According to a new report, published by KBV research, The Global Wax Market size is expected to reach $14.5 billion by 2031, rising at a market growth of 4.7% CAGR during the forecast period. In the year 2023, the market attained a volume of 5,584.30 kilo tonnes, experiencing a growth of 23.8% (2020-2023).
The wax market has grown substantially, driven by diverse applications across multiple industries. With its versatility, wax finds extensive use in cosmetics, pharmaceuticals, packaging, and automotive sectors. In cosmetics, waxes are utilized in various formulations such as lipsticks, creams, and hair care products due to their emollient properties. Additionally, the pharmaceutical industry relies on waxes to produce medicinal creams, ointments, and coatings. In packaging, wax-coated papers and cardboard provide moisture resistance and durability. Furthermore, the automotive industry employs waxes for vehicle polish and protective coatings. As demand continues to rise across industries, the wax market is poised for sustained growth in the foreseeable future.
The Paraffin/Mineral Wax segment is leading the Global Wax Market by Type in 2023; thereby, achieving a market value of $8.7 billion by 2031. Paraffin/mineral wax is highly versatile and can be used in various industries. It can be formulated to achieve different characteristics such as melting point, hardness, and viscosity, making it suitable for diverse applications ranging from candles and packaging to cosmetics and pharmaceuticals.
The Packaging segment exhibits a CAGR of 4.4% during (2024 - 2031). Wax coatings and laminates enhance the protection of packaging materials, preventing damage from abrasion, scratching, and other mechanical stresses during handling, storage, and transportation. This ensures that products remain intact and undamaged throughout the supply chain. Waxes are used in packaging materials to provide barrier properties against moisture, oxygen, and other environmental factors. This helps to extend the shelf life of packaged products, preserve freshness, and maintain product quality, making waxes a valuable component in packaging solutions.
Full Report: https://www.kbvresearch.com/wax-market/
The Asia Pacific market dominated the Global Wax Market by Region in 2023; thereby, achieving a market value of $5.5 billion by 2031. The North America region is expected to witness a CAGR of 4% during (2024 - 2031). Additionally, The Europe region registers a CAGR of 4.3% during (2024 - 2031).
By Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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