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 & beverage 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.
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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