The global wax market size is expected to reach USD 12.4 billion by 2027 registering a CAGR of 2.8%, according to a new report by a Grand View Research, Inc. The market growth can be attributed to rapid expansion of application areas, such as paints & coatings, cosmetics & toiletries and candle manufacturing.
Market Driven by Growing Demand for Synthetic Products Worldwide
Moreover, its ability to function as a release agent and lubricant for engineering resins is expected to fuel the market growth over the forecast period. The market is driven by significantly growing demand for synthetic products worldwide. Two major subdivisions of synthetic wax include fully synthetic and partially synthetic. They are also used in coating solutions, printing ink formulations etc.
In terms of volume, mineral wax product segment accounted for the maximum share in 2019 and is anticipated to continue its dominance over the forecast years. Synthetic wax product segment is expected to witness the fastest CAGR from 2020 to 2027 due to the high demand for coatings, hot melt adhesives, paperboard, candles, printing inks, laminating, PVC lubricants, and polish formulations. Asia Pacific is anticipated to witness substantial growth owing to the rising living standards and rapid industrialization, especially in China and India.
Source: GVR