Japan wax market is expected to grow significantly over the forecast period owing to rising demand for natural wax products in various applications including pharmaceuticals, foods, cosmetics and candles. Increasing demand for Japan wax in its end-use sector including packaging, adhesives, furniture polishes, soaps, metal lubricants and thermoplastic resins is anticipated to propel the market growth. Growing demand for wax in rubber, wood & fire logs, crayons and cleaning products is expected to act as key driver for market growth over the next seven years. Moreover, increasing petrochemical prices along with policies related to treatment of petrochemicals is anticipated to augment the demand for Japan wax. Growing demand-supply gap for Japan wax owing to lesser supply of Japan wax is expected to act as a restraint for market growth. Increasing use of candles as a source of light coupled with rising demand for scented, luxury and decorative candles is expected to boost the market growth over the upcoming period. Furthermore, growing demand for natural wax in cosmetics and personal care products is predicted to enhance the market growth. The growing packaging industry along with rising demand for rubber and adhesives are expected to surge the demand over the forecast period. In addition, rising usage as a polish is in footwear industry is expected to surge the demand over the projected period. Asia Pacific is expected to contribute significantly towards the market growth as a result of accelerating demand for candles, cosmetics and packaging in this region. North America and Europe are expected to fuel the demand owing to increasing use of rubber and cleaning products over the next seven years. Latin America and MEA is anticipated to augment the market growth on account of rising demand for wood & fire logs, candles and cosmetics.
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Global key players include Araki Wax Company, Parchem Fine & Specialty Chemicals, TR Bonnyman Son & Company, Koster Keunen Inc., Frank B Ross Co Inc. and Paramold Manufacturing Ltd. Araki Wax Company offers STAR-CHERRY which is made from the tree Rhus succedanea.
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