The global wax market size is projected to reach USD 12.89 billion by 2025
registering a CAGR of 3.7%, according to a new report by Grand View Research,
Inc. Robust growth of printing ink and coating industry and wide acceptance of
synthetic wax are expected to drive the market over the forecast period.
Several features of wax, such as rub, scratch & mark resistance and water
repellency, enable its usage in numerous applications in coating and printing
industry. It is used as an additive to a variety of inks including
lithographic, flexographic, letterpress and gravure.
Crude oil is used as raw material for the
production of petroleum-based derivatives, such as paraffin wax. New process of
crystallization has been used by Sulzer Ltd. to refine paraffin from the
byproducts that are obtained from synthetic fuel production. Indian Institute
of Petroleum, one of constituent laboratories of the Council of Scientific and
Industrial Research in India, has developed a new technology with which
paraffin wax can be yielded from waste plastics. Moreover, rapidly expanding
personal care, pharmaceutical, food, and polymer processing sectors are likely
to boost the demand further.
On the other hand, tight supply of raw
materials may have a negative impact on the market. However, technological
breakthrough is expected to augment growth of the mineral wax industry.
Presence of numerous global and regional producers has made the industry
concentrated in terms of quality of products, innovations, marketing
strategies, product positioning, and more. Prominent market participants are
strengthening their market position through product innovation, product
diversification, and acquiring business assets of local companies.
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https://www.grandviewresearch.com/industry-analysis/wax-market
https://www.grandviewresearch.com/industry-analysis/wax-market
Further key findings from the study suggest:
· The global market volume exceeded 4,900
kilotons in 2018 and is projected to expand at an estimated CAGR of 3.3% from
2019 to 2025
· In terms of volume, mineral wax held the
largest share of 73.96% in 2018. Demand for petrolatum in pharmaceutical
products will drive the segment over the forecast period
· The industry is likely to witness intense
competition due to increased production capacity of major companies and threat
of backward and forward integration to capture the market
· North America led the wax market in 2018
owning to growth of cosmetics and personal care industry and increased product
demand in candle manufacturing industry
· Key industry participants are Sinopec
Corp., Evonik Industries AG, The China National Petroleum Corp. (CNPC),
ExxonMobil Corp., Royal Dutch Shell Plc, HollyFrontier Corp., and BASF SE
Grand View Research, Inc. has segmented the
global wax market on the basis of product, application, and region:
Wax Product Outlook (Volume, Kilotons;
Revenue, USD Million, 2014 - 2025)
·
Mineral Wax
·
Synthetic Wax
·
Natural Wax
Wax Application Outlook (Volume,
Kilotons; Revenue, USD Million, 2014 - 2025)
·
Candles
·
Packaging
·
Plastic & Rubber
·
Cosmetics & Toiletries
·
Fire Logs
·
Adhesives
·
Others
Wax Regional Outlook (Volume, Kilotons;
Revenue, USD Million, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
