With the presence of a large pool of participants, the global wax market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Petróleos de Venezuela, SA, Total Petrochemicals, Lukoil, Royal Dutch Shell Plc, Sinopec Limited, Exxon Mobil Corporation, International Group, Inc., and China National Petroleum Corporation are some of the key vendors of wax across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the wax market study.
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Citing an instance, in September 2018, LunchboxWax—a leading speed-waxing salon franchisees in the U.S.—declared to have signed a partnership deal with Universal Companies for enhancing its product procurement, distribution, and product development along with minimizing costs for franchise owners.
As estimated in this report, the global wax market stood at US$9 billion in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this wax market is expected to reach US$12 billion by the end of the forecast period. The main products available in this wax market are paraffin, microcrystalline, animal, vegetable, and mineral. Among them, the demand for paraffin is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
Additional Product Features & Innovations To Benefit Wax Market
“Massive use of paraffin in candles, personal care & cosmetics, and rubber & plastic is anticipated to influence the growth of wax market in the near future,” says the author of this study. Apart from this, extensive demand for anti-aging products is predicted to steer the expansion of wax market over the years to come. In addition, innovations witnessed in paints & coatings sector is projected to further amplify the growth of wax market in the ensuing years. Wax offers additional protection against microorganisms, moisture, and foreign odors and hence finds pleothrra of applications as coatings in paper & packaging sectors. Analysts are of the view that such myriad applications of wax are likely to create a profitable roadmap for wax market over the forecast period.
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Easy Availability Of Raw Material To Aid MEA Maintain Dominance
Regionally, Middle East & Africa has been leading the worldwide wax market and is anticipated to continue on the dominant position in the years to come, states the wax market study. The large availability of petroleum and crude oil in countries such as Saudi Arabia and Gulf is the main factor behind the dominance of the Middle East & Africa wax market. The high number of market players being headquartered in Middle East & Africa is another significant factor that is supporting the growth of this regional wax market. In addition, easy availability of raw material for product manufacturing is prompting many established firms as well as new entrepreneurs to set up their production bases across the region, thereby further stimulating the expansion of wax market size in the region.
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