According to a new research report by Global Market Insights, Inc. “Worldwide Wax Market size is predicted to be valued USD 10 billion by 2024.” The increasing spending power of consumers and their approach to improved living standards globally has given a considerable rise to the personal grooming sector. Due to which, the wax market has been rising significantly with a moderate CAGR.
Wax has several applications in several end use industries for instance, cosmetics, packaging, coatings, adhesives etc. Waxes are natural compounds that are moldable solids to the surrounding temperature. They incorporate higher alkanes and lipids, generally with melting point above 40 °C, for providing low viscous fluids. These widespread uses of wax will see surged product demand by 2024.
Escalation of e-commerce websites and consumer awareness has given rise to sophisticated packaging as well. These new packaging formats need wax as its key component. This improved packaging processes will boost the wax market in the near future. However, the main obstacle which may restrain the wax market growth is its raw material’s volatile prices. Oscillating crude oil and petroleum price fluctuations disturb the demand and supply dynamics of wax market.
In accordance to products, natural wax will hold a moderate share in the wax market by 2024. There are majorly two types of waxes i.e. bees wax and vegetable wax. Beeswax is the most commonly used wax, it is extracted from bee hives prepared by the worker bees. The beeswax is bleached and processed for application in food, pharmaceuticals and personal care industries. Furthermore, vegetable waxes are extracted from various vegetables that are used in making candles, fragrance additive, etc.
According to its applications, cosmetics have acquired a respectable portion of the global 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.
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.
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