According to a new report published by Allied Market Research, titled, Wax Market by Type, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global wax market was valued at $9,322 million in 2016, and is projected to reach at $11,780 million by 2023, registering a CAGR of 3.4% from 2017 to 2023.
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Waxes are a mixture of hydrophobic organic materials that turns into solid state at a temperature of 20C, and melts at temperature higher than 40C up to 140C. Wax offers superior resistance towards temperature. The key sources of producing wax are petroleum, plants, animals, and natural gases. Paraffin/mineral wax, synthetic wax, and natural wax are the three types of waxes available in the market.
High adoption rate of waxes in the packaging applications and their superior properties such as heat and water resistance make them suitable for use in hot melts, emulsions, and candles, which act as the major drivers of the global wax market. Moreover, increase in use of wax as a raw material for several cosmetics products boosts the market growth. However, high cost of synthetic and natural wax restricts the growth of the market. In contrast, the augmented use of wax in developing natural cosmetic products is anticipated to offer growth opportunity for the market.
Based on application, the market for wax is divided into candles, packaging, emulsions, hot melts, floor polishes, and others. The candles application was the highest revenue contributor in 2016, accounting for around three-fifths share. This is attributed to increased use of candles in hotels, spa, and other buildings for aromatherapy.
By geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America generated the highest revenue in 2016, accounting for $2,885 million, owing to development of the cosmetic industry.
Key Findings of the Wax Market:
- North America dominated the market both in terms of value and volume
- Asia-Pacific is projected to register the highest growth rate from 2016 to 2023.
- The LAMEA market contributed one-fifth of the global market revenue in 2016.
- U.S. was the highest revenue contributor of the wax market globally in 2016.
- China is projected to register the highest growth rate from 2016 to 2023 in the Asia-Pacific wax market.
China and India collectively contributed approximately more than 70% to the Asia-Pacific market revenue in 2016. In the same year, Japan contributed approximately one-seventh of the wax market in Asia-Pacific.
The key players profiled in the report include Dow Corning, Akzo Nobel N.V., Evonik Industries, Arch Chemicals, BASF SE, Hexion Inc., Honeywell International, Lubrizol Corporation, The Clorox Company, and Momentive Performance Materials.