CAGR: 5%Current Market Size: USD 14 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global waxing base paper market is expected to grow from USD 14 billion in 2022 to USD 5 billion by 2030, at a CAGR of 5.10% during the Projection period 2023-2030. The growth of the waxing base paper market is mainly driven by the increase in consumer consumption patterns in the food and beverages sector.
All products now require packaging, especially if you want to extend the shelf life of your goods. Paper that has been waxed on both sides is known as waxing base paper. There are many different end-user that uses waxing base paper, including electrical and electronic products. Paper with a wax coating readily absorbs liquids and provides a non-stick surface for use in many packaging applications. The development of biodegradable materials is attracting the attention of packaging makers. The hydrophobic quality of waxing base paper makes it ideal for food products including confections, candies, and baked goods. Only applications involving cold storage may utilise waxing base paper. Since the waxed base paper is largely unaffected by microwaves, food goods packaged in it can be heated or cooked in the microwave. According to the end-use applications, waxing base paper manufacturers offer waxing base paper in rolls in a variety of thickness and breadth. Wax-coating is generally used to keep water from coming into touch with the paper. The contamination and deterioration of fruit, dairy, and pastry products may be effectively concealed or protected using these papers.
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Market Dynamics:
Drivers:
With the rising demand for fast food and on-the-go products around the world, increasing base paper consumption is predicted to rise. Manufacturers of packaging are anticipated to benefit greatly from this feature as the market expands. Food firms are looking for packaging suppliers who can provide cost-effective, high-quality packaging solutions. The change in customer consumption habits in the food and beverage industry is one of the key factors influencing the demand for waxed base paper. Lightweight and environmentally friendly waxing base paper maintains freshness by acting as a moisture barrier. Waxing base paper serves as an insulator in electrical and electronic applications because of its high dielectric strength.
Restraints:
Despite the promising future, a few things could prevent the growing waxing base paper market from expanding globally. Only cold storage applications can employ waxing base paper since, under high temperatures, the wax would melt and potentially contaminate the packaged food. The waxing base paper market is anticipated to experience fierce competition from substitute products including plastic and aluminium films for food packaging applications.
Opportunities:
Due to the development of customised grades, rising preferences for the use of eco-friendly products, the ban on plastic packaging across various industries, and the increasing usage of the product due to its properties such as electric insulator. On the other hand, growing demand from developing nations and increased paper use in the packaging sector will both generate significant opportunities that will fuel the expansion of the waxing base paper market during the Projection period.
Challenges:
In the Projection period, the waxing base paper market will likely be constrained by the expanding electronic media sector's as well as the existence of petrochemical components. The biggest and most important obstacle to the market's expansion will be the rising number of problems at high temperatures.
Segmentation Analysis:
The global waxing base paper market has been segmented based on thickness, type, application and region.
By Thickness
The thickness segment is 8 to 20 GSM, up to 8 GSM, 30 to 60 GSM and more than 50 GSM. The 30 to 60 GSM segment led the largest share of the waxing base paper market with a market share of around 30% in 2022. Due to the rising demand for packaging, printing, and food wrapping. Printing and writing, which includes all sorts of paper used for magazines, catalogues, books, commercial printing, business forms, stationery, copying, and digital printing, is the greatest consumer of paper worldwide.
By Type
The type segment is an wet wax and dry wax. The dry wax segment led the largest share of the waxing base paper market with a market share of around 55% in 2022. Kraft paper that has been bleached and put through a dry waxing process is used to create dry wax paper. This method penetrates the wax into the paper and removes it completely.
By Application
The application segment is packaging and printing. The printing segment led the largest share of the waxing base paper market with a market share of around 56% in 2022. Waxing base paper is excellent for printing because it has a low porosity surface that enhances ink retention. During the Projection period, it is anticipated that these factors would further fuel demand for global waxing base paper market.
Global Waxing Base Paper Market - Sales Analysis.
The sale of the waxing base paper market expanded at a CAGR of 4% from 2016 to 2022.
Because of its exceptional high dielectric strength, waxing base paper is an excellent electric insulator. It frequently serves as coil winding separators and offers resistance to potential differences of up to a few volts. These characteristics allow for widespread use of waxed base paper in the consumer electronics and electrical industries, which are now experiencing growth. The global waxing base paper market is anticipated to rise as they are used in electrical appliances. Wax paper is placed under the records by turntablists to increase record slip and create various sound effects. The waxed base paper market will rise because of its use in the music industry.
The fact that waxing base paper serves as a light diffuser and is thus used by photographers for efficient shooting is another aspect that could improve the penetration of waxing base paper. In the arts and crafts sector, waxed base paper is frequently used, typically for sewing purposes. The fact that waxing base paper cannot be recycled and is not biodegradable due to petroleum additives is one of the factors that could slow the growth of the global waxing base paper market. The global market for waxing base paper may be hampered by the availability of many substitutes for waxing base paper, such as foils.
Thus, owing to the aforementioned factors, the global waxing base paper market is expected to grow at a CAGR of 5% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the waxing base paper market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the waxing base paper market and held a 39% share of the market revenue in 2022.
Global Waxing Base Paper Market - Country Analysis:
Germany's waxing base paper market size was valued at USD 0.62 billion in 2022 and is expected to reach USD 0.72 billion by 2030, at a CAGR of 2% from 2023 to 2030. Due to the expansion of the food sector and rising fast food consumption in the area. Multinational cosmetic companies like Unilever Group, Procter & Gamble Co., L'Oréal Group, and Colgate-Palmolive are based in this region.
China’s waxing base paper market size was valued at USD 1.36 billion in 2022 and is expected to reach USD 1.86 billion by 2030, at a CAGR of 4% from 2023 to 2030. In terms of both production and consumption, China is expected to be the region's largest market for waxing base paper. The region's waxing base paper industry is expanding as a result of the rising demand for wax in sectors including building and furniture manufacturing.
India's waxing base paper market size was valued at USD 1.02 billion in 2022 and is expected to reach USD 1.29 billion by 2030, at a CAGR of 3% from 2023 to 2030. Some of the major businesses in the Indian waxing base paper market produce significant amounts of income, uphold strong brand equity for their goods, experience little demand volatility, and engage in rigorous research and development efforts. Due to its wide range of products, ITC Limited is one of India's top producers and suppliers of paper goods. The company, which controls the market for value-added paperboards, is also concentrating on enhancing the speciality waxing base paper portfolio by introducing new product grades to satisfy consumer demands.
Key Industry Players Analysis:
To increase their market position in the global waxing base paper market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
5.10% |
Market Size |
14 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Thickness, By Type, By Application, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Sinopec Corp, China National Petroleum Corporation, HollyFrontier Corporation, BP P.L.C, Nippon Seiro Co., Ltd, Baker Hughes Company, Exxon Mobil Corporation, Sasol Limited, The International Group, Inc., Evonik Industries AG, BASF SE, Dow, Honeywell International Inc., Royal Dutch Shell P.L.C, and Mitsui Chemicals, Inc. |
By Thickness |
|
By Type |
|
By Application |
|
Regional scope |
|
Scope of the Report
Global Waxing Base Paper Market By Thickness:
Global Waxing Base Paper Market By Type:
Global Waxing Base Paper Market By Application:
Global Waxing Base Paper Market By Region:
Global waxing base paper market is expected to reach USD 14 billion by 2030.
The demand for waxing base paper is anticipated to increase with the growing demand for on-the-go and fast food products globally. This factor is expected to create immense opportunities for packaging manufacturers to grow along with the market. Food companies are looking for packaging manufacturers who can offer high-quality and efficient packaging solutions at cheaper costs.
Based on the application, the global waxing base paper market has been segmented into pacaking and printing.
Leading market players active in the global waxing base paper market are unn Paper Company; Inteplast Group; Paradise Packaging; CGP Coating Innovation; Navbharat Industries.; Seaman Paper Co.; Framarx; Handy Wacks, Inc; Oji Holdings Corporation.; NIPPON PAPER INDUSTRIES CO., LTD.; Stora Enso Oyj; Sappi Europe SA; Asia Pulp & Paper (APP) Sinar Mas.; Verso Corporation; UPM; SUNPACK CORPORATION; Burgo Group Spa; Ballarpur Industries Limited.; JK Paper; Minerals Technologies Inc.; Grantham Manufacturing Ltd; EuroWaxPack; Charlotte Packaging Ltd.; THE GRIFF NETWORK; Military Spec Packaging; among other
The segments covered in the waxing base paper market are; thickness, type, application, and regions.
Political Factors- Business organizations need political stability because it affects investor and customer trust, which has a significant impact on the economy. Political unrest has detrimental effects on consumer spending, company investment, and economic expansion. The corporation may be unable to meet its growth goals if management is unable to comprehend and manage the current political upheaval, and it may be reluctant to spend additional funds. The frequency of changes to government policies and laws is referred to as uncertainty in the political environment. Regular policy changes impact corporate performance and increase decision-making difficulty owing to ongoing ambiguity.
Economic Factors- High financial market efficiency facilitates capital accumulation and the production of goods and services by sharing a strong positive relationship with overall economic growth. To easily amass financial and human resources, The waxing base paper market must therefore select nations with highly efficient financial markets. The waxing base paper market can effectively maintain an advantage over the competition by keeping an eye on the effectiveness of the financial market. When deciding whether to expand internationally, the waxing base paper market should consider the economic growth rates of the various nations. More options to pursue long-term growth goals exist in nations with high economic growth rates. Consumer spending becomes more conservative in times of poor economic growth, which has a direct impact on The waxing base paper market revenue growth.
Social Factors- Consumption patterns and economic issues are closely related. The waxing base paper market has exciting growth opportunities when consumers have more disposable income and are willing to spend more on goods and services to improve their lifestyles. This is because it is simpler to introduce new products and services to these customers, and the likelihood of revenue growth is also higher. The waxing base paper market must closely examine the tastes and consumption/spending patterns of current consumers, nevertheless, since they are getting more demanding, in order to modify its marketing mix plans. The waxing base paper market must also comprehend if consumption is motivated by hedonic or utilitarian goals.
Technological Factors- The velocity and progress of technological innovation can have an impact on the market and industry as a whole. The waxing base paper market will be able to comprehend the rate of new product creation, the length of the product life cycle, and the unique characteristics that consumers choose by researching the upcoming technological innovation trends. The waxing base paper market may be able to determine whether switching to e-commerce will be more advantageous than setting up a physical location by doing research on consumers' sentiments regarding cutting-edge digital technology. The waxing base paper market may be forced to switch from manual to automated processes if competitors engage in automation technology to cut costs, especially if the general populace of that society is tech-savvy.
Environmental Factors- Businesses are under pressure to lessen environmental harm due to strict environmental legislation in many different countries. In response, the waxing base paper market should adopt ethical production methods, promote ethical consumption among its target market, work to enhance its brand's sustainability reputation, and ensure full compliance with environmental laws on a national and local level. Failure to do so risks receiving serious, reputation-damaging criticism from relevant stakeholders. The development of renewable technology to lessen reliance on natural resources has become a strong trend in many industries. To capitalise on this environmental trend, The waxing base paper market should assess how well a nation's technological infrastructure supports the usage of renewable technology.
Legal Factors- A broad category of laws protecting employees' rights, including those to a fair salary, equality, equity, inclusion, fairness, and their physical and mental safety, is known as employment law. While some nations lack efficient enforcement of employment laws, others have harsh penalties for violating any of the specified rights of employees. The waxing base paper market should safeguard the safety of the working environment while entering or operating in such nations. There must be appropriate systems in place to prevent both direct and indirect discrimination. The waxing base paper market may improve its employer brand reputation by effectively adhering to employment rules. This is vital for luring and keeping top personnel in the market amid the ongoing talent war.
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