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DUBLIN--(BUSINESS WIRE)--Sep 19, 2022--
The "Wax Market By Application, By Type: Global Opportunity Analysis and Industry Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.
The global wax market was valued at $11.6 billion in 2020, and is projected to reach $16.7 billion by 2030, growing at a CAGR of 3.7% from 2021 to 2030.
Wax is an organic ingredient that is solid at normal room temperature but becomes free flowing fluid when the temperature is high. The main commercial source of wax is crude oil. However, waxes are produced from plants, lignite, animals, and insects. Paraffin/Mineral wax, synthetic wax, and natural wax are the three types of waxes available in the market. These waxes differ in their chemical composition; however, the presence of normal alkanes is always in high ratio compared to other ingredients.
High requirement of waxes in the packaging industry drives the growth of global wax market. Paraffin waxes offer exceptional resistance to water, hence it is widely used for packaging. Moreover, surge in demand for waxes from applications, including tire & rubber, coating, and floor polishes boosts the growth of market across the globe. Increase in demand for wax from the personal care industry is another driver for the growth of wax industry. Cosmetics and personal care sectors have the maximum usage of wax.
The personal care industry accounted for a healthy share in the global market in 2019. However, the market growth is restricted, due to high prices of synthetic and natural waxes. Moreover, shortage in supply of paraffin/mineral wax hampers the market growth. However, growth in awareness toward natural cosmetics is expected to provide major opportunity for the manufacturers.
The wax market is segmented on the basis of type, application, and region. By type, it is segregated into paraffin/mineral wax, synthetic wax, natural wax, and others. On the basis of application, it is fragmented into candles, packaging, emulsions, hot melts, floor polishes, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Impact of COVID-19 on Global Wax Market
The outbreak of COVID-19 led to partial or complete shutdown of production facilities that do not come under essential goods, owing to prolonged lockdown in major countries, including the U.S., China, Japan, India, and Germany. It led to either closure or suspension of their production activities in most of the industrial units across the globe.
COVID-19 pandemic stagnated production activities in various areas such as packaging, cosmetics, chemicals, and candle making. Supply chain disruptions disrupted the supply of raw materials to these industries. As a result, the demand for wax from these industries that depended on wax for production declined. In addition, the decline in demand for cosmetics, candles, and consumer goods reduced the demand for waxes across the globe.
Key Benefits For Stakeholders
Key Market Segments
By Application
By Type
By Region
Key Market Players
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KEYWORD:
INDUSTRY KEYWORD: CHEMICALS/PLASTICS MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/19/2022 06:35 AM/DISC: 09/19/2022 06:36 AM
http://www.businesswire.com/news/home/20220919005450/en