Industrial Wax Market Regional Analysis:
APAC Market Insights
Asia Pacific region is poised to dominate around 35.4% market share by 2035, due to rising candle exports and demand in cosmetics and coatings. In rural areas, candles are highly used to deal with frequent electricity breakouts. However, the rising trend of gifting candles, especially scented candles that are used as an air freshener, is also projected to up-surge the purchase volume of candles in the region. As per the Observatory of Economic Complexity, China was the 2nd exporter of candles in 2020, with USD 618 million. Furthermore, the boom in end-use industries of industrial wax market, such as cosmetics, coatings & polishing, and others, in the region is anticipated to be another growth factor. Additionally, beeswax is highly used in cosmetics, along with olive oil and water, to make an ointment for healing skin problems. The cosmetic products that have wax properties are, lipstick, eye & facial makeup, baby products, nail care products, sunscreen, fragrances, and others. It was estimated that Asia Pacific accounted for almost 45% of the global cosmetics industry in 2020. Hence, all these factors are projected to hike the market growth over the forecast period.
