The global wax market is expected to grow at a CAGR of over 4%. Wax is a moldable organic compound that is insoluble in water. Wax is widely used in the manufacture of candles, cosmetics, tires, rubber, and more.
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Global Wax Drivers:
The variety of wax application is what primarily drives the market for it. Wax is most often used for making candles, and the demand for scented candles is skyrocketing, increasing sales of wax, as well as cosmetics. In addition to this, with a growing awareness of the benefits of using organic products, the organic wax market is expected to flourish.
- Impact on market size
- End user trend, preferences and budget impact
- Regulatory framework / Government policies
- Strategy of the main actors to fight against the negative impact
- Window of opportunity
Global wax market segments:
The global wax market is further segmented into type, application, and geography.
- By type: Fossil wax, Synthetic wax, Bio-based wax
- By application: Candles, Packaging, Coatings and polishes, Hot melt adhesives, Tires and rubber, Cosmetics and personal care, Food
Key region / countries covered
- North America (United States, Canada, Mexico)
- Europe (Germany, UK, France, Italy, Russia, rest of Europe)
- Asia-Pacific (China, India, Japan, South Korea, rest of Asia-Pacific)
- Rest of the world (Middle East & Africa and South America)
The Asia-Pacific region is expected to hold the largest wax market share during the forecast period as it is the region with the highest market share for the candle industry. At the same time, the increase in disposable income in the region has created more opportunities to consume cosmetics, which in turn stimulates the demand for wax,
Key players in Global Wax Market:
- Sinopec Corp.
- Chinese National Petroleum Company (CNPC)
- HollyFrontier Corp.
- BP PLC
- Nippon Seiro Co., Ltd.
- Baker Hugues
- Exxon Mobil Corp.
- Sasol Ltd.
- International Group Inc. (IGI)
- Evonik Industries SA
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Key questions answered by the report:
- The impact of COVID-19 on the global market
- What are the potential opportunities for new entrants in the global market
- What is the market size and forecast from 2020 to 2028?
- Key players associated with the global wax market
- Global Wax Market Value Chain Analysis
- What is the global wax market CAGR from 2021 to 2028
- Major growth driver, challenges, trends and opportunities in the global market
- Main results of the SWOT analysis
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