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, titled, “Wax Market Size, Share Industry Analysis, By Product Type (Petroleum, Synthetic, Mineral and Animal Plant), By Application (Candles, Packaging, Coating Polishes, Hot-melt Adhesives, Cosmetic Toiletries, Plastic Rubber and Others) and Regional Forecast, 2019-2027.” 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.

Drivers Restraints-

Increasing Demand from Packaging Industry to Propel Growth

The emergence of end use industries, such as rubber, plastic, cosmetics, packaging, and candles is surging in the developing regions, namely, Latin America, Africa, and Asia Pacific. But the growth is low in the developed regions, such as Europe and North America. Hence, the ongoing industrialization is anticipated to create more opportunities for such end use industries in the countries situated in these regions

Regional Analysis-

Asia Pacific to Lead Stoked by Abundant Availability of Raw Materials

Based on geography, the market is divided into Europe, the Middle East and Africa, North America, Asia Pacific, and Latin America. Amongst these, North America generated USD 1,940.0 million revenue in 2019. This growth is attributable to the U.S. as the country is considered to be the largest global importer and consumer of wax. Also, the high demand for premium quality bio-based and petroleum candles would aid growth in this region.

Information Source:

https://www.fortunebusinessinsights.com/wax-market-102783