating in the market
Key Questions Answered in Global Wax Market Report
- How much value does the global wax market is expected to reach by the end of the forecast period?
- Which segment currently account for the maximum share of the global wax market?
- What are the key factors expected to drive the global wax market?
- Which region is likely to be a lucrative market for wax during the forecast period?
- What are the essential strategies adopted by key players operating in the global wax market to expand their geographical presence?
- What are major advancements in the global wax market?
This report answers these questions about the global wax market, aiding major stakeholders and key players in making the right decisions and strategizing for growth of their business
Global Wax Market: Research Methodology
This TMR report on the global wax market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. The competition scenario of the global wax market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data and the current trends, researchers of the global wax market arrived at predictions and estimations, and calculated the market forecast.
This report uses an analytical triangulation method to estimate the numbers of the global wax market, by using both bottom-up and top-down approaches
This detailed assessment of the global wax market, along with an overview of the market, is provided based on a careful examination of avenues related to the market. Analysts’ conclusions on how the global wax market is set to expand are based on carefully vetted primary and secondary sources.
Global Wax Market: Segmentation
This report on the global wax market provides segmentation of the market based on product, end-user industry, and region