888-776-0942 from 8 AM - 10 PM ET
Increase in demand for wax from the candle and packaging industries drives the growth of the global wax market.
PORTLAND , Ore. , May 10, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Wax Market by Application (Candles, Packaging, Emulsions, Hot Melts, Floor Polishes, Others), by Type (Paraffin/Mineral Wax, Synthetic Wax, Natural Wax, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global wax industry was estimated at $11.6 billion in 2020, and is anticipated to hit $16.7 billion by 2030, registering a CAGR of 3.7% from 2021 to 2030.
Increase in demand for wax from the candle and packaging industries drives the growth of the global wax market. Also, increasing applications of wax is projected to pave the way for lucrative opportunities in the industry.
Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/4576
The candles segment to dominate by 2030-
By application, the candles segment contributed to the major share in 2020, holding around three-fifths of the global wax market. Increasing applications of candles drive the segment growth. The packaging segment, however, would cite the fastest CAGR of 4.1% during the forecast period. The fact that wax offers improved rigidity, dry strength, and prevention against ply separation has heightened its use in the packaging industry, thereby propelling the segment growth.
Get Detailed COVID-19 Impact Analysis on the Wax Market at https://www.alliedmarketresearch.com/request-for-customization/4576?reqfor=covid
The paraffin/mineral segment to maintain the lion's share-
By type, the paraffin/mineral segment accounted for the major share in 2020, holding more than two-thirds of the global wax market. This is because paraffin waxes are extensively used in corrugated plant packaging, food packaging, and furniture packaging, as they offer safety toward temperature change during transportation. The synthetic wax segment, on the other hand, is expected to grow at the fastest CAGR of 6.1% from 2021 to 2030, due to the increasing demand for synthetic wax from different industries such as paints & coatings, plastic, and adhesive.
Asia-Pacific garnered the major share in 2020-
By region, the market Asia-Pacific had the lion's share in 2020, generating nearly one-third of the global wax market. The same region is also projected to portray the fastest CAGR of 4.7% by 2030. Development of the packaging industry fuels the market growth. The other provinces studied in the report include North America , Europe , and LAMEA.
Key players in the industry-
Interested in Procuring This Report? Visit Here: https://www.alliedmarketresearch.com/wax-market/purchase-options
Avenue Basic Plan | Library Access | 1 Year Subscription |
Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.
Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenueTrial
Get more information: https://www.alliedmarketresearch.com/library-access
Thermoform Packaging Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
Packaging and Protective Packaging Market: Global Opportunity Analysis and Industry Forecast, 2017-2023
Metal Packaging Market: Global Opportunity Analysis and Industry Forecast, 2020-2030
Chlorinated Paraffin Market: Global Opportunity Analysis and Industry Forecast, 2020-2030
Paraffin Wax Market: Global Opportunity Analysis and Industry Forecast, 2021–2028
Wax paper Market: Global Opportunity Analysis and Industry Forecast, 2022-2029
About Us: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon . Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar , the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. Contact: David Correa 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States Toll Free: 1-800-792-5285 UK: +44-845-528-1300 Hong Kong : +852-301-84916 India (Pune ): +91-20-66346060 Fax: +1-855-550-5975 [email protected] Web: https://www.alliedmarketresearch.com Follow Us on: LinkedIn Twitter
More news releases in similar topics
Cision Distribution 888-776-0942 from 8 AM - 9 PM ET