Wax Market In Depth Insight Analysis, Segment & Forecast to 2027
The global wax market is set to gain impetus from their increasing usage in a wide range of applications, such as plastic & rubber additives, candle manufacturing, cosmetics, adhesives, polishes, and coatings. Wax also provides protection to packaged goods from moisture. This information is given by Fortune Business Insights™ in a recent report, titled, “Wax Market Size, Share & Industry Analysis, By Product Type (Petroleum, Synthetic, Mineral and Animal & Plant), By Application (Candles, Packaging, Coating & Polishes, Hot-melt Adhesives, Cosmetic & Toiletries, Plastic & Rubber and Others) and Regional Forecast, 2019-2027.” The report further mentions that the wax market was valued at USD 7,288.9 million in 2019 and is expected to reach USD 9,249.2 million by 2027, thereby exhibiting a CAGR of 3.1% during the forecast period.
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This Report Addresses the Following Factors:
- Regions and segments that are expected to dominate or drive market growth.
- Elaborate information about the major sustainability strategies followed by key companies.
- Market drivers, barriers, and upcoming opportunities that will affect growth.
- In-depth analysis of the competitive landscape.
- Growing demand for chemical products: The chemical industry is driven by the demand for its products from a wide range of sectors, including agriculture, construction, healthcare, and consumer goods.
- Technological advancements: Advancements in technology, such as automation, digitalization, and the use of renewable raw materials, are driving innovation and growth in the chemical industry.
- Economic growth: The chemical industry is closely tied to economic growth, as rising incomes and consumer spending boost demand for chemical products.
Petroleum Segment to Grow Considerably Backed by Rising Usage of Paraffin
In terms of product type, the market is segregated into animal & plant, mineral, synthetic, and petroleum. Out of these, the petroleum segment held 63.5% wax market share in 2019 and would grow considerably throughout the forecast period. Petroleum products mainly consist of micro-crystalline type, petrolatum, and paraffin. Paraffin is the most commonly used product worldwide. It is highly versatile and possesses a low reactive nature. Therefore, it is best suited for several industrial applications. In addition to this, it is cost-effective, unlike the other types. The animal & plant segment would grow at a fast pace owing to the rising demand for non- carcinogenic, as well as bio-based non-toxic products.
Asia Pacific to Lead Stoked by Abundant Availability of Raw Materials
Based on geography, the market is divided into Europe, the Middle East and Africa, North America, Asia Pacific, and Latin America. Amongst these, North America generated USD 1,940.0 million revenue in 2019. This growth is attributable to the U.S. as the country is considered to be the largest global importer and consumer of wax. Also, the high demand for premium quality bio-based and petroleum candles would aid growth in this region.
Asia Pacific, on the other hand, is likely to lead the market during the forthcoming years. It is set to occur because of the increasing number of end use industries in various countries, as well as the availability of raw material in abundance. Japan, India, and China are the major markets in this region. India is one of the largest producers of beeswax in the world.
Key Players Focus on Manufacturing New Products to Intensify Competition
The market consists of a large number of companies that are striving to keep up with the latest trends to cater to the needs of their growing consumer bases. They are doing so by either investing hefty amount of money on expansion projects, or are aiming to broaden portfolio by launching innovative products. Below are two of the key industry developments:
- February 2018: Sasol, an integrated energy and chemical company based in South Africa, inaugurated the completion of its FT Wax Expansion Project (FTWEP). It would strengthen South Africa’s position in the wax industry. The company will now be able to produce high quality waxes equipped with unique characteristics.
- February 2017: Kerax Limited, a manufacturer & supplier of waxes headquartered in England, introduced its new soy candle wax. It is named KeraSoy. These pillar candle and container waxes are specially developed by the company to manufacture candles with superb glass adhesion, excellent scent throw, and premium quality finish.
Fortune Business Insights™ presents a list of the organizations operating in the global market. They are as follows:
- Sasol Limited (South Africa)
- Sinopec (China)
- Royal Dutch Shell PLC (Netherlands)
- Exxon Mobil Corporation (USA)
- The International Group Inc. (Canada)
- Petróleo Brasileiro S.A. (Brazil)
- The PJSC Lukoil Oil Company (Russia)
- PDVSA (Petróleos de Venezuela, S.A.) (Venezuela)
- Kerax Limited (UK)
- DEUREX AG (Germany)
- NIPPON SEIRO CO. LTD. (Japan)
- Numaligarh Refinery Limited (India)
- Strahl & Pitsch, Inc. (USA)
- CALWAX (USA)
- Poth Hille & Co Ltd. (UK)
- Cargill, Inc. (USA)
- Samin Chemical (Iran)
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