Driven by Superior Properties like High Gloss, Water Repellant, and Chemical Resistance, the Global Wax Market is forecasted to Cross US$ 14 Bn by 2028 says Ken Research Study.
Wax is a broad category of organic compounds that are lipophilic and bendable solids at room temperature that tend to melt at a higher temperature. It includes lipids and higher alkanes that are insoluble in water but soluble in nonpolar, organic solvents. Wax is generally derived from petroleum and bio-based resources which are extracted from crude oil refining. These materials include base oil, natural gas, compounds like polyethylene, plants, and the skin of animals. Wax has applications across paints, bundling, hardware, electrical, ink and coatings, elastic, pharmaceuticals, and beautifying agents.
“Ken Research shares 5 key insights on this ~US$ 15 billion market from its latest research study”
1. Wax Market Has Seen Stable Growth After an Increase in Investments and Collaboration
The Global Wax Market is expected to witness stable growth during the forecast period, owing to its superior properties like high gloss, which acts as a good repellant against water and chemical resistance. The Global Wax Market was valued at US$ 8 billion in 2017, It is estimated to be US$ 10 billion in 2022 and is expected to reach a market size of US$ 14 billion by 2028 growing with a CAGR of 5%. Asia Pacific is the dominating region in the Global Wax Market, owing to the rising living standards and increasing industrialization.
2. The Increased Demand for Wax by Cosmetic and Pharmaceutical End-user Industries are Major Growth Driver for the Global Wax Market.
- The increase in demand for wax from the candle and packaging industry along with the growth in the personal care industry is the major factor driving the market growth of the Wax Market. The increasing demand for bio-based wax owing to the consumer’s concern about the adverse effect of chemical products.
- In July 2021, Charlotte Tilbury launched a lip scrub consisting of natural products like shea butter and beeswax to buff away dead skin cells. It is meeting the demand for natural wax, recently in demand by consumers.
- According to European Candle Manufacturer Association, the consumption of candles in the European Union increased from 622 tons in 2015 to 806 tons in 2021, witnessing a CAGR of ~5%.
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3. USA-China Trade War Conflicts is Key Restraining Factor for Market Growth
The USA-China trade war is a major challenge for the Wax Market. The USA government has imposed regulatory rules to support the domestic and paraffin wax and candle business in the country.
The USA government has imposed 108.3% anti-dumping duties on Chinese candle products to help in the growth of the domestic paraffin wax and candle industry, impacting the wax business across the globe.
4. The Candle Segment is Likely to Hold a Significant Market Share During the Forecast Period
The Wax Market is anticipated to be dominated by the candle segment. The increased usage of candles by therapists to create a peaceful environment in the therapy room, lighting candles in prayers and meditation, etc. are some of the significant factors driving the growth of the candle segment. For instance, in March 2021, Yankee Candle, the launch of the third annual Scent of the year, Discovery, is likely to bring together a combination of fragrances and ignite the feeling of energy, connection, and desire to embrace new experiences. These initiatives like product launches taken by industry players is likely to boom the growth of the candle segment, hence providing an opportunity for the wax market to grow.
5. Asia Pacific is the Largest Market for Wax Owing to the Rising Standard of Living and Increasing Industrialization
Asia Pacific is expected to dominate the Global Wax Market during the forecast period. The growth is primarily due to the rising living standards and increasing industrialization, specifically in countries like China and India. The low labor, raw material, and operational costs is also a major factor propelling the growth in the Asia Pacific region.
China is one of the largest producers, consumers, and importers of beeswax in the world, and India is one of the largest producers of beeswax in the world. The region’s usage of cosmetic and personal care goods is expanding owing to the result of increased attention on personal appearance, and an aging population. China is the largest adhesive consumption market in the region in terms of both production and consumption. The increasing consumption of adhesives in industries, such as furniture, construction, etc., further fuels the growth of the wax market in the region.
In March 2021, Calumet Specialty Products Partners acquired Paralogics, LLC, a manufacturer of candle and industrial wax mixtures, and Calumet Specialty Products Partners now has a blending and formulating capacity of 20 million pounds/year.
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