Wax Market Expected to Expand US$ 11,017.7 Million by 2026
The global wax market is segmented into the industry, application, product type, and region. Based on the product type, paraffin wax is expected to emerge as the largest product in the market. By the end of 2026, paraffin wax is estimated to surpass US$ 3,700 million revenue.
The global wax market is segmented into the industry, application, product type, and region. Based on the product type, paraffin wax is expected to emerge as the largest product in the market. By the end of 2026, paraffin wax is estimated to surpass US$ 3,700 million revenue.
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Global <strong>Market</strong> Study<br />
on <strong>Wax</strong>: APEJ <strong>to</strong><br />
Lead the Global<br />
<strong>Market</strong> in Terms of Revenue during 2017 - <strong>2026</strong><br />
The report <strong>by</strong> Persistence <strong>Market</strong> Research (PMR) expects the global wax<br />
market <strong>to</strong> witness sluggish growth. It is also anticipated <strong>to</strong> register CAGR of<br />
2.9% during the forecast period between 2017 and <strong>2026</strong>. The global wax<br />
market is also expected <strong>to</strong> bring in <strong>US$</strong> <strong>11</strong>,<strong>017.7</strong> million revenue <strong>to</strong>wards the<br />
end of <strong>2026</strong>.<br />
There are different types of waxes being used for various applications. For<br />
instance, the fossil-based wax is being largely used for making candles,<br />
coatings and polishing, and in packaging. Meanwhile, paraffin wax which is<br />
derived from various processes of crude oil refining is being used in beauty and<br />
cosmetic care industry as it is safe <strong>to</strong> use. However, the demand for paraffin<br />
wax is declining as the demand for bio-based wax is growing, especially in the<br />
various countries in Asia-Pacific. The fully refined waxes are also widely used<br />
for candle making and as wax coatings for paper, film and foil substrates used<br />
in the packaging. The global wax market has also become highly volatile in the<br />
recent years owing <strong>to</strong> the price volatility of crude oil.<br />
Increasing Application of <strong>Wax</strong> in Various Industries <strong>to</strong> Impact the <strong>Market</strong><br />
Growth<br />
Strengthening economy in the developed nations is supporting the<br />
manufacturing sec<strong>to</strong>r. Hence, the industrial wax is witnessing a rise in demand<br />
for adhesives, inks and coatings, and plastic and rubber processing. Meanwhile,<br />
these processing mostly uses cost-effective wax. The wax is expected <strong>to</strong> witness<br />
strong demand in the manufacturing sec<strong>to</strong>r and in construction activity.<br />
However, owing <strong>to</strong> the closure of some wax producing plants in North America<br />
and Europe is resulting in the decline in the wax market. Meanwhile, the<br />
demand for vegetable and synthetic wax has increased. Moreover, it is also<br />
becoming inevitable for wax producing companies <strong>to</strong> shift from petroleum wax
<strong>to</strong> natural vegetable and synthetic wax. These companies are therefore adopting<br />
innovative technologies in their production facilities.<br />
Request and Download Sample Report@<br />
https://www.persistencemarketresearch.com/samples/20479<br />
Global <strong>Wax</strong> <strong>Market</strong>: Segment-Wise Analysis<br />
The global wax market is segmented in<strong>to</strong> the industry, application, product<br />
type, and region. Based on the product type, paraffin wax is expected <strong>to</strong> emerge<br />
as the largest product in the market. By the end of <strong>2026</strong>, paraffin wax is<br />
estimated <strong>to</strong> surpass <strong>US$</strong> 3,700 million revenue.<br />
Based on the industry, plastic & rubber industry is expected <strong>to</strong> witness the<br />
highest growth during the forecast period 2017-<strong>2026</strong>. By the end of <strong>2026</strong>,<br />
plastic & rubber industry is estimated <strong>to</strong> bring in more than <strong>US$</strong> 2,400 million<br />
revenue.<br />
Based on the application, the global wax market is segmented in<strong>to</strong><br />
rheology/surface applications, candles, polish, rubber, cosmetics, hot-melt<br />
adhesive, soap wax, and other. Among these, candles are expected <strong>to</strong> emerge as<br />
the largest application segment in the wax market. Candles are estimated <strong>to</strong><br />
create an incremental opportunity of more than <strong>US$</strong> 900 million between 2017<br />
and <strong>2026</strong>.<br />
Geographically, the global wax market is segmented in<strong>to</strong> Latin America,<br />
Europe, North America, Asia Pacific Excluding Japan (APEJ), Japan, and the<br />
Middle East and Africa (MEA). Among these, APEJ is expected <strong>to</strong> emerge as<br />
the most attractive market in the global wax market during the forecast period<br />
2017-<strong>2026</strong>.<br />
Global <strong>Wax</strong> <strong>Market</strong>: Competitive Analysis<br />
The report provides a detailed profile of various companies operating in the<br />
global wax market. Some of the leading players in the market are Exxon Mobil<br />
Corporation, Royal Dutch Shell plc., BP plc., Akzo Nobel NV, The Lubrizol<br />
Corporation, Honeywell International Inc., Cargill, Inc., Archer Daniels<br />
Midland Company, BASF SE, and Evonik Industries AG. The leading players<br />
are entering in<strong>to</strong> a partnership and merger and acquisition <strong>to</strong> expand their reach<br />
and improve market share.<br />
Report overview @ https://www.persistencemarketresearch.com/marketresearch/wax-market.asp
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