The Japan wax market is anticipated to witness considerable growth in the coming years. This is attributed to growing demand for natural wax products over the recent past. Growing demand for Japan was from consumer industries, including cosmetics, packaging, and candles are likely to propel the Japan wax market further.
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The key factors propelling the Japan wax market are increased usage of wax in wood and fire logs, rubber, cleaning products and crayons. Also, augmented costs of petrochemicals and policies in relation to handling of petrochemicals in primary client sectors are the two main components that steer the Japan wax market ahead. However, the rising gap between demand and supply on account of less supply of wax in Japan are likely to restraint the Japan wax market.
The Japan wax market can be sliced into consumers and geographies. The consumers market can be further subdivided into personal care and cosmetics, wood and fire, rubber, packaging, candle manufacturing and adhesives. Candle manufacturing leaded the consumer market in 2013. This is attributed to the low prices of wax candles over traditional sources of light, including kerosene and petrol lamps.
The Japan wax market, on the basis of geographies, can be divided into the regions of North America, Asia Pacific, Europe and ROW (rest of the world). Globally, Asia Pacific dominated the market. Increasing demand for Japan wax in Asia Pacific owes to rising consumer industries, including cosmetics, packaging, and candles.
Europe and North America have shown considerable growth for the Japan wax market. This is due to increasing usage of scented candles and increasing consumer industries.
Japan Wax Market Share
Information Source: Grand View Research