Wax market, driven by the rapidly expanding packaging sector, is reportedly expected to register a CAGR of 3% over 2017-2024. Globally, the packaging industry is fueled by BRICS nations, that account for around 37% of the overall demand, as per estimates. The properties of wax including plasticity, flexibility, and ease of application make it highly desirable across the cosmetic sector as well.

Five trends likely to characterize wax industry over 2017-2024:

* Asia Pacific, in terms of volume and revenue, accounted for the maximum share in the overall wax market in 2016. The region is anticipated to depict an attractive growth rate in the ensuing years driven by the contribution of India, South Korea, Japan, and China.

* Industry experts deem the cosmetics sector to be a lucrative application ground for wax market. Powered by its robust deployment in cosmetic production owing to its skin-nurturing properties, wax market is forecast to witness maximum gains from the cosmetic applications over 2017-2024.

* Candles led the overall wax market in 2016. Driven by the usage of wax in the production of decorative candles, scented candles, and more, wax industry size from candle manufacturing applications is estimated to register a moderately attractive growth rate over 2017-2024.

* As per Global Market Insights, Inc., petroleum and mineral was the largest product segment in wax market in 2016. Petroleum and mineral based wax market may amass high returns by 2024, as petroleum wax, as a crude oil derivative, is used across myriad end-use sectors.

* Middle East & Africa wax market is reportedly forecast to grow at a significant CAGR over 2017-2024. The regional growth can be seemingly attributed to the thriving petroleum and crude oil industries in the nation.

The competitive hierarchy of wax market is highly consolidated, with the top five contenders holding more than 70% of the revenue share in 2016. Companies have been investing in R&D activities to further strengthen their stance in this industry.