23-Jul-2018 | Zion Market Research
Earlier, traditional wax such as tallow wax and paraffin wax were used for preparing candles to provide light during nights. Even today, people inhabiting remote areas across the developing regions make use of candles during travel and at night, owing to scarcity of power supply.
Wax has found extensive applications across myriad sectors such as cosmetics, adhesives, and packaging. The global need for conserving fossil fuels has given boost to renewable energy trends, thereby promoting the manufacture of hydrogenated vegetable wax. With internet and social media rapidly becoming the catch phrase of the modern era, the business of producing & selling decorative candles is rapidly gaining momentum across the candle manufacturing sector. This, in turn, is likely to upswing the growth of the wax market.
Growing awareness towards beauty and skincare has led to the surge in the demand for personal care and cosmetic products such as lotions, lipsticks, and eye pencils. The extensive use of bio-based wax in these products is likely to enlarge the scope of the wax industry over the years to come.
Reportedly, the U.S. FDA has given a green signal to superhydrophobic coatings with edible & renewable Biowaxes such as beeswax & carnauba wax. This has promoted the use of Biowax as coatings for the containers that store foods & drinks such as soup, ketchup, syrup, soy sauce, milk, honey, and coffee.
Mergers & Acquisitions have also impacted the growth of wax industry across the globe. For instance, this year, Schur Flexibles Group had acquired both Clondalkin Group and UNI Packaging, thereby further reinforcing its position across the European Wax industry.
Rising wax popularity across the globe has led the industry participants to invest more in the wax manufacturing plants as well as fund new projects, thereby elevating the production levels of wax. Citing an example, in February this year, Sasol launched a FT Wax Expansion Project estimated at R13.6 billion in South Africa with the aim to make the country a leading wax producer across the globe.
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