The global wax market size is anticipated to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing industrial wax applications.
Wax is made from oil or fat that melts easily and can be used for manufacturing polish and candles. Wax is a lipid, which is an ester of long-chain of fatty acid and alcohol. Natural wax contains unsaturated bonds and various functional groups such as primary and secondary alcohols, fatty acids, aldehydes, ketones, and fatty acid esters. It is synthesized by many animals and plants. Plant origin is mixture of unesterified hydrocarbons, which dominate over esters. Animal origin consists of ester made from various carboxylic alcohols and fatty acids. The composition depends on geographic location of organisms and species.
The outbreak of COVID-19 led to the deployment of stringent lockdown, which in turn, decreased production of chemical, cosmetics, rubbers, candles, packaging, and adhesives. This led to negative impact on the market. However, the relaxations in restrictions is expected to fuel the market growth.
Market Trends, Drivers, Restraints, and Opportunities
- Packaging sector is one of the biggest consumer of industrial wax due to its water resistance and good lubrication properties. Moreover, its durability to the packaging are some of the factors propelling the market growth.
- Wax coated paper offers cost-effective wrapping to protect goods from moisture and greasing. Such benefits are likely to boost the market growth.
- Environment concerns and volatile prices of raw materials are restraining the market growth.
- Availability of substitutes in major applications can create the challenges for market growth.
- Increasing demand for paraffin can create lucrative opportunities during the forecast period.
Scope of the Report
The report on the global wax market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Wax Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Natural Wax, Synthetic Wax, and Petroleum & Mineral Wax) and Applications (Candle Making, Packaging, Cosmetics, Rubber, Adhesives, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Cepsa; Exxon Mobil Corporation; Eni SpA; China National Petroleum Corporation; and Sasol.
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Wax Market Segment Insights
Petroleum & mineral wax segment is anticipated to exhibit a high CAGR
Based on types, the market is segregated into natural wax, synthetic wax, and petroleum & mineral wax. The petroleum & mineral wax segment is expected to constitute a key share of the market during the forecast period. This type of wax is generally used in packaging, coating, and manufacturing of candles. Wax are also used in the cosmetic industry as they are healthy and extracted from crude oil refining processes. Mineral waxes are made by distillation processes of lignite, petroleum, coal, and shale oil. Few known mineral waxes consist of paraffin, ceresin, microcrystalline, and petrolatum.
Rubber segment to account a significant market share
On the basis of applications, the market is classified as candle making, packaging, cosmetics, rubber, adhesives, and others. The rubber segment is anticipated to grow at a rapid pace during forecast period due to increasing demand for industrial wax. Industrial waxes are used in tires and rubber compounds to shield from UV lights and ozone. To prevent tires from cracking waxes are used across the globe. Increasing distribution networks, such as mass merchandise stores & home decors and e-commercial sites have grown the demand for candles.
Asia Pacific to hold a major market share
In terms of regions, the market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the forecast period due to prominent presence of coatings & polishes, packaging, tires & rubber, and manufacturing industries in India, Japan, and China. Asia pacific is one of the prominent hub for the export of personal care products and cosmetics.
Segments
The global wax market has been segmented on the basis of:
Types
- Natural Wax
- Synthetic Wax
- Petroleum & Mineral Wax
Applications
- Candle Making
- Packaging
- Cosmetics
- Rubber
- Adhesives
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Cepsa
- Exxon Mobil Corporation
- Eni SpA
- China National Petroleum Corporation
- Sasol
Competitive Landscape
The key players competing in the wax market are Cepsa; Exxon Mobil Corporation; Eni SpA; China National Petroleum Corporation; and Sasol.
