24th January 2020 – Wax
Melts Market research report interprets definition, an investigation of
significant progress in the market. It provides overall industry survey,
product description, wide array of applications, top players, and development
forecast. It enhances understanding about that market along with new business
trends.
The global Wax Melts Market size is
expected to value at USD 6.13 billion by 2025. The wax melts industry is
subject to witness a substantial growth due to the growing demand for the
product from numerous end-user segments coupled with their superior properties
such as high gloss, non-toxicity, good water repellency and outstanding
chemical resistance. Increasing demand for synthetic wax is attributed to its
unique properties such as thermal degradation resistance; high temperature
stability and good heat resistance are expected to fuel market growth over the
next seven years.
Numerous application of wax melts in
cosmetic application such as creams, eye make-ups and lipsticks are expected to
boost market sale of wax melts, in the near future. Globally, the wax melts
market is predicted to grow at higher CAGR in the forecast period, providing
numerous opportunities for market players to invest for research and
development in the wax melts industry.
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Increasing competition in the market has
led to development of innovative products, thereby positively affecting market
growth. Growing supply and demand gap is expected to offer lucrative growth
opportunities for industry participants. Aggressive marketing strategies
adopted by market players to gain competitive advantages over their
counterparts are predicted to stimulate market growth further.
Shifting trend towards synthetic wax is
key growth factor for hot melt adhesives market, in the recent years.
Additionally, increasing consummation of natural waxes and declining use of
microcrystalline and polyethylene waxes owing to their hazardous effects is
leading to the increasing demand for natural waxes over the forecast period.
Wax melts are increasingly used in
various residential application such as home fragrance product. Wax melts are
easily available in varied shapes, sizes, and colors. Increasing adoption of
wax melts in commercial buildings, such as shopping malls, offices and market
complexes are expected to promote market development over the next seven years.
The wax melts market is broadly
categorized into two major segments based on the application type such as
domestic products and cosmetic application. The cosmetics sector is considered
as one of the faster growing segment in the wax melts industry with substantial
revenue generation in the last few years. Growing popularity of the cosmetic
segment is attributed to the increasing adoption in various skin-care products
such as facemasks, creams and peels.
The is divided by region as North
America, Europe, Asia-Pacific, Latin America and Africa. North America has
shown major growth in recent years owing to the changing lifestyle, and
existence of well-established manufacturing infrastructure. Asia-Pacific region
is predicted to hold major market share in the wax melts market with massive
growth in forecast period.
Countries such as India, China and
Singapore are leading the Asia-Pacific market with growing consumer awareness,
improved living standards, and significant investment by leading industry
players considering potential growth opportunities in the region. The key
players in the wax melts industry are Yankee Candle, Inc., SC Johnson Co.,
Scentsy, Reckitt Benckiser Ltd., and Rimports Ltd.
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