The wax market is booming as more and more people are looking for natural and eco-friendly alternatives to traditional cleaning products. Waxes are becoming increasingly popular, not only because they are biodegradable, but also because they have a variety of uses. From furniture polish to car care, waxes can be used for almost any type of cleaning. With the increasing demand for wax-based products, the wax market is expected to grow significantly in the coming years.

Information source:

https://www.fortunebusinessinsights.com/wax-market-102783

Drivers & Restraints-

Increasing Demand from Packaging Industry to Propel Growth

The demand for paraffin wax is high as it is used the most in corrugated packaging. This type of packaging is specially used to pack furniture, food, and similar other goods. The expansion of packaging sector in the developing regions worldwide would contribute to the wax market growth in the coming years. However, animal and plant-based wax involves high manufacturing cost. It may hamper growth.

Segment-

Petroleum Segment to Grow Considerably Backed by Rising Usage of Paraffin

In terms of product type, the market is segregated into animal & plant, mineral, synthetic, and petroleum. Out of these, the petroleum segment held 63.5% wax market share in 2019 and would grow considerably throughout the forecast period. Petroleum products mainly consist of micro-crystalline type, petrolatum, and paraffin. Paraffin is the most commonly used product worldwide. It is highly versatile and possesses a low reactive nature. Therefore, it is best suited for several industrial applications. In addition to this, it is cost-effective, unlike the other types. The animal & plant segment would grow at a fast pace owing to the rising demand for non- carcinogenic, as well as bio-based non-toxic products.