In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The bio-wax is the organic polymers that are manufactured by the bio-based raw materials. It is the replacement of the petroleum based wax and olefins. The bio-wax is prepared from the bio-diesel production process. The various applications of the bio-based wax includes paints and coatings, personal care, buildings and water protection system. It has low molecular weight and is available in the soft solid form. The government is encouraging towards using bio-wax as it does not pose the threat to environment and human health.
The global bio-wax market is anticipated to expand at a CAGR around 3.0% during 2018-2027. The increasing application of the environment friendly material coupled with promotional activities adopted by the government is anticipated to be the major reason leading to the growth of the global bio-wax market during the forecast period.
The global bio-wax market can be segmented on the basis of product, end-users and region. On the basis of product, it is sub-segmented into plant wax and animal wax. On the basis of end-users, it is sub-segmented into water protection systems, cosmetics, infrastructure building, personal care and paints & coatings. Cosmetics sub-segment is anticipated to be the leading sub-segment during the forecast period. The increasing application of bio-wax for the manufacturing of the cosmetics and personal care products by the various companies is anticipated to be the major factor driving the market growth of the sub-segment during the forecast period.
By region, global bio-based wax market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is anticipated to hold the largest market share for the global bio-wax market during the forecast period. The increasing demand from the cosmetics industry in the region is anticipated to be major reason boosting the growth of the bio-based wax market in the region. Europe is anticipated to hold the second largest market share for the global bio-wax market during the forecast period. The strict government regulation regarding the pollution control in the region is anticipated to enhance the market growth of the bio-based wax. The European commission has adopted the Clean Air Policy Package, in 2013 in order to improve the quality of the air by restricting the emission of the certain pollutants. Asia-Pacific region is anticipated to showcase significant growth for the global bio-wax market. The high presence of the raw materials coupled with the development of the bio-diesel plants is anticipated to be the major reason for the growth of the global bio-wax market in the region. CLICK TO DOWNLOAD SAMPLE REPORT
Our in-depth analysis segmented the global bio- based wax market in the following segments:
Global bio-wax market is further classified on the basis of region as follows:
The rising application of the biodegradable substances by the various end-use industries is anticipated to be the major growth driver for the global bio-wax market during the forecast period. The changing lifestyle and increasing disposable income of the population is increasing the inclination towards better cosmetic products. This is anticipated to fuel the market growth of the global bio-based wax market. The increasing expansion of the building and construction industry in the developing countries is anticipated to increase the demand for the bio-based wax. For instance, according to Eurostat the annual growth rate of the number of enterprises increased from 3.51 million in 2016 to 3.54 million in 2017. The increasing technological development in the field of the bio-based wax and the introduction of the new products is anticipated to drive the growth of the global bio-based wax market.
The high cost and complex method of manufacturing is anticipated to restrict the growth of the global bio-based wax market during the forecast period.