Who are the main competitors in the Wax Melts market?

The wax melts industry is subject to witness a substantial growth due to the growing demand for the product from numerous end-user segments coupled with their superior properties such as high gloss, non-toxicity, good water repellency and outstanding chemical resistance. Increasing demand for synthetic wax is attributed to its unique properties such as thermal degradation resistance; high temperature stability and good heat resistance are expected to fuel market growth over the next seven years.

Numerous application of wax melts in cosmetic application such as creams, eye make-ups and lipsticks are expected to boost market sale of wax melts, in the near future. Globally, the wax melts market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the wax melts industry.

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Increasing competition in the market has led to development of innovative products, thereby positively affecting market growth. Growing supply and demand gap is expected to offer lucrative growth opportunities for industry participants. Aggressive marketing strategies adopted by market players to gain competitive advantages over their counterparts are predicted to stimulate market growth further.

Shifting trend towards synthetic wax is key growth factor for hot melt adhesives market, in the recent years. Additionally, increasing consummation of natural waxes and declining use of microcrystalline and polyethylene waxes owing to their hazardous effects is leading to the increasing demand for natural waxes over the forecast period.

Wax melts are increasingly used in various residential application such as home fragrance product. Wax melts are easily available in varied shapes, sizes, and colors. Increasing adoption of wax melts in commercial buildings, such as shopping malls, offices and market complexes are expected to promote market development over the next seven years.

The wax melts market is broadly categorized into two major segments based on the application type such as domestic products and cosmetic application. The cosmetics sector is considered as one of the faster growing segment in the wax melts industry with substantial revenue generation in the last few years. Growing popularity of the cosmetic segment is attributed to the increasing adoption in various skin-care products such as facemasks, creams and peels.