03.07.18
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.
Waxes are a mixture of hydrophobic organic materials that turns into solid state at a temperature of 20°C, and melts at temperature higher than 40°C up to 140°C. 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 approximately three-fifths share.
By geography, North America generated the highest revenue in 2016, accounting for $2,885 million, owing to development of the cosmetic industry.
Asia-Pacific is projected to register the highest growth rate from 2016 to 2023. 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.
Waxes are a mixture of hydrophobic organic materials that turns into solid state at a temperature of 20°C, and melts at temperature higher than 40°C up to 140°C. 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 approximately three-fifths share.
By geography, North America generated the highest revenue in 2016, accounting for $2,885 million, owing to development of the cosmetic industry.
Asia-Pacific is projected to register the highest growth rate from 2016 to 2023. 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.