According to a new report published by Allied Market Research, titled, Wax Market by Type, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global wax market was valued at $9,322 million in 2016, and is projected to reach at $11,780 million by 2023, registering a CAGR of 3.4% from 2017 to 2023.
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Waxes are a mixture of
hydrophobic organic materials that turns into solid state at a temperature of
20C, and melts at temperature higher than 40C up to 140C. Wax offers superior
resistance towards temperature. The key sources of producing wax are petroleum,
plants, animals, and natural gases. Paraffin/mineral wax, synthetic wax, and
natural wax are the three types of waxes available in the market.
High adoption rate of
waxes in the packaging applications and their superior properties such as heat
and water resistance make them suitable for use in hot melts, emulsions, and
candles, which act as the major drivers of the global wax market. Moreover,
increase in use of wax as a raw material for several cosmetics products boosts
the market growth. However, high cost of synthetic and natural wax restricts
the growth of the market. In contrast, the augmented use of wax in developing
natural cosmetic products is anticipated to offer growth opportunity for the
market.
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Based on application,
the market for wax is divided into candles, packaging, emulsions, hot melts,
floor polishes, and others. The candles application was the highest revenue contributor
in 2016, accounting for around three-fifths share. This is attributed to
increased use of candles in hotels, spa, and other buildings for aromatherapy.
By geography, the
market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North
America generated the highest revenue in 2016, accounting for $2,885 million,
owing to development of the cosmetic industry.
Key Findings of the Wax
Market:
- North
America dominated the market both in terms of value and volume
- Asia-Pacific
is projected to register the highest growth rate from 2016 to 2023.
- The
LAMEA market contributed one-fifth of the global market revenue in 2016.
- U.S.
was the highest revenue contributor of the wax market globally in 2016.
- China is projected to register the highest growth rate from 2016 to 2023 in the Asia-Pacific wax market.
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China and India
collectively contributed approximately more than 70% to the Asia-Pacific market
revenue in 2016. In the same year, Japan contributed approximately one-seventh
of the wax market in Asia-Pacific.
The key players
profiled in the report include Dow Corning, Akzo Nobel N.V., Evonik Industries,
Arch Chemicals, BASF SE, Hexion Inc., Honeywell International, Lubrizol
Corporation, The Clorox Company, and Momentive Performance Materials.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service
market research and business-consulting wing of Allied Analytics LLP based in
Portland, Oregon. Allied Market Research provides global enterprises as well as
medium and small businesses with unmatched quality of "Market Research
Reports" and "Business Intelligence Solutions." AMR has a
targeted view to provide business insights and consulting to assist its clients
to make strategic business decisions and achieve sustainable growth in their
respective market domains. AMR offers its services across 11 industry verticals
including Life Sciences, Consumer Goods, Materials & Chemicals,
Construction & Manufacturing, Food & Beverages, Energy & Power,
Semiconductor & Electronics, Automotive & Transportation, ICT &
Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with
various companies and this helps us in digging out market data that helps us
generate accurate research data tables and confirms utmost accuracy in our
market forecasting. Each and every data presented in the reports published by
us is extracted through primary interviews with top officials from leading
companies of domain concerned. Our secondary data procurement methodology
includes deep online and offline research and discussion with knowledgeable
professionals and analysts in the industry.
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