Japan wax market has been witnessing strong growth over the past few years on account of increasing demand for natural wax products and this trend is expected to continue over the forecast period. Increasing demand from major end-use industries including candles, packaging, cosmetics, and adhesives is expected to augment market growth over the projected period. Rising prices of petrochemicals coupled with regulations towards the usage of petrochemicals in major end-use industries is one of the key factors to drive the Japan wax market over the next seven years. Moreover, increasing application scope of wax in cleaning products, wood & fire logs, rubber, and crayons among many others is the key factor expected to drive the market over the forecast period. However, increasing gap between supply and demand owing to less japan wax supply is expected to hinder market growth over the next seven years.
Based on end-use, the japan wax market can be segmented into candle manufacturing, personal care & cosmetics, packaging, adhesives, wood & fire logs, and rubber. Candle manufacturing emerged as the leading end-use industry in 2013. Candles have been replacing other traditional light sources such as petrol, kerosene, and vegetable oil lamps. This shift in demand towards candles is the key driving factor for the japan wax market. Moreover, growing demand for decorative, luxury, and scented candles is anticipated to have positive light on the japan wax market. Personal care and cosmetics was the second-largest market for Japan wax owing to its superior moisturizing properties. Increasing side effects caused by cosmetics made from synthetic wax resulted in rising demand for natural wax products including japan wax. This is expected to surge market growth over the forecast period. In addition, rising demand for high SPF cosmetic products is expected to complement market growth over the next seven years. The packaging industry has been witnessing lucrative growth for japan wax market owing to increasing applications in packaging foods, beverages, consumer goods, and many others. Growth of other end-use industries including adhesives, wood & fire-logs, and rubber are expected to drive the market. Niche applications like crayons, laminates, inks, polishes, and insulation are further expected to have a positive impact on market growth in the near future.
Asia Pacific was the largest regional market for Japan wax owing to strong demand from major end-use industries such as candles, packaging, and cosmetics. China and Japan are the major producers owing to the presence of berry trees in this region, from which japan wax is extracted. Europe and North America were other major markets for japan wax and expected to witness considerable growth on account of strong demand from end-use industries including packaging, candles, and cosmetics. Central and South America, and Middle East are expected to witness considerable growth rates in the near future.
Key players of the Japan wax market include Parchem Fine & Specialty Chemicals, Araki Wax Company, TR Bonnyman Son & Company, Frank B Ross Co Inc, Koster Keunen Inc., and Paramold Manufacturing Ltd.
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