Market Overview
The Global Wax Market was valued at 7 million tons in 2020 and the market is projected to register a CAGR of over 2.5% during the forecast period (2021-2026).
Due to COVID-19, the lockdown regulations and a deficient number of workers havethe led to the decline in production of various chemicals and other industries such as cosmetics, packaging, rubber, candle, and adhesives. The supply of raw materials to the industries decreased and causes the disturbance in supply and demand balance. Owing to all these factors, the oil market is negatively impacted by COVID-19 and the production of wax is decreased.
- Over the medium term, the major factor driving the market studied is the increasing demand from the candle and packaging industries. The growinga personal care industry in the Asia-Pacific region is the other factor driving the market studied.
- On the flip side, fluctuating prices of raw materials and environmental concerns are expected to hinder the growth of the market.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Scope of the Report
Waxes are a diverse class of organic compounds near ambient temperatures that are lipophilic, malleable solids. Waxes are insoluble in water, but soluble in solvents that are organic and non-polar. The wax market is segmented by type, application, and geography. By type, the market is segmented into petroleum and mineral wax, synthetic wax, and natural wax. By application, the market is segmented into cosmetics, packaging, candle making, adhesives, rubber, and other applications. The report also covers the market size and forecasts for the Wax Market in 17 countries across major regions. For each segment, the market sizing and forecast have been done on the basis of volume (kilotons).