Refined Wax Market Future Opportunities,Emerging Growth Factors and Forecast to 2031

Refined Wax: Introduction

Refined wax is a white, cream, yellow, or colorless soft solid derived from petroleum.
Refined wax is a mixture of hydrocarbon molecules containing between 20 and 40 carbon atoms. It is solid at room temperature and begins to melt above approximately 60oC. The flash point of paraffin wax is about 250oC.
It is derived from petroleum via a controlled refining process and primarily comprises straight chain normal paraffin hydrocarbons, which provide gloss and water repellent properties
Common applications of refined wax include candle making, cosmetics, food, lubrication, nd electrical insulation

Increase in usage of natural ingredients in the manufacture of cosmetics and beauty products that do not carry any adverse effect on skin is a popular strategy of manufacturers to attract higher number of consumers
Refined wax is used in lipsticks, creams, solid perfumes, beauty masks, facial care, and pedicure and other beauty products
Rise in demand for cosmetics and beauty products is one of the key factors likely to drive the refined wax market. Refined wax is used to create an essential coating for foods, and pharmaceutical packaging. It is also employed in the production of a gum base, which is a vital ingredient in chewing gums.
Rapid growth in population and rise in the level of disposable income of the people, especially in developing economies, is driving the growth of various end-use industries
Refined wax provides resistance to moisture and oxidation; thus, it is used in coatings, paints, adhesives, hot-melt adhesives, pharmaceuticals, cosmetics, skin care therapy, personal care, electrical insulations, etc. This is anticipated to propel the refined wax market in the near future.
Fluctuation in prices of crude oil is expected to hinder the refined wax market in the near future

Based on application, the global refined wax market can be segmented into candles, packaging, cosmetics, hotmelts, rubber, crayons, and others
The candle segment is projected to gain higher share of the global market during the forecast period. Large amount of refined wax is used to prepare candles with different qualities and fragrances. This factor is projected to boost the global refined wax market in the next few years.
The cosmetics segment is projected to hold key share of the global refined wax market in the near future. Rise in awareness about personal care and beauty products is projected to propel the global refined wax market during the forecast period.

On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
Manufacture of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the refined wax market.

In terms of region, the refined wax market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Asia Pacific is expected to hold major share of the global refined wax market, followed by North America and Europe, during the forecast period. Rise in demand for candles, hot-melt adhesives, and packaging is expected to create lucrative opportunities for the market in Asia Pacific during the forecast period.
The refined wax market in North America and Europe is projected to expand significantly in the near future, due to the rise in demand for fragrance candles, cosmetics & personal care, pharmaceuticals, and packaged food products in these regions
The refined wax market in Latin America and Middle East & Africa is projected to expand at a moderate pace in the near future. Refined wax is imported into countries such as Brazil, Mexico, and South Africa, due to the limited presence of manufacturing companies in these countries.