Wax Market is Projected to Expand at a 3.55% CAGR from 2019-2026

Wax Market is Projected to Expand at a 3.55% CAGR from 2019-2026

Ÿ Base Year: 2018

Ÿ Estimated Year: 2019

Ÿ Forecast Period: 2019 to 2026

According to the report, the global wax market is valued at approximately USD 9,902 million in 2019 and is expected to generate revenue of around USD 12,641 million by 2026, growing at a CAGR of roughly 3.55% from 2019 and 2026.

The wax is a combination of hydrophobic organic materials that become solid at a temperature of 20°C. The wax begins to melt at a temperature above 40°C to 140°C.

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Key Players:

Key players in the Wax market include BASF, Blended Waxes, CITGO Petroleum, Marcus Oil & Chemical, PetroFerm, Clariant, Chemtura, Exxon Mobil, Sinopec, Lubrizol, Micro Powders, Koster Keunen, Hexion Specialty Chemicals, etc.

Market Driver and Restraint

Due to its excellent properties, including high gloss, non-toxicity, good water resistance and excellent chemical resistance, the demand for the wax market is expected to increase. The high amount of wax products is a gift for all occasions, including warm gifts, adult birthday party gifts, and gratitude and dinner gifts, which are also expected to stimulate the growth of this market. In addition, mineral waxes may experience significant growth due to increased consumption of products in detergents, rubber solutions, aerosol formulations, adhesives, household cleaners, tire manufacturing and wood processing applications.

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Forecast by Geography

In 2018, the global wax market was mainly concentrated in the three regions of Asia-Pacific, North America and Europe, with the market share of 19.24%, 48.15% and 26.35% respectively, accounting for a total of 93.74%.

North America was the dominant market in 2018 due to the rising consumption of the product in packaging of milk cartons, paper drinking cups and waxed paper. The Asia-Pacific will account for a substantial market share in the global wax market in the near future, owing to the robust growth in the packaging industry in this region, specifically in China, India, and Japan. Moreover, increasing adhesive and cosmetics industry in the Asia-Pacific and Latin America will propel the product demand during the forecast years.

Type Segment Analysis

Important types of the product covered in this report include Petroleum and Mineral Wax, Synthetic Wax, Natural Wax, and Other.

Application Segment Analysis

Wax is widely used by Candles, Packaging, Board Sizing, and Others.

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Target Audience:

•    Wax manufacturers

• Raw material suppliers of wax

• Small and Medium-sized Enterprises (SMEs)

• Distributors and resellers of wax

• Wax industry associations

• Product managers, wax industry administrator, C-level executives of the industries

• Market Research and consulting firms

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