Global wax market share to hit USD 10 billion by 2024, 5 trends predominating this industry

Date: 2018-05-13   Author: Saipriya Iyer  Category: #market

Global wax market share to hit USD 10 billion by 2024, 5 trends predominating this industry

Wax market, driven by the rapidly expanding packaging sector, is reportedly expected to register a CAGR of 3% over 2017-2024. Globally, the packaging industry is fueled by BRICS nations, that account for around 37% of the overall demand, as per estimates. The properties of wax including plasticity, flexibility, and ease of application make it highly desirable across the cosmetic sector as well.

Five trends likely to characterize wax industry over 2017-2024:

* Asia Pacific, in terms of volume and revenue, accounted for the maximum share in the overall wax market in 2016. The region is anticipated to depict an attractive growth rate in the ensuing years driven by the contribution of India, South Korea, Japan, and China.

* Industry experts deem the cosmetics sector to be a lucrative application ground for wax market. Powered by its robust deployment in cosmetic production owing to its skin-nurturing properties, wax market is forecast to witness maximum gains from the cosmetic applications over 2017-2024.

* Candles led the overall wax market in 2016. Driven by the usage of wax in the production of decorative candles, scented candles, and more, wax industry size from candle manufacturing applications is estimated to register a moderately attractive growth rate over 2017-2024.

* As per Global Market Insights, Inc., petroleum and mineral was the largest product segment in wax market in 2016. Petroleum and mineral based wax market may amass high returns by 2024, as petroleum wax, as a crude oil derivative, is used across myriad end-use sectors.

* Middle East & Africa wax market is reportedly forecast to grow at a significant CAGR over 2017-2024. The regional growth can be seemingly attributed to the thriving petroleum and crude oil industries in the nation.

The competitive hierarchy of wax market is highly consolidated, with the top five contenders holding more than 70% of the revenue share in 2016. Companies have been investing in R&D activities to further strengthen their stance in this industry.



About Author


Saipriya Iyer linkdin-boxtwitter

Saipriya Iyer

Saipriya Iyer currently works as a content developer for AlgosOnline. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her belt, she has dabbled with website...

Read More

Post Recommendents

Hemoglobin Testing Devices Market by Growth Factors Analysis and Opportunities Analysis to 2025

Author: Rahul Varpe

A highly analytical qualitative as well as quantitative evaluation of the Hemoglobin Testing Devices Market has been covered in this report. The study evaluates the myriad aspects of this industry by taking into consideration its historical and fo...


Rat Model Market to 2028 - Development Status and Application Analysis

Author: Rahul Varpe

An extremely definite evaluation of the Rat Model Market in terms of qualitative as well as quantitative analysis has been covered in this report. The myriad aspects of this industry, having considered its historical and forecast data have been en...


Electrosurgical Generators Market - Regional Outlook and Competitive Strategies to 2025

Author: Rahul Varpe

The report overall depicts the potential opportunities for the Electrosurgical Generators Market till the year 2025 based on SWOT analysis, growth strategies by the major vendors prevalent in the current scenario, surveys highlighting the current ...