The growth of the market is governed by various factors such as growing demand from cosmetic industry
Synthetic waxes Market Size – USD 7,230.9 Million in 2020, Growth - CAGR of 3.7%, Trends- progressive increase in demand for coating of commercial products
The Synthetic waxes Market is expected to reach USD 9,719.4 Million by 2028, according to a new report by Reports and Data. Synthetic waxeses are solid substances that melt and transform into a liquid state at slightly higher temperatures. Various types of waxes are available in the market, such as bio-based, fossil-based, and synthetic waxes. Synthetic waxes displays excellent properties and thus, find a broad range of applications in pharmaceutical, packaging, plastics, cosmetics, candles, and other sectors.
The Synthetic waxes market is growing due to increased demand for various applications such as packaging, candles, hot melt adhesives, and others. Market segments include petroleum waxes, synthetic waxes, and natural waxes. Petroleum waxes are the most widely used due to their low cost and versatility, while synthetic waxes are gaining popularity due to their superior performance. The Asia-Pacific region is expected to dominate the market due to the large population, growing economy, and increasing demand for consumer goods.
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Top Companies: The Blayson Group Ltd, HCI Wax, The PJSC Lukoil Oil Company, Exxon Mobil Corporation, The International Group, Inc., Numaligarh Refinery Limited., Sasol Limited, Royal Dutch Shell Plc, Petróleo Brasileiro S.A., and China Petroleum Chemical Corporation.
Further Key Finding from the Report Suggestion:
- The Synthetic waxes Market is estimated to reach USD 9,719.4 Million by 2028, at a CAGR of 3.7% during the forecast period.
- The application in candles accounted for the largest share of 25.3% of the market in 2018.
- The online sales channel segment accounted for a larger share of 62.8% of the market in 2018.
- The synthetic based type is expected to witness the highest CAGR of 4.1% during the forecast period.
- The largest share is accounted by the Asia Pacific region with the share of 29.3% of the market in 2018 due to the generation and consumption of packaging products, candles, and coatings. Countries such as India, China, and Japan are among the principal markets for packaging, coatings polishes, candle making, and tires rubber. The growth led to accelerated industrialization, growing demand from various applications, and increasing government spending.
- Various players are developing strategies to mark their presence in the industry.
- Rising per capita income has observed more consumption of the product, which has encouraged the growth of the market. The accelerated increase in demand for color candles is also impacting the growth of the market.
- The increasing needs for colored and scented candles are broadly considered among the most significant factors when buying candles.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Synthetic waxes market is segmented into:
Application Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2018-2028)
- Cosmetics Personal Care
- Coatings Polishes
Type Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2018-2028)
- Fossil based
- Synthetic based
- Bio based
Sales Channel Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2018-2028)
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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