The global wax market is set to gain impetus from their increasing usage in a wide range of applications, such as plastic rubber additives, candle manufacturing, cosmetics, adhesives, polishes, and coatings. Wax also provides protection to packaged goods from moisture. This information is given by Fortune Business Insights™ in a recent report,
The report further mentions that the wax market was valued at USD 7,288.9 million in 2019 and is expected to reach USD 9,249.2 million by 2027, thereby exhibiting a CAGR of 3.1% during the forecast period.
This Report Addresses the Following Factors:
- Regions and segments that are expected to dominate or drive market growth.
- Elaborate information about the major sustainability strategies followed by key companies.
- Market drivers, barriers, and upcoming opportunities that will affect growth.
- In-depth analysis of the competitive landscape.
Segment-
Petroleum Segment to Grow Considerably Backed by Rising Usage of Paraffin
In terms of product type, the market is segregated into animal plant, mineral, synthetic, and petroleum. Out of these, the petroleum segment held 63.5% wax market share in 2019 and would grow considerably throughout the forecast period
The demand for paraffin wax is high as it is used the most in corrugated packaging.
This type of packaging is specially used to pack furniture, food, and similar other goods. The expansion of packaging sector in the developing regions worldwide would contribute to the wax market growth in the coming years. However, animal and plant-based wax involves high manufacturing cost. It may hamper growth
Information source:
https://www.fortunebusinessinsights.com/wax-market-102783
