Wax Market size is forecast to exceed $10 billion in 2024; according to a new research report by Global Market Insights Inc.
Sturdy growth in cosmetics and personal care industry will be majorly driving wax market demand over the forecast period. Wax has air and water barrier properties, which open up a myriad of applications in various industries such as packaging, cosmetics and adhesives.
The global cosmetics industry is driven by product innovation, the rise of e-commerce and growth in travel retail across the globe. Wax has skincare properties and its flexibility and plasticity facilitates easy application. These properties make wax highly desirable in cosmetics industry.
Increasing product application in packaging sector will also be a key factor for the wax market growth over the forecast duration. The global packaging industry is primarily driven by the BRICS market which accounts for approximately 37% of the global demand. The packaging industry growth in Asia Pacific is mainly a result of increasing consumption of consumer goods, which in turn has driven the need for sophisticated packaging. Increasing consumption levels in Asia Pacific and Latin America can be attributed to the rising disposable income of the middle class in these regions.
Wax Market size is forecast to exceed $10 billion in 2024; according to a new research report by Global Market Insights Inc.
Sturdy growth in cosmetics and personal care industry will be majorly driving wax market demand over the forecast period. Wax has air and water barrier properties, which open up a myriad of applications in various industries such as packaging, cosmetics and adhesives.
The global cosmetics industry is driven by product innovation, the rise of e-commerce and growth in travel retail across the globe. Wax has skincare properties and its flexibility and plasticity facilitates easy application. These properties make wax highly desirable in cosmetics industry.
Increasing product application in packaging sector will also be a key factor for the wax market growth over the forecast duration. The global packaging industry is primarily driven by the BRICS market which accounts for approximately 37% of the global demand. The packaging industry growth in Asia Pacific is mainly a result of increasing consumption of consumer goods, which in turn has driven the need for sophisticated packaging. Increasing consumption levels in Asia Pacific and Latin America can be attributed to the rising disposable income of the middle class in these regions.
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