Saved at 22:56:03
The Wax market research report study enumerates the sales, channels chosen by the firm and distributors of the product. Geographically this Wax market report studies the top producers and consumers, focuses on product capacity, production value, consumption, market share and growth opportunity in the key regions Covering North America, South America, Asia and Pacific region, Middle east and Africa.
This Wax market report analyzes the competitive development such as expansions, agreements, new product launches and acquisition of the market. It strategically profiles the key players and comprehensively analyze their growth strategies. This Wax market report identify the significant trends and factors driving or inhibiting the market growth. It defines, describe and forecast the market by type, product, application and region. It analyzes the opportunities in the market for stakeholders by identifying the high growth segments.
Data Bridge Market Research analyses that the wax market was valued at USD 10.47 billion in 2021 and is expected to reach USD 13.65 billion by 2029, registering a CAGR of 3.37% during the forecast period of 2022 to 2029.
Overview of Wax market:
Waxes are member of organic compounds, which are hydrophobic and malleable solids at ambient temperatures. It contains higher alkanes and lipids. These alkanes are insoluble in water but soluble in nonpolar organic solvents. Many wax products such as natural, mineral and synthetic wax are formed from petroleum-based products such as natural gas and base oil, chemicals such as polyethylene, and animals and plants.
Get a Sample Research Report @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-wax-market
Dynamics Scope, Drivers and Growth Drivers of Wax market:
The wax market is segmented on the basis of product type, industry and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Rising demand from the pharmaceutical sector
People in developing and developed countries have changed their preferences from synthetic to bio-based or green products because of their health and wellbeing concerns. As a result of this, numerous cosmetics and personal care product manufacturers have begun to produce bio-based products. The bio-based waxes such as beeswax, carnauba wax and candelilla wax, among others, are replacing paraffin and synthetic wax in cosmetic and personal care product manufacturing company which is expected to drive the growth of the market.
Growing demand for synthetic wax
Synthetic wax is significant part of several industries such as plastic, paints & coatings, and adhesive. The demand for the paints and adhesives is anticipated to upsurge due to the growth of the building & construction industry. Growth of several end-use industries is also expected to drive the demand for the synthetic wax market, eventually boosting the market growth rate.
Furthermore, increasing wax demand from applications such as tire and rubber as well as coating and polishes, food, pharmaceutical and personal care industries are likely to enhance the market growth. Also, increasing acceptance of synthetic waxes along with growing demand for renewable products and eco-friendly are also anticipated to flourish the growth of the target market.
Growing demand for candles
Use of wax candles has become a vital household essential. Candles are available in several shapes, sizes and product range such as utility, birthday, taper, teal light container to novelty candles. These are used for many purposes such as aromatherapy for stress reduction and relaxation and home decor. The high share of wax market is mainly due to the increasing demand for aromatherapy through scented candles. As per the report of National Candle Association, around 7 out of 10 households use scented candles as home fragrance products and candles for stress-related therapies. The market is characterized by the ease of purchase and availability of various candles through many distribution channels. The growing demand for candles for several purposes, mainly for aromatherapy, is anticipated to create numerous opportunities for market growth.
Regional Analysis/Insights of Wax market:
Asia-Pacific dominates the wax market in terms of revenue and market share. This is due to the high demand for wax because of growing technological developments which has impelled the demand for adhesives in this region.
North America is anticipated to be the fastest developing region during the forecast period of 2022-2029 due to the strong presence of cosmetics and personal care product manufacturing companies in this region.
The major companies which are dealing in the Wax market:
BASF SE (Germany)
Clariant (Switzerland)
Numaligarh Refinery Limited (India)
Trecora Resources (U.S.)
Indian Oil Corporation Ltd (IOCL) (India)
Goyel Chemical Corporation (India)
Nippon Seiro Co., Ltd. (Japan)
AVERY DENNISON CORPORATION (U.S.)
Marcusoil (U.S.)
Mitsui Chemicals, Inc., (Japan)
3M (U.S.)
Sika AG (Switzerland)
Honeywell International Inc.,(U.S.)
Westlake Corporation (U.S.)
CPCL (India)
Innospec (U.S.)
Key Market Perspectives:
Thorough examination of prevailing market tendencies
Updates on the latest product advancements and innovations
Wax market's Compound Annual Growth Rate (CAGR) for both historic and forecasted years
Strategies and activities of prominent players and brands in the field
Insights into the industry landscape for emerging participants
Gain Additional Insight from This Premium Research Report @ https://www.databridgemarketresearch.com/reports/global-wax-market
Segmentation of Wax market:
Product Type (Paraffin Waxes, Microcrystalline Waxes, Gas-to-liquids (GTL) Waxes, Polymer Waxes, Fischer-Tropsch Waxes, Vegetable Waxes, Animal & Insect Waxes, Other Waxes), Industry (Plastic & Rubber, Adhesives & Sealants, Paper & Paperboard, Building and Construction, Inks & Coatings, Packaging, Pharmaceuticals, Cosmetics & Toiletries Industry, Automotive, Firelogs), Application (Candles, Rheology/Surface Applications, Polish, Cosmetics, Rubber, Soap Wax, Hot-melt adhesive, Other Applications)
For more information and details, visit our Latest insights:
Concentrated Nitric Acid Market – Industry Trends and Forecast to 2029- https://www.databridgemarketresearch.com/reports/global-concentrated-nitric-acid-market
Dust Control Systems Market – Industry Trends and Forecast to 2028- https://www.databridgemarketresearch.com/reports/global-dust-control-systems-market
Butyl Rubber Market – Industry Trends and Forecast to 2029- https://www.databridgemarketresearch.com/reports/global-butyl-rubber-market
Fluorinated Ethylene Propylene (FEP) Market – Industry Trends and Forecast to 2030- https://www.databridgemarketresearch.com/reports/global-fluorinated-ethylene-propylene-fep-market
Architectural Coatings Resins Market – Industry Trends and Forecast to 2028- https://www.databridgemarketresearch.com/reports/global-architectural-coatings-resins-market
Polyolester Market – Industry Trends and Forecast to 2028- https://www.databridgemarketresearch.com/reports/global-polyolester-market
Potting Compound Market – Industry Trends and Forecast to 2028- https://www.databridgemarketresearch.com/reports/global-potting-compound-market
Optical Coating Market – Industry Trends and Forecast to 2029- https://www.databridgemarketresearch.com/reports/global-optical-coatings-market
Machined Seals Market – Industry Trends and Forecast to 2030- https://www.databridgemarketresearch.com/reports/global-machined-seals-market
Xanthate Market - Industry Trends and Forecast to 2028- https://www.databridgemarketresearch.com/reports/global-xanthate-market
About Data Bridge Market Research, Private Ltd.:
Data Bridge Market Research operates as a multinational management-consulting firm, boasting offices situated in both India and Canada. Renowned for our innovative and cutting-edge market analysis methodologies, we pride ourselves on our unparalleled durability and forward-thinking approaches. Our commitment lies in unravelling optimal consumer prospects and nurturing invaluable insights to empower your company's success within the market.
With a team comprising over 500 analysts specializing in various industries, we have been instrumental in serving over 40% of Fortune 500 companies on a global scale. Our extensive network boasts a clientele exceeding 5000+, spanning across the globe. At Data Bridge Market Research, our goal remains steadfast: to provide comprehensive market intelligence and strategic guidance to propel your business toward success.
Contact Us
US: +1 888 387 2818
UK: +44 208 089 1725
Hong Kong: +852 8192 7475
42
Comments