According to a new market report published by Credence Research Global Paraffin Wax Market – Growth, Future Prospects & Competitive Analysis, 2017 – 2025, the Global Paraffin Wax Market is expected to reach US$ 5.4 Bn by 2025, expanding at a CAGR of 3.9% during the forecast period 2017 – 2025.
Paraffin wax market is projected to witness significant growth with growing demand for candles in key consuming economies during the forecast period. Further, growing manufacturing industries especially in Asia Pacific and Europe fueling the demand for the packaging products which in turn is anticipated to drive the demand for paraffin wax during the forecast period. Besides this, rapid growth in disposable income of middle class in developing economies fueling the demand for cosmetic products such as personal care products, creams, lipsticks and others are projected to witness high growth in sales volumes which in turn are expected to pump the growth of the paraffin wax over the forecast period. However, increasing use of alternatives such as Beeswax and others is expected to hamper the growth of global paraffin wax market.
Browse the full Global Paraffin Wax Market by Application and Geography – Growth, Future Prospects & Competitive Analysis, 2017 – 2025 report at https://www.credenceresearch.com/report/paraffin-wax-market
Global paraffin wax market is segmented on the basis of application and geography. By application, in 2016 candles segment was the most dominant segment accounting for largest revenue share in global paraffin wax market. Growing demand for candles in key consuming economies of Asia Pacific and Europe are projected to drive the growth of the segment during the forecast period (2017-2025). On the basis of geography, Asia Pacific was estimated to be the largest market for paraffin wax in 2016. Growth in disposable income of middle class coupled with rapid industry development in the region is projected to spur the demand for paraffin wax in the region during the forecast period.
Major players in global paraffin wax market are investing in expansion of production capacity, merger and acquisition with focus on increasing market penetration.
Overall, global paraffin wax market is anticipated to register significant growth over the forecast period (2017-2025).
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- Merger & Acquisition
- Production capacity expansion
- Investment in research and development