Wax Market 2021-2025: 41% of Market Growth will Develop from APAC
The wax market share will post an incremental growth of USD 1.02 billion, progressing at a CAGR of 2.14% during the forecast period. The market is segmented by application (candle, packaging, rubber, personal care, and others) and geography (APAC, North America, Europe, South America, and MEA).
Technavio's research report segments the market into major segments and the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus.
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Wax Market: Market Segments and Growth Forecasts
The wax market report will provide insights into each segment's current market share and growth projections for the next five years.
- The wax market is segmented by application (Candle, Packaging, Rubber, Personal care, and Others) and Geography (APAC, North America, Europe, South America, and MEA).
- Based on the application segmentation, the wax market growth in the candle segment will be significant during the forecast period.
- In terms of geographic segmentation, 41% of the market growth will originate from APAC during the forecast period. China and Japan are the key markets for the wax market in the region.
- This report provides an accurate prediction of the contribution of all the geographic segments to the growth of the wax market size.
Wax Market: Top Trends, Drivers, Challenges to drive Market Recovery
The wax market report looks at the impact of various wax market trends, drivers, and challenges for market growth during the forecast period. These insights will enable clients to design a growth strategy for their business and area of operations.
- A key market driver for the wax market will be the growing demand for synthetic and bio-based waxes.
- Another factor that will boost the market will be the wax market anticipated growth driven by the rising cosmetic sector.
- Fluctuation in the prices of crude oil is a hurdle that needs to be crossed on the path to success.
Wax Market: Vendor Analysis
- The market is fragmented.
- The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
- BASF SE, China National Petroleum Corp., Clariant International Ltd., Exxon Mobil Corp., General Electric Co., Hansen and Rosenthal GmbH and Co. KG, Honeywell International Inc., Mitsui Chemicals Inc., Royal Dutch Shell Plc, and Sasol Ltd. are some of the major wax market vendors.
Download the Free PDF Sample Report The custom reports provide market insights at the global and regional level along with pipeline analysis of new product launches. It also provides a peek into the latest R&D along with impact analysis of government regulations.
The report provides insights into the following FAQs:
- What is the market CAGR?
The market is accelerating at a CAGR of 2.14%.
- What is the incremental growth of the market?
The market is expected to grow up to USD 1.02 billion.
- What is a key factor driving this market?
Growing demand for synthetic and bio-based waxes will drive market growth over the forecast period.
- What are the key regions covered in this market research report?
APAC, North America, Europe, South America, and MEA are the key regions featured in this research report.
- Which is the leading geographic region for this market?
41% growth will originate from APAC.
- Who are the leading market vendors?
The leading vendors in this market are BASF SE, China National Petroleum Corp., Clariant International Ltd., Exxon Mobil Corp., General Electric Co., Hansen and Rosenthal GmbH and Co. KG, Honeywell International Inc., Mitsui Chemicals Inc., Royal Dutch Shell Plc, and Sasol Ltd.
- What are the market segments covered in this report?
The market is segmented by Application (Candle, Packaging, Rubber, Personal care, and Others) and Geography (APAC, North America, Europe, South America, and MEA)