The global wax market size reached US$ 9.72 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 12.03 Billion by 2027, exhibiting a CAGR of 3.40% during 2022-2027.

Wax is a diverse class of organic compounds that exist as malleable and lipophilic solids at room temperature. It can be of various types, including mineral, synthetic, natural, microcrystalline, etc. These wax variants are insoluble in water but soluble in organic and non-polar solvents and are utilized as a base material and additive to aid processing applications. They have excellent anti-caking and insulation properties and are resistant to ultraviolet (UV) rays, microorganisms, moisture, and odor. As a result, wax materials are extensively utilized to manufacture candles, cosmetics, adhesives, rubber, automotive polishes, etc.

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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

The inflating demand for personal care products, cosmetics, and several home decor items, such as colored and scented candles, on account of the changing lifestyle patterns of the consumers, is primarily driving the global wax market. Besides this, the growing product adoption in printing ink formulations, hot melt adhesives, coating solutions, etc., is also positively influencing the market growth.

Furthermore, the rising utilization of wax variants in food containers, flexible packaging, folding cartons, corrugated containers, etc., owing to their water-, moisture-, and vapor-resistant properties, is acting as another significant growth-inducing factor. Besides this, the development of bio-based wax, including vegetable wax, by the market players to meet the escalating consumer preference for renewable and eco-friendly products is expected to propel the wax market over the forecasted period.

Global Wax Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these top key players include:

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., Sasol Limited and Shell plc.

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The report has segmented the market on the basis of region, type, form and application.

Breakup by Type:

  • Mineral Wax
  • Synthetic Wax
  • Natural Wax
  • Others

Breakup by Form:

  • Flakes
  • Granules
  • Powder
  • Others

The 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

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Key highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022- 2027)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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Read More: Steel Market Report (2022 to 2027) – Global Industry Overview, Trends, Growth, Size and Forecast

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