DUBLIN, September 29, 2023 (Globe Newswire) — “Wax Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” Report added ResearchAndMarkets.com Recruitment.
The global wax market size reached USD 10.1 billion in 2022. In the future, the market is expected to reach USD 12.4 billion by 2028 and will show a growth rate (CAGR) of 3.2% between 2023 and 2028.
In the ever-evolving global wax market, many factors are contributing to its robust growth. Waxes come from numerous sources and provide numerous functions across industries, making them incredible additives and base materials that enhance manufacturing processes.
Mainly used in the production of candles, coatings, adhesives, cosmetics and a wide range of other products, waxes have recently attracted attention due to their exemplary thermal insulation, anti-caking properties and resistance to UV light, microorganisms and moisture. . And it smells.
Rising demand in the cosmetics and personal care industry is driving the market significantly, with waxes playing a major role in thickening formulations, improving product stability, and increasing viscosity and consistency. This surge in demand is fueled by consumers’ increased focus on appearance, changing lifestyles, and increasing disposable income.
The use of waxes is also rapidly increasing in applications such as hot melt adhesives, printing ink formulations, and coating solutions. Resistant to water, moisture, and steam, making it ideal for food containers, folding cartons, paper cups, etc. The growing popularity of scented candles as luxury and decorative items is also driving the market forward.
As the focus shifts towards environmentally friendly and renewable products, industry leaders are investing heavily in the development of bio-based waxes, including vegetable waxes. Other factors positively impacting the market include product innovations, extensive research and development activities, rapid urbanization, and technological advances.
Key questions answered in this report
- What will be the size of the global wax market in 2022?
- What is the expected growth rate of the global wax market from 2023 to 2028?
- What are the key factors driving the global wax market?
- What impact has COVID-19 had on the global wax market?
- What is the breakdown of the global wax market based on type?
- What is the breakdown of the global wax market based on 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 attributes | detail |
number of pages | 145 |
Forecast period | 2022-2028 |
Estimated market value in 2022 (USD) | $10.1 billion |
Projected market value to 2028 (USD) | $12.4 billion |
compound annual growth rate | 3.5% |
Target area | global |
Competitive environment:
The competitive environment of the industry was also investigated along with the profiles of the key players.
- Baker Hughes Company
- BASF SE
- Cepsa
- China Petrochemical Corporation
- Enispa
- Evonik Industries AG
- ExxonMobil Corporation
- HF Sinclair Co., Ltd.
- Honeywell International Co., Ltd.
- Mitsui Chemicals Co., Ltd.
- Japan Seirō Co., Ltd.
Key market segmentation:
Breakdown by type:
- mineral wax
- synthetic wax
- natural wax
- others
Split by format:
- flake
- granules
- powder
- others
Split by application:
- candle
- cosmetics
- packaging
- emulsion
- Hotmelt
- floor polish
- others
Regional breakdown:
- North America
- America
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- others
- Europe
- Germany
- France
- England
- Italy
- Spain
- Russia
- others
- latin america
- Brazil
- Mexico
- others
- middle east and africa
For more information about this report, please visit: https://www.researchandmarkets.com/r/yeqxyq
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