India Wax Market to be Dominated by Candle Segment Through 2028
Rising demand of candle
& packaging industry, personal care industry, and food coating &
preservation are factors to drive the demand for the wax market in the forecast
period, 2023-2028.
According to TechSci Research
report, “India Wax Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, The India Wax Market is
expected to increase at an impressive ratio in the projected period, 2023-2028.
Decoration and packaging of the product is the most necessary process performed
by the manufacturer to ensure convenience in product recognition and product
safety. As the Wax product is used for different purposes, it is also demanded
in different sectors for packaging, cosmetics, and decoration. Thus, slight
fluctuation related to price and relation with other countries in markets can
impact the growth of the wax market. Due to the diverse uses of wax in various
industries for making candles, waterproofing, crayons, friction reducer,
coating & polish, tires, electric appliances, matchsticks, fabrics, and
cosmetic products. Thus, these diverse uses will impact the market in terms of
value and volume of waxes. Apart from these, growing awareness about bio-wax
and technological advancement are other factors expected to impact the market's
growth through 2028 positively.
According to the Central
Institute of Post-Harvest Engineering and Technology (CIPHET), in 2020, per
their estimation, more than 16% of fruit and vegetables get destroyed due to
the lack of proper storage and technology. The government provides funds and
operates research institutions around the countries to preserve food through
waxes and bio-chemical. Due to the increasing demand from cosmetic industries,
fruits & vegetables are out of season, and wax-based medicine in
pharmaceutical industries will impact the market. Growth in this industry is
directly impacting the wax demand. Therefore, it is expected that in the
anticipated year, the need for wax is going to rise.
Browse over XX market
data Figures spread through 70 Pages and an in-depth TOC on "
India Wax Market"
The India Wax Market
is segmented based on product type, and end-user industry. Based on product type, the
market is divided into petroleum & mineral wax, synthetic wax, and natural
wax. Petroleum and mineral wax are expected to hold the largest market share in
the forecast period, 2023-2028. Among all its categories, petroleum & mineral
wax is used for manufacturing candles, crayons, friction reducers,
waterproofing, coating & polish, tires, electric appliances, matchsticks,
fabrics, and cosmetic products, which helps petroleum & mineral wax reach
more industries.
Based on End User
Industry Type, the market is divided into candles, packaging, cosmetics,
pharmaceuticals, adhesives, and others. As per estimates, the candles segment
will experience the highest market share during the forecast period. As the
population grows, Lifestyle changes and demand for more accessories is going to
increase to fulfill their diverse needs. Most Indians buy candles to use at
different occasions or parties for celebration or decoration as per their need
throughout the year.
Major companies
operating in India Wax market are:
·
Gandhar
Oil Refinery India Ltd
·
Numaligarh
Refinery Limited
·
Indian
Oil Corporation Ltd
·
Suntek
Group
·
Waxoils
Private Limited
·
MLA Group
of Industries
·
Petroleum
Product Mfg. Society
·
Eastern
Petroleum Pvt. Ltd
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"The
Maharashtra region is expected to dominate the market and maintain its
dominance in the coming years because it contributes the highest economic share
in the countries as per GDP, High disposable income, and rising population
needs. Growing demand for vegetables & fruits, increasing innovation for
better and new uses, and growing demand for existing product goods that require
wax for production directly influence the wax market's growth. Thus, this
increasing trend in the related sector is expected to impact the Wax market's
growth positively. Citing to Statista Central Institute of Post-Harvest
Engineering and Technology (CIPHET), in 2020, as per their estimation, more
than 16% of fruit and vegetables get destroyed due to the lack of proper
storage and technology. Thus, the waxes used for the preservation of fruits and
vegetables directly influence the growth of the wax market in the upcoming
year.
Wax
is used to make candles, waterproofing, crayons, friction reducer, coating
& polish, tires, electric appliances, matchsticks, fabrics, and cosmetic
products. It has multiple uses in the different sectors, and growing demand in
the industry is impacting and propels the India Wax Market growth till 2028.”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“India Wax Market- Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2017-2028, Segmented By Type (Petroleum & Mineral Wax, Synthetic
Wax, and Natural Wax), By End User Industry Type (Polysomnography Devices, Home
Sleep Testing Devices, Sleep Screening Devices, Oximeters, and Others) has
evaluated the future growth potential of India wax market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in India wax market.
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