Global Synthetic Polymer Waxes Market

Global Synthetic Polymer Waxes Market Size, Share, Growth Analysis, By Form(Liquid Forms, Others), By Application(Cosmetics, Food), By Type(Polyethylene wax, Polypropylene Wax) - Industry Forecast 2024-2031

Report ID: SQMIG15E2436 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 93 | Figures: 76

Global Synthetic Polymer Waxes Market News

  • In August 2021, Sasol Limited, entered into a distribution agreement with DKSH Management Limited (Switzerland) for marketing, distribution, and logistics for Sasol's chemicals and wax products in the European market.
  • In March 2021, Turtle Wax launched Hybrid Ceramic Graphene Paste Wax in India. The new Graphene paste wax uses the brand’s patent-pending graphene technology. Turtle Wax claims that it is a blend of 10 waxes that infuse silicon dioxide ceramic and graphene.
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Synthetic Polymer Waxes Market size was valued at USD 28.4 billion in 2019 and is poised to grow from USD 29.83 billion in 2023 to USD 44.12 billion by 2031, growing at a CAGR of 5.01% in the forecast period (2024-2031).

The Global Synthetic Polymer Waxes market is relatively fragmented, with a high level of competition. Some of the prominent players operating in the market are BASF, Innospec, Dupont, SGS chemicals Clariant, Honeywell among others. Major players are implementing numerous tactics, including mergers and acquisitions, strategic agreements and contracts to increases the market share. Also, companies are working towards the sustainable material that recycled multiple times and achieving their sustainable goals. 'Clariant AG', 'BASF SE', 'Dow Corning Corporation', 'Evonik Industries AG', 'Mitsui Chemicals, Inc.', 'Lubrizol Corporation', 'KahlWax', 'Croda International Plc', 'Micro Powders, Inc.', 'Shamrock Technologies', 'Meguiar's Inc.', 'Paramelt BV', 'Nanjing Tianshi New Material Technologies Co., Ltd.', 'Sasol Limited', 'Trecora Resources', 'The International Group, Inc.', 'Michelman, Inc.', 'Honeywell International Inc.', 'Altana AG', 'SAE Inc.'

The waxes are highly used in the manufacturing of personal care and cosmetic products such as hair care, skincare, makeup, and other allied products. Hence, a significant growth in the cosmetics industry is likely to significantly drive the global synthetic polymer waxes market during the forecast timeframe.

The cosmetics and personal care industries are expanding quickly as more people strive to improve their looks and look beautiful. The market for synthetic polymer waxes has been significantly impacted by the expansion that has been further fueled by the expanding dominance of social media and the desire to look beautiful on the platform, particularly in south Asian countries.

Asia Pacific held the largest global Synthetic Polymer Waxes market share and this trend is expected to continue over the forecast period. The key aspects that drive the growth of the Asia-Pacific market includes the growth in the demand for the waxes from the end-use applications such as packaging, construction, and cosmetics. Increased construction activities across the region increases the demand for hot-melt adhesives which significantly contributes to the growth of the market during the forecast period. Further, technological advancement is another aspect that contributes to the growth of the industry during the forecast period. Furthermore, the region also holds the presence of various small as well as large scale personal care and cosmetic manufacturers that also positively influences the growth of the market. Hence, an increased production, consumption and export of cosmetic and packaging products across the key economies of the region such as China and India are likely to positively influence the growth of the market during the forecast period.

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Global Synthetic Polymer Waxes Market

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