14-June-2019: The global packaging wax market size is expected
to reach USD 2.84 billion by 2025, expanding at a CAGR of 3.1%, according to a
new report by Grand View Research, Inc. Several characteristics, including
non-toxicity, high gloss, outstanding chemical resistance, and good water
repellency, are among the key factors driving the product demand. The food
& beverages segment led the packaging wax industry accounting for over
58.0% of the overall revenue share in 2017. Some of the leading companies, such
as Amcor Limited, Ball Corporation, Crown Holdings, and Mondi PLC, offer a wide
range of packaging materials in the market.
Other prominent companies
include Charlotte Packaging Ltd., EuroWaxPack, Nicholas Paper Company, and
Mil-Spec Packaging of GA. Developments in the pharmaceutical industry are
expected to augment the industry growth over the forecast period. Synthetic
waxes find various applications in the pharmaceutical sector on account of
their water repellent, anti-settling, and anti-blocking properties. The growth
of pharmaceuticals and cosmetics and toiletries sector, most notably in the
upcoming markets of Asia Pacific, is anticipated to have a positive impact on
the market growth during the forecast period.
Packaging wax applications
including furniture and cabinets and automotive are anticipated to offer
substantial growth prospects in the coming years. Asia Pacific, North America,
and Europe held a significant market share in 2017 and is likely to witness the
fastest CAGR over the forecast period. Shale gas development, especially in
North America, has resulted in huge ethylene capacity expansions. These
developments have also lowered the prices of ethylene, which, in turn, has
positively impacted the growth of polyethylene packaging wax industry.
In
depth research report on Packaging Wax Market
Further
key findings from the study suggest:
· In
terms of volume, the mineral packaging wax product segment is projected to
reach 988.2 kilo tons by 2025
· The
synthetic packaging wax product segment is likely to register a CAGR of 3.3% in
terms of revenue over the forecast period
· Food
& beverages were the most prominent application segment with a share of over
58.0% of the overall volume in 2017
· The
demand for packaging wax in Asia Pacific is likely to witness high growth in
the coming years. China, India, and Japan are some of the major
revenue-generating countries in APAC
· Growing
manufacturing sector across various regions along with high demand for
packaging of fruits, vegetables, and pharmaceutical and floral products is
likely to foster the industry growth
· The
market is extremely competitive with companies partaking in various initiatives
including acquisitions, frequent mergers, strategic alliances, and capital
expansion
Grand View Research has
segmented the global packaging wax market on the basis of product, packaging
type, application, and region:
Packaging
Wax Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
· Mineral
· Synthetic
· Natural
Packaging
Wax Packaging Type Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 -
2025)
· Flexible
· Semi-Rigid
· Rigid
Packaging
Wax Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
· Food
& Beverage
· Pharmaceutical
· Furniture
· Personal
Care
· Others
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more research reports of this category:
About
Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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