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Wax Market Size Is Set to Register Extensive Growth from Cosmetics Applications up to 2024

Author : Ronak Bora | Published Date : 2019-08-05 

According to its applications, cosmetics have acquired a respectable portion of the total wax market. Personal care products require wax as one of its major components which is propelling the wax market. Wax helps in the thickening of the lipid part of the cosmetic products and prevents admixtures from unravelling into their liquid and oil constituents. Moreover, waxes are used heavily in lipsticks to provide them the desired strength and stability. Currently, wax is being immensely used in hair care products as it provides strength and shape to hair for longer timespan.

The crux of business growth in recent times has been extensively attributed to the vast expanse of R&D programs. Wax market, in this regard, has also been experiencing a transformation, given that as a long-in-existence organic compound, wax has found massive applications in numerous end-use domains. A couple of years ago for instance, a research group from the Colorado State University published a study related to edible superhydrophobic coatings from FDA-approved carnauba and beeswax for the food packaging domain. Traditional wax like beeswax or tallow wax and synthetic wax like paraffin wax have been a part of the wax market landscape since its inception. However, now, with the increasing scarcity of fossil fuels, hydrogenated vegetable wax has also marked its debut in this business space. With the advancement of technology and increasing human endeavor for innovation, wax industry has depicted commendable progress through the product’s varied usage in packing, cosmetics and candle-making industries.

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Based on regions, North America shall be one of the fastest growing regions in the wax market. In North America, industrial demand for wax is rising rapidly for its industrial applications in adhesives, coatings & inks and plastic & rubber processing. These applications mostly require lucrative waxes, thus boosting the demand for wax and increasing production efficiency with minimal production costs. Therefore, in North America, waxes for industrial use will propel the wax market more than the commercial applications. Furthermore, strong personal care industry growth in the region will complement wax market by 2024.

Besides candle manufacturing, the cosmetics domain also acts as a momentous driver for wax market. In a world that is becoming increasingly obsessed with self-image and beauty, cosmetics sector is set to witness massive growth in next few years, a factor that will positively impact wax industry share over 2017-2024. Rise in disposable incomes and an inclination toward beauty has spurred the demand for better skin and personal care products. Owing to drastically changing climatic conditions, consumers have also been demanding natural and ecofriendly cosmetics in the interest of health and environmental ramifications. These shifting trends, in consequence, will inevitably provide the much-needed boost to wax market expansion. Given how extensively wax is used in the manufacturing of lipsticks, mascaras, lip balms, lotions, eye pencils, and creams, the cosmetics and candle-making sectors are likely to vie with one another in terms of which domain would be most lucrative for impelling global wax market size.

Wax market is vast and widespread, there are quite a number of players that manufacture wax, but 70% share of the wax market is being divided among the few major wax manufacturing giants such as International Group Inc., Sasol, Exxon Mobil Corporation, Lukoil and Royal Dutch Shell. There are other players also producing wax such as China National Petroleum Corporation, Sinopec Limited, Total Petrochemicals, Repsol, Honeywell, Petroleos de Venezuela SA etc. The major players in the market are strategizing acquisitions and ventures to strengthen its production and distribution channel. For instance, Sasol SA joined its operations with local wax producers and distributors to increase its production and distribution network.

Wax market is likely to face a major hindrance in the form of fluctuations in raw material supply and prices. With fossil fuels becoming scarce, wax products that depend solely on petroleum or crude oil for their production are becoming costlier. However, wax industry is rife with innovations related to the manufacture of synthetic waxes that use bio-based materials and are more eco-friendly than conventional wax products. With global economies becoming stronger by the day and the rising per capita income, wax market is estimated to garner significant profits over the ensuing years.

Glimpse of Table of Content (ToC)

Chapter 3. Wax Market Insights

3.1.  Wax Market segmentation

3.2.  Wax Market size and forecast, 2013 - 2024

3.3.  Wax Market ecosystem analysis

3.3.1.    Profit margin

3.3.2.    Value addition

3.3.3.    Distribution channel analysis

3.3.4.    Vendor matrix

3.3.4.1.   List of key manufacturers/suppliers

3.3.4.2.   List of key/potential customers

3.4.  Raw material trends

3.5.  Technology landscape

3.6.  Industry impact forces

3.6.1.    Growth drivers

3.6.1.1.   Increasing use of wax in cosmetics industry

3.6.1.2.   Product applications in food packaging industry

3.6.2.    Industry pitfalls & challenges

3.6.2.1.   Fluctuations in feedstock prices

3.7.  Regulatory landscape

3.7.1.    U.S.

3.7.2.    Europe

3.7.3.    China

3.8.  Growth potential analysis

3.9.  Competitive landscape, 2016

3.9.1.    Company market share analysis, 2016

3.9.2.    Strategic dashboard

3.9.3.    Patent analysis

3.10.    Porter’s analysis

3.10.1.   Supplier power

3.10.2.   Buyer power

3.10.3.   Threat of new entrants

3.10.4.   Threat of substitutes

3.10.5.   Industry rivalry

3.11.    Regional price trends

3.11.1.   Cost structure analysis

3.11.1.1.    R&D cost

3.11.1.2.    Manufacturing & equipment cost

3.11.1.3.    Raw material cost

3.11.1.4.    Distribution cost

3.11.1.5.    Operating cost

3.11.1.6.    Miscellaneous cost

3.11.2.   Price by product

3.11.3.   Regional pricing

3.12.   PESTEL analysis

3.13.   Innovation & sustainability

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/wax-market

 

 

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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