Wax Market Trends, Segment Analysis and Future Scope

1. Wax Market Will Touch USD 14.7 Billion in 2030 1 © Prescient & Strategic Intelligence Private Limited. All rights reserved

2. The wax market was USD 10.6 billion in 2023, which will touch USD 14.7 billion, growing at a 4.9% compound annual growth rate, by 2030. The growth of this industry is because of the increasing requirement for this product across numerous sectors because of its high gloss, water repulsion, and great chemical resistance. Moreover, other key factors boosting the industry include the growing demand from the candle and packaging sectors and the rising utilization of wax in different home decor items like colored and scented candles. To receive free sample pages of this report@ https://www.psmarketresearch.com/market- analysis/wax-market/report-sample The paraffin category is the largest contributor to the industry. This is because of the fact that paraffin wax is employed for various applications in different sectors. For example, paraffin wax is employed for coating packaging material in the packaging sector. In addition, it is utilized in the lubrication and electrical insulation sectors as it offers exceptional heat retention and absorption abilities. Moreover, the natural category is likely to propel at a rapid rate in the years to come. Because of the consciousness regarding the possible side-effects of chemical products, the acceptance of biobased waxes is increasing among customers. Therefore, a move toward green or organic products is evolving in this industry. The candles category, on the basis of application, is the largest contributor to the wax market. This is because of the growing need for aromatherapy via scented candles for relaxation and stress reduction. Furthermore, the rising trend of people selecting candles with color and fragrance, to improve room décor or ambiance, boosted the requirement for wax. The packaging category is the second-largest contributor to the industry. Quality control is highly essential in the food sector, particularly in developed nations, where government rules are strict. Waxes possess great moisture barrier properties; therefore, they are employed in packaging to preserve the food products' quality. Inquire url=wax-market before purchase@ https://www.psmarketresearch.com/send-enquiry?enquiry- The cosmetics category will advance at a swift rate during this decade. In various skincare products, wax offers stability as well as emollient & protective qualities, therefore improving their viscosity and guaranteeing a reliable texture. APAC is leading the industry, and it is further expected to propel at the highest rate during this decade. This is because of the low operational, raw material, and labor costs, which enhance the making of this material in this region. 2 © Prescient & Strategic Intelligence Private Limited. All rights reserved

3. Moreover, the surging utilization of cosmetic products like lotions, makeup, sunscreens, and creams by the younger populace in India, Japan, Indonesia, China, and South Korea will further boost the regional industry expansion. With the rising need for this product across different sectors owing to its good chemical resistance, high gloss, and water repulsion, the wax industry will continuously progress in the coming years. 3 © Prescient & Strategic Intelligence Private Limited. All rights reserved

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