The growth of the Global Wax market is dependent on various factors and provides a better growth graph of the industry through a basic overview which portrays the actual market valuation with an expected rate of expansion during the forecast period. A complete background analysis of the Wax market, which includes an assessment of the economy and contribution of sectors in the economy, key segments, and emerging trends are covered in the report. As per the scope of the report, the global Wax market also portrays its key dynamics that support to have a strong influence over the spotted years to expansion by 2019. With the help of these perspectives, the report is able to estimate and validate the market size of the Wax market and the volume of various relevant market segments.
Drivers & Constraints
Surveys and proper researches are conducted for the Wax market and assist in collaboration of studies over trends, pricing, potential growth, opportunities, and restraints. The report is analyzed deeply to gain every parameter and provides extensive coverage of new revenue pockets. This allows the Wax market to estimate and validate future approaches so that new opportunities are introduced to increase the Wax market expansion by the year 2019.
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Regionally, the Wax market report covers the key regions such as North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. The present, past, and forecast overview of Wax market is signified in this report. The regional analysis and strategies of the market provide understanding about the market forces and how those can be exploited to create future opportunities.
Method of Research
The analysis of the market is done according to the parameters mentioned in Porter’s Five Force Model. These reliable market reports have led to integrating top-down and bottom-up approaches into the research model. This allows the analysists to provide the clients with estimations of various crucial market figures which are then used for a SWOT analysis of the Wax market along with relevant insights into the global market
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Waxes are a combination 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 higher resistance towards temperature. The basic sources of producing wax are petroleum, plants, animals, and natural gases. The global wax market was USD 9.16 billion in 2018 and is estimated to reach USD 11.63 billion by 2025, registering a CAGR of 3.47% during the forecast period
Growth by Region
In 2018, North America dominated the wax market, the U.S. being the largest revenue generator. This is due to the increase in awareness towards the benefits of wax-based natural cosmetics products. However, Asia Pacific is expected to register significant growth rate in the near future, owing to expansion of packaging industry in the region, China being the major contributor.
Drivers vs. Constraints
The growth of the global wax market is majorly driven by rise in requirement of waxes in the packaging industry. Upsurge in demand for waxes from applications such as rubber & tire, coating, and floor polishes also enhances the market growth. The use of waxes as a base ingredient in cosmetics industry further supports the growth of the market. Moreover, increase in awareness towards wax-based natural cosmetics provides lucrative opportunity for the manufacturers. However, the market growth is hindered due to high prices of synthetic and natural waxes. Furthermore, the shortage in supply of paraffin/mineral wax hampers the market growth.
Industry Trends and Updates
In April 2017, Sinopec (China Petroleum & Chemical Corporation) agreed to acquire BP PLC’s 50% stake in SECCO for USD 1.68 billion. In February 2018 Sasol completed its USD 1.1 billion FT Wax Expansion Project (FTWEP) and successfully commissioned Phase 2 of wax expansion plant. Moreover, the petroleum & mineral wax segment holds the largest share of the global waxes market in 2017. Paraffin wax is the largest sub-segment in this segment, owing to the widespread applications, like candle, packaging, thermostat, and distillation industries.
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