Wax Market Projected to Grow Radiantly by 2027

The global wax market size is expected to reach USD 12.4 billion by 2027 registering a CAGR of 2.8%, according to a new report by a Grand View Research, Inc. The market growth can be attributed to rapid expansion of application areas, such as cosmetics & toiletries, paints & coatings, and candle manufacturing. High demand for wax as a performance additive in plastics industry on account of its rising utilization as a water- and solvent-based mold release agent for polyurethane foam processing applications will boost the growth.

Moreover, its ability to function as a release agent and lubricant for engineering resins is expected to fuel the market growth over the forecast period. The market is driven by significantly growing demand for synthetic products worldwide. Two major subdivisions of synthetic wax include fully synthetic and partially synthetic. These are increasingly being used in cosmetics and personal care sectors, such as hair care, skin care, makeup, and other allied products. They are also used in hot melt adhesives, printing ink formulations, and coating solutions among others.

In terms of volume, mineral wax product segment accounted for the maximum share in 2019 and is anticipated to continue its dominance over the forecast years. Synthetic wax product segment is expected to witness the fastest CAGR from 2020 to 2027 due to the high demand for coatings, hot melt adhesives, paperboard, candles, printing inks, laminating, PVC lubricants, and polish formulations. Asia Pacific is anticipated to witness substantial growth owing to the rising living standards and rapid industrialization, especially in China and India.

Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/wax-market

Wax Market Report Highlights

l Fluctuating prices of natural gas and crude oil are anticipated to affect the production capacity of synthetic wax and agricultural commodity prices, which, in turn, is likely to affect the production of natural wax

l In terms of volume, mineral wax product segment accounted for a prominent share in 2019 and is further expected to witness steady growth over the forecast period

l Candles application led the market and accounted for more than 30% of the overall revenue share in 2019

l Key companies have undertaken strategies, such as partnerships, M&A, and product launch, to gain higher market share

l For example, in February 2020, Trecora Resources, a leading provider of specialty hydrocarbons and waxes, entered into logistics service agreement with Odyssey Logistics for the distribution of its products

Wax Market Segmentation

Grand View Research has segmented the global wax market on the basis of product, application, and region:

Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

l Mineral

l Synthetic

l Natural

Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

l Candles

l Packaging

l Plastic & Rubber

l Cosmetics & Toiletries

l Fire Logs

l Adhesives

l Others

Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

North America

l U.S.

l Canada

Europe

l Germany

l U.K.

Asia Pacific

l China

l India

Central & South America

l Brazil

Middle East & Africa

List of Key Players of Wax Market

l Sinopec Corp.

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