Market Overview:
The global wax market is anticipated to grow during the projected period due to the increasing use of wax in various industries. Fortune Business Insights™ publishes this information in a report titled, "Wax Market, 2019-2027". As per the report, the wax market size was USD 7,288.9 million in 2019 and is expected to reach USD 9,249.2 million by 2027 at a CAGR of 3.1% during 2019-2027 period.
Segments:
Petroleum Segment To Dominate Global Market During The Forecast Period
By product type, the market is categorized into petroleum, synthetic, mineral, and animal & plant. The petroleum segment is expected to dominate the global market share due to the high production and consumption of paraffin in the petroleum.
Increasing Demand For Candles In Home Décor To Bolster Segmental Growth
Based on application, the market is classified into candles, packaging, coating & polishes, hot-melt adhesives, cosmetics & toiletries, plastic & rubber, and others. The candle segment is anticipated to lead the market in the coming years due to the rising demand for scented candles for aromatherapy and home décor.
Regionally, the market share is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Trends:
In recent years, there has been a significant trend towards sustainable wax alternatives, driven by growing environmental concerns. Consumers are increasingly seeking eco-friendly options like soy wax, which is renewable and biodegradable. Additionally, there's a rising interest in natural waxes, such as beeswax, due to their hypoallergenic and non-toxic properties. Artisans and manufacturers are also experimenting with innovative wax blends, incorporating materials like coconut or rapeseed wax, to create unique textures and scents. This trend reflects a broader shift towards conscious consumerism and a desire for products that align with ethical and environmental values.
Source: https://www.fortunebusinessinsights.com/wax-market-102783
Drivers & Restraints:
High Demand For Scented Candles To Augment Growth
The market share is expected to surge in the coming years owing to the increasing demand for scented candles for home décor and aromatherapy. Also, the increasing oil exploration activities are expected to bolster wax market growth in the coming years. Furthermore, increasing utilization of wax in various end-use industries and rapid industrialization globally are expected to fuel the market growth during the forecast period.
However, the high costs of animal and plant-based waxes may hamper the market growth.
Regional Insights:
Asia Pacific Dominates Global Market Due To Increasing Demand for Scented Candles
Asia Pacific is expected to dominate the global wax market share in the coming years owing to the increasing availability of raw materials in the region. Also, increasing demand for scented candles in developing countries is expected to fuel regional growth. The regional market stood at USD 2387.3 million in 2019.
Europe is anticipated to hold the second-largest global market share due to the presence of leading manufacturers in this region. Also, the region is expected to grow rapidly owing to the rising sales and production of these products.
North America is expected to exhibit a substantial CAGR during the forecast period owing to the presence of the largest consumer and importer population. Also, the increasing demand for bio-based candles and high-quality petroleum is expected to bolster regional growth.
Competitive Landscape:
Business Expansion Allow Companies To Propel Growth
The leading market players focus on expanding their business by implementing various business development strategies such as forming strategic alliances and partnerships. Also, the companies are adopting recent technologies to increase their production rate and develop bio-based wax candles.
Key Industry Developments:
· May 2019: Exxon Mobil Corporation invested USD 2 billion to expand its chemical plant located in Baytown, Texas. The expansion enabled the company to enter the linear alpha-olefin material market. The new unit will produce 400-kilo tons of Vistamaxx performance polymer per year.
List of Key Players Profiled in the Market Report for Wax:
· Sasol Limited (South Africa)
· Sinopec (China)
· Royal Dutch Shell PLC (Netherlands)
· Exxon Mobil Corporation (U.S.)
· The International Group Inc. (Canada)
· Petróleo Brasileiro S.A. (Brazil)
· The PJSC Lukoil Oil Company (Russia)
· PDVSA (Petróleos de Venezuela, S.A.) (Venezuela)