DUBLIN--(BUSINESS WIRE )--The "Wax Market Size, Share & Trends Analysis Report by Product Type (Mineral, Synthetic, Natural), by Application (Candles, Packaging, Plastic & Rubber), by Region (North America, Europe, APAC, CSA, MEA), and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global wax market size is expected to reach USD 14.2 billion by 2030. The market is expected to expand at a CAGR of 4.3% from 2020 to 2030.
The growth is majorly driven by growing inclusion of wax as a performance additive in the plastics industry on account of its rising utilization as water and solvent-based mold release agent. Wax has become one of the critically utilized materials globally with widespread application across multiple industries. It is used in the automotive industry for vehicle polishing, hair removal, packaging applications, and as an additive in the food industry.
In addition, it is used in paints and coating industry and printing ink application. Rising demand in various applications, including candles, rubber and plastic processing, cosmetic and toiletries, fire logs, building boards, is likely to propel overall growth in the coming years. High consumption of wax owing to its advantage including UV resistance, anti-caking, excellent insulation, is expected to augment market growth. The stringent COVID-19 lockdown in 2020 induced a downward trend in the market.
The recovery in the industrial businesses and activities in the second half of 2020 moderately improved the demand. Additionally, the festive season in the final quarter of 2020 improved the demand from different industries including candles, cosmetics, and packaging.
Chapter 3 Market Variables, Trends & Scope
3.2 Penetration & Growth Prospect Mapping
3.5.1.1 Growing Acceptance For Synthetic Wax Worldwide
3.5.1.2 Growing Coatings & Printing Inks Industry Worldwide
3.5.2.1 Volatility In Raw Material Prices
Chapter 4 Wax Market: Product Estimates & Trend Analysis
Chapter 5 Wax Market: Application Estimates & Trend Analysis
Chapter 6 Wax Market: Regional Estimates & Trend Analysis
Chapter 7 Wax Market - Competitive Analysis
7.1 Key Global Players, Recent Developments & Their Impact On The Industry
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900