The global wood wax market is estimated to be valued at US$845.775 million in 2019 and is expected to grow at a CAGR of 5.97% over the forecast period to reach a market size of US$1,269.215 million by 2026.
Wood wax is used to provide better finishing to wood structures and create a wonderful luster and enduring patina. Even though there are many other alternatives, both relatively higher and lower-priced, wax is an important element of wooden products. It provides several advantages, including complete resistance to water, acids, and alkali.
They are easy to apply or rub on and prevent the wood from oxidizing. Wood waxes are sold as a liquid, solid stick forms, and as pastes. Some waxes are mild while some are hard. Soft waxes in comparison to hard waxes tend to provide less protection against scratches and abrasion. Factors such as increased purchasing power and increasing middle-class income, particularly in emerging markets, contribute to the growth of the wood wax market. Furthermore, increased construction and manufacturing activities as a result of rapid industrialization and urbanization fuel market growth. Lastly, the growing demand for eco-friendly products as a result of rising concern and awareness among people, combined with government environment-friendly regulations, is propelling the growth of the wood wax market. In the coming years, the untapped market in developing countries is expected to provide numerous opportunities. However, factors such as low awareness of wood wax in developing countries and declining paraffin wood wax supply may restrict the market growth.
Geographically, the Asia Pacific region is expected to contribute significantly to the global growth of wood wax due to rapid industrialization and increased construction activities. Furthermore, growing government regulations in favor of using wood wax to maintain a clean environment will significantly drive regional market growth.
Most wood waxes are environmentally friendly. They are available naturally from animals or vegetables. For example, bees and carnauba wood waxes. Awareness among people for a safer environment as well as the implementation of government policies for encouraging the use of low VOC content products has increased the demand for natural wax.
Several alternatives, such as highly effective polymers with a longer lifespan and lower VOC content, have increased competition for wood wax, particularly in commercial and residential buildings. Furthermore, the relatively lower cost of oils and varnishes has led to increased usage in low-income countries, further limiting the use of wood wax.
The Covid-19 pandemic negatively impacted the Global wood wax market due to the lockdown causing closure of manufacturing facilities. However, with the ease of restrictions, globally the market is expected to rebound during the forecast period.
Wood wax is used to provide better finishing to wood structures and create a wonderful luster and enduring patina. Even though there are many other alternatives, both relatively higher and lower-priced, wax is an important element of wooden products. It provides several advantages, including complete resistance to water, acids, and alkali.
They are easy to apply or rub on and prevent the wood from oxidizing. Wood waxes are sold as a liquid, solid stick forms, and as pastes. Some waxes are mild while some are hard. Soft waxes in comparison to hard waxes tend to provide less protection against scratches and abrasion. Factors such as increased purchasing power and increasing middle-class income, particularly in emerging markets, contribute to the growth of the wood wax market. Furthermore, increased construction and manufacturing activities as a result of rapid industrialization and urbanization fuel market growth. Lastly, the growing demand for eco-friendly products as a result of rising concern and awareness among people, combined with government environment-friendly regulations, is propelling the growth of the wood wax market. In the coming years, the untapped market in developing countries is expected to provide numerous opportunities. However, factors such as low awareness of wood wax in developing countries and declining paraffin wood wax supply may restrict the market growth.
Regional Segmentation
Geographically, the Asia Pacific region is expected to contribute significantly to the global growth of wood wax due to rapid industrialization and increased construction activities. Furthermore, growing government regulations in favor of using wood wax to maintain a clean environment will significantly drive regional market growth.
Growth Factors
Environment friendly
Most wood waxes are environmentally friendly. They are available naturally from animals or vegetables. For example, bees and carnauba wood waxes. Awareness among people for a safer environment as well as the implementation of government policies for encouraging the use of low VOC content products has increased the demand for natural wax.
Restraints
Cheaper alternatives
Several alternatives, such as highly effective polymers with a longer lifespan and lower VOC content, have increased competition for wood wax, particularly in commercial and residential buildings. Furthermore, the relatively lower cost of oils and varnishes has led to increased usage in low-income countries, further limiting the use of wood wax.
Impact of COVID-19 on the Wood Wax Market
The Covid-19 pandemic negatively impacted the Global wood wax market due to the lockdown causing closure of manufacturing facilities. However, with the ease of restrictions, globally the market is expected to rebound during the forecast period.
Segmentation:
By Type
- Bees wood wax
- Carnauba wood wax
- Paraffin wood wax
By Application
- Wood Coating
- Medium Density Fiberboard
- Particleboard
- Others
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- United Kingdom
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Others
- Asia Pacific
- China
- India
- South Korea
- Taiwan
- Thailand
- Indonesia
- Japan
- Others
Table of Contents
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. GLOBAL WOOD WAX MARKET, BY TYPE
6. GLOBAL WOOD WAX MARKET, BY APPLICATION
7. GLOBAL WOOD WAX MARKET, BY GEOGRAPHY
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
9. COMPANY PROFILES
Companies Mentioned
- Minwax Company
- Akzo Nobel
- DowDuPont
- Berkshire Hathaway Inc.
- Armstrong World Industries Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 115 |
| Published | October 2021 |
| Forecast Period | 2019 - 2026 |
| Estimated Market Value ( USD | $ 845.78 million |
| Forecasted Market Value ( USD | $ 1269.22 million |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 5 |
