In a recent published report, Kenneth Research has updated the market report for Wax Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Wax Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
As per the latest report published by Variant Market Research, Global Wax Market is estimated to reach $11.6 billion by 2024; growing at a CAGR of 4.3% from 2016 to 2024.In terms of volume, the market was valued at 4,929kilo tons in 2016 and expected to reach 6,473kilo tons by 2024, at a CAGR of 3.5% from 2016to2024. Wax is a distinct category of organic compounds that is hydrophobic, and pliable solids close to ambient temperatures. Wax is made up of various forms such as vegetable based, animal based, and synthetic based. Wax are soluble in nonpolar & organic solvents, but are insoluble in water. The wax market has become highly price volatile in recent years owing to the crude oil price volatility. The completely refined waxes are extensively used for candle making and as wax coatings for film, paper, and foil substrates utilized in the packaging industry. Some of the other beneficial applications of wax are building materials, cosmetics, inks, corrugated board, tire and rubber, PVC, and polishes.
The growth of the global wax market is primarily driven by growing adoption of synthetic wax, and increasing applications of wax such as candle, coating & polishes, tire & rubber, and cosmetics. However, lack supply of paraffin wax, and rising prices of bio based & synthetic waxes are the major hindrance for the market growth. Further, high growth in demand for unconventional waxes is expected to pose new growth opportunities for the market in the forecast period.
The global wax is segmented into product type, application, and geography. The product type is sub-segmented into natural wax (vegetable wax, animal & insect wax, and others), synthetic wax (GTL wax, polymer wax, and others), and petroleum and mineral wax (paraffin wax, microcrystalline wax and others). Application segment is further sub-segmented into packaging, candles, rheology surface applications, cosmetics, health industries, board sizing, and other applications.
Based on geography, global wax market is segmented into North America, Europe, Asia Pacific, Rest of the World (RoW) North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consist of UK, Russia, Germany, France, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
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Prominent players in the market include Exxon Mobil Corp., Royal Dutch Shell Plc, The Blayson Group Ltd, PJSC Lukoil, Sasol Limited, HCl WAX, Sinopec Corp., Numaligarh Refinery Limited, Petroleo Brasileiro S.A., and International Group, Inc. among others.
The key takeaways from the report
The report will provide detailed analysis of Global Wax Market with respect to major segments such as product type, application, and geography
The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Wax Market has been included in the report
Profile of the key players in the Global Wax Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Wax Market
Product Type Segments
Natural Wax
Vegetable Wax
Animal & Insect Wax
Others
Synthetic Wax
GTL Wax
Polymer Wax
Others
Petroleum and Mineral Wax
Paraffin Wax
Microcrystalline Wax
Others
Application Segments
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Packaging
Candles
Rheology Surface Applications
Cosmetics
Health Industries
Board Sizing
Other Applications
Geographical Segments
North America
U.S.
Canada
Mexico
Europe
UK
Russia
Germany
France
Rest of Europe
Asia-Pacific
India
China
Japan
Rest of Asia-Pacific
RoW
South America
Middle East
Africa
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