Dublin, Sept. 29, 2023 (GLOBE NEWSWIRE) -- The "Wax Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global wax market size reached US$ 10.1 Billion in 2022. Looking forward, the market is set to reach US$ 12.4 Billion by 2028, exhibiting a growth rate (CAGR) of 3.2% during 2023-2028.
In the ever-evolving global wax market, numerous factors have contributed to its robust growth. Derived from a multitude of sources and offering a plethora of functions across industries, wax has become a phenomenal additive and base material, enhancing the manufacturing process.
Chiefly utilized in the creation of candles, coatings, adhesives, cosmetics, and an impressive range of other products, the wax has recently gained increased traction due to its exemplary insulation, anti-caking properties, and resistance to ultraviolet rays, microorganisms, moisture, and odor.
The rising demand in the cosmetics and personal care industries significantly drives the market, with wax playing a major role in thickening formulations, adding stability to products, and enhancing their viscosity and consistency. In turn, this surging demand is fueled by consumers' focusing more on physical appearance, altering lifestyles, and increased disposable income.
Wax's utilization is also rapidly growing in applications such as hot melt adhesives, printing ink formulations, and coating solutions. Its properties of resistance to water, moisture, and vapor make it perfect for food containers, folding cartons, and even paper cups. The rising popularity of scented candles as luxury and decorative items also propels the market forward.
With the focus shifting toward eco-friendly and renewable products, industry leaders invest heavily in the development of bio-based wax, including vegetable wax. Other positive market influencers include product innovations, extensive R&D activities, rapid urbanization, and technological advancements.
Key Questions Answered in This Report
- What was the size of the global wax market in 2022?
- What is the expected growth rate of the global wax market during 2023-2028?
- What are the key factors driving the global wax market?
- What has been the impact of COVID-19 on the global wax market?
- What is the breakup of the global wax market based on the type?
- What is the breakup of the global wax market based on the application?
- What are the key regions in the global wax market?
- Who are the key players/companies in the global wax market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $10.1 Billion |
| Forecasted Market Value (USD) by 2028 | $12.4 Billion |
| Compound Annual Growth Rate | 3.5% |
| Regions Covered | Global |
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
- Baker Hughes Company
- BASF SE
- Cepsa
- China Petrochemical Corporation
- Eni S.p.A.
- Evonik Industries AG
- Exxon Mobil Corporation
- HF Sinclair Corporation
- Honeywell International Inc.
- Mitsui Chemicals Inc.
- Nippon Seiro Co. Ltd.
Key Market Segmentation:
Breakup by Type:
- Mineral Wax
- Synthetic Wax
- Natural Wax
- Others
Breakup by Form:
- Flakes
- Granules
- Powder
- Others
Breakup by Application:
- Candles
- Cosmetics
- Packaging
- Emulsions
- Hot Melts
- Floor Polishes
- Others
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
For more information about this report visit https://www.researchandmarkets.com/r/yeqxyq
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