The Global Wax Market is projected to grow at a CAGR of 4% in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. The market growth attributes primarily to the vast packaging industry generating lucrative opportunities for the leading players to increase their production & distribution capacities for wax and meet the rising needs globally.
More industries are becoming aware of the versatile properties of wax, such as excellent barrier properties against moisture, anti-blocking, excellent chemical resistance, water repellency, low viscosity, lubricity, abrasion resistance, high compatibility, and thermal stability, among others. Hence, its application is widening across industries and contributing to the overall industry expansion through 2027.
Furthermore, as the packaging industry is growing exponentially throughout the world, the demand for a reliable solution to package different types of products is augmenting the demand for wax and generating opportunities for the leading players to increase their offerings in the coming years, further states the research report, “Global Wax Market Analysis, 2022.”
Increasing Popularity of Aromatherapy to Widen the Demand for Candles & Drive the Market
Based on the Application, Candles dominated the Global Wax Market with the largest share and are anticipated to continue the same dominance in the coming years. This dominance attributes to the growing inclination of people toward lighting scented candles & practicing aromatherapy for relaxation, meditation, and aesthetics, alongside using candles as home decorations.
Besides, candles are also extensively & easily available for consumers at different distribution channels and in numerous forms, essence, sizes, shapes, and varieties. It, in turn, is demonstrating a vast consumer base for candles and its direct influence on the demand for wax, leading the market toward substantial growth in the coming years.
Easy Availability of Labor & Raw Materials in Asia-Pacific to Augment the Market Growth
Geographically, Asia-Pacific acquired the largest share of the Global Wax Market in recent years and is anticipated to prevail in its dominance during the forecast period. This growth attributes to the changing living standards of their people and their growing inclination toward using wax candles for aromatherapy, home decor & aesthetics, and others.
It, in turn, is instigating the leading players to expand their production & distribution capacities and cater to the burgeoning demands across Asia-pacific. Moreover, with the easy availability of raw materials, cheap labor, and minimal operation costs, countries like China & India are emerging as prominent markets for wax across the region and contributing to the market growth.
The leading players in the Global Wax Market are Cargill, Inc., CALWAX, DEUREX AG, Exxon Mobil Corporation, Kerax Limited, NIPPON SEIRO CO. LTD., Numaligarh Refinery Limited, Petróleo Brasileiro S.A., PDVSA (Petróleos de Venezuela, S.A.), Poth Hille & Co Ltd., Royal Dutch Shell PLC, Sasol Limited, Sinopec, Strahl & Pitsch, Inc., The International Group Inc., and The PJSC Lukoil Oil Company.
Key Questions Answered in the Research Report