NEW YORK , Aug. 4, 2023 /PRNewswire/ -- The wax market is estimated to grow by USD 1,723.06 million between 2022 and 2027 exhibiting a CAGR of 3.24%, according to Technavio. APAC is estimated to contribute 39% to the growth of the global market during the forecast period. In the APAC region, China , Malaysia , India , and Indonesia are the main consumers of wax. The development of the packaging industry in China and India has led to increased use of natural and synthetic waxes, contributing to China's rise to a leading position in the market. In addition, the growing demand for candles especially during festive events, and the expansion of the adhesives, packaging, cosmetics, and construction sectors are also driving the demand for wax in the region. For Comprehensive details on the market size of the historical period(2017 to 2021) and forecast period (2023-2027) - View Sample report
Company Landscape The wax market is fragmented; the companies are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key companies, their strategies, and the latest developments. Buy Now White Powder Polyethylene Wax
Key Drivers & Challenges-
Growing demand for synthetic and bio-based waxes is a key factor driving market growth. The wax market is segmented into mineral, synthetic, and natural waxes. Volatile crude oil prices and environmental concerns for wax P.B. is expected to impact demand for mineral waxes. However, synthetic waxes such as polyethylene and polypropylene have applications in the automotive and metalworking industries. Vegetable waxes, such as berry, candelilla, and carnauba wax, are used in candles and cosmetics. The supply of hydrogenated vegetable wax and FT wax is increasing, as consumers increasingly favor eco-friendly products, supporting the growth of vegetable waxes and the wax market.
The price volatility of crude oil is a significant challenge restraining the growth of the market. Waxes are available in various types: mineral, synthetic, and natural. The wax market faced financial challenges for oil companies and witnessed a decline in oil consumption due to price volatility. However, there has been a gradual recovery in oil and gas demand in 2021. Fluctuating crude oil prices have led companies to reduce wax prices, impacting the overall wax market.
The effective use of recycled plastics in wax production is a major trend in the market. Improper handling of plastics has caused environmental and health concerns around the world. Governments encourage plastic recycling, and one application is to use recycled plastic to produce wax for various purposes such as candle making and cosmetics. This process breaks down the hydrocarbon content of the plastic with crude oil. The use of recycled plastic in wax production benefits the environment and promotes wax production. Hence, this recycled plastic in wax production promotes sustainability and is expected to drive market growth.
Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View Sample Report
The wax market report includes information on the product launches, sustainability, and prospects of leading companies including BASF SE, Blended Waxes Inc., Calumet Specialty Products Partners LP, Clariant International Ltd., Compania Espanola de Petroleos SA, Eni SpA, Exxon Mobil Corp., Hansen and Rosenthal GmbH and Co. KG, Hexion Inc., HollyFrontier Corp., Honeywell International Inc., Kerax Ltd., Lodha Petro, Mitsui Chemicals Inc., NIPPON SEIRO CO. LTD., Sasol Ltd., Shell plc, Siwax Group, The International Group Inc., and The Lubrizol Corp.
The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.
The market is segmented by application (candle, packaging, rubber, personal care, and corrugated boards and others), type (mineral wax, synthetic, and natural), and geography ((APAC, North America , Europe , South America , and Middle East and Africa ).
The candle segment is estimated to witness significant growth during the forecast period. Some common waxes used to make candles include paraffin wax, beeswax, sperm, soy wax, palm, carnauba, blueberry, and tallow. Among these, paraffin wax is most used to make candles. Candles come in different varieties and are sold through different distribution channels such as e-commerce platforms and retail stores. In addition, candle therapy is recognized for its potential health benefits among consumers. Thus, these factors are expected to drive segment growth during the forecast period.
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The hot melt adhesives market is estimated to grow at a CAGR of 7.28% between 2022 and 2027. The market size is forecast to increase by USD 4,396.66 million . Furthermore, this report extensively covers market segmentation by product (ethylene-vinyl acetate (EVA), rubber, polyolefin, polyurethane, and others), application (packaging, nonwoven hygiene products, furniture, and woodworking, automobile, and footwear, and others), and geography (APAC, North America , Europe , South America , and Middle East and Africa ). The high application of sanitary materials is a key factor driving market growth during the forecast period.
The fluorapatite market is estimated to grow at a CAGR of 3.85% between 2022 and 2027. The market size is forecast to increase by USD 151.05 million . Furthermore, this report extensively covers market segmentation by type (pharmaceutical grade and industrial grade), application (dental care, fertilizers, chemicals, and pharmaceutical), and geography (North America , APAC, Europe , South America , and the Middle East and Africa ). The growing demand for phosphate fertilizers is a key factor driving market growth during the forecast period.
Accelerate at a CAGR of 3.24%
APAC, North America, Europe, South America, and Middle East and Africa
US, Canada, China, Japan, and Germany
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
BASF SE, Blended Waxes Inc., Calumet Specialty Products Partners LP, Clariant International Ltd., Compania Espanola de Petroleos SA, Eni SpA, Exxon Mobil Corp., Hansen and Rosenthal GmbH and Co. KG, Hexion Inc., HollyFrontier Corp., Honeywell International Inc., Kerax Ltd., Lodha Petro, Mitsui Chemicals Inc., NIPPON SEIRO CO. LTD., Sasol Ltd., Shell plc, Siwax Group, The International Group Inc., and The Lubrizol Corp.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
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3.4 Market outlook: Forecast for 2022-2027
6.3 Candle - Market size and forecast 2022-2027
6.4 Packaging - Market size and forecast 2022-2027
6.5 Rubber - Market size and forecast 2022-2027
6.6 Personal care - Market size and forecast 2022-2027
6.7 Corrugated boards and others - Market size and forecast 2022-2027
7.3 Mineral wax - Market size and forecast 2022-2027
7.4 Synthetic - Market size and forecast 2022-2027
7.5 Natural - Market size and forecast 2022-2027
9.3 APAC - Market size and forecast 2022-2027
9.4 North America - Market size and forecast 2022-2027
9.5 Europe - Market size and forecast 2022-2027
9.6 South America - Market size and forecast 2022-2027
9.7 Middle East and Africa - Market size and forecast 2022-2027
9.8 US - Market size and forecast 2022-2027
9.9 China - Market size and forecast 2022-2027
9.10 Japan - Market size and forecast 2022-2027
9.11 Germany - Market size and forecast 2022-2027
9.12 Canada - Market size and forecast 2022-2027
10.3 Impact of drivers and challenges
12.4 Calumet Specialty Products Partners LP
12.6 Compania Espanola de Petroleos SA
12.9 Hansen and Rosenthal GmbH and Co. KG
13.3 Currency conversion rates for US$
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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