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Wax Market 2020: Industry Analysis, Revenue and Future Growth

Author : Ravi Chawat | Published Date : 2020-08-25 

Increase in consumer spending and growing demand for a better standard of living have aided the growth of global wax market. Wax is widely used in various end-user industries such as cosmetics, candles, coating, packaging, and adhesives. Owing to its growing use in a wide range of applications, the wax market is estimated to moderately grow by 2024. Increased emphasis on environmental awareness and strong government initiatives against crude derived products are likely to driving the demand for natural products.

Introduction of several e-commerce websites has given rise to requirement of sophisticated packaging systems that include wax as a key component. This type of packaging processes could certainly boost demand in the wax market. However, the raw material’s volatile price could stand as a key obstacle which may restrain growth in the wax industry. Moreover, varying petroleum and crude oil prices could disturb the demand and supply dynamics of wax in the future.

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In the healthcare and pharmaceutical sectors, the wax market could garner positive growth owing to increased health awareness and growing medical tourism. In fact, according to Global Market Insights, Inc., healthcare expenditure worldwide is expected to grow from approx. USD 7 trillion in 2016 to USD 11 trillion in 2024. Projections that indicate a potential boost in wax product demand over the forecast period.

Wax is also one of the most important ingredients in personal care products. It is used for thickening of lipid part and helps prevent admixtures from unraveling into their oil or liquid constituents. Additionally, waxes are extensively used in lipsticks for desired stability and strength and are used in hair care products as to provide desired shape and strength to hairs for a longer period of time.

As per regional analysis, Asia Pacific wax market growth is estimated to record lucrative growth by 2024. In 2016, the regional wax industry was accounted for close to 35% of the global market share in terms of revenue and volume. With growing demand from local end-user industries, the Asia Pacific wax market is projected to acquire highest CAGR during the forecast timespan.

Demand for wax has also bolstered across regions like North America, the Middle East and Africa. Packaging and cosmetic industry across these regions are estimated to play a significant role in propelling wax product demand. Moreover, demand from industries such as coating & ink, plastic, rubber, and adhesives have risen considerably in recent years. With personal care products increasingly gaining traction across these regions, the wax market outlook is estimated to surge exponentially by 2024.

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The global wax market is highly dominated by few multinational companies, such as the International Group Inc, Sasol, Exxon Mobil Corporation, China National Petroleum Corporation (CNPC), Lukoil Company, Total S.A., Petroleo Brasileiro S.A. (Petrobras) and Royal Dutch Shell Plc., Lukoil Company and Sinopec Limited, that hold 70% of wax market share.

These market players possess a strong distribution network and are actively expanding their production facility to cater to the increasing demand for different products in the wax industry. Moreover, with the rapid proliferation in numerous industries like packaging, candles, personal care, healthcare, and adhesives, the global wax market is estimated to accrue prominent growth in the future.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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