Global Wax Market is Expected to To Reach Around USD 12.00 Billion by 2024

08-Jun-2018 | Zion Market Research

Zion Market Research has published a new report titled “Wax Market by Product (Synthetic [Paraffin, and Microcrystalline] and Natural [Animal, Vegetable, and Mineral]), by Application (Candles, Packaging, Wood & fire logs, Rubber, Adhesive, Cosmetics, and Others) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024’’. According to the report, the global wax market was valued at around USD 9 billion in 2017 and is expected to reach approximately USD 12 billion in 2024, growing at a CAGR of slightly above 3.5% between 2018 and 2024.

Wax refers to multiple types of organic substances that become free-flowing liquid at a higher temperature but is solid at ambient temperature. Wax has a complex chemical composition with normal alkanes present in higher proportion along with wide molecular weight profiles. Major commercial source of obtaining wax is crude oil through all the refineries do not produce wax. Mineral wax is produced from lignite. Insects, animals, and plants produce materials that are sold as wax.

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In tyres production, the wax is blended to insulate the product from ozone thus protecting it from cracking and chipping. The Tyre demand is anticipated is to grow anticipated to grow by 7 to 8% in 2018 and 2019 in terms of volume. Growth is attributed to stable replacement demand and escalating OEM requirements. Buses and trucks replacement demand is projected to increase by 5% in 2018. In 2017, tyre demand witnessed an increase of 9 to 9.5%, with strengthening replacement demand grown by 10 to 13%. Boosting tyre industry will give a positive outlook to the global wax market over the forecast timeframe. 

Global Wax Market

Paraffin wax is profoundly consumed to insulate appliances and electric nodes wirings. Frequent technological advancement in electrical appliances would entice customers to purchase latest specification products available in the market, boosting the appliances demand. Paraffin wax is used to coat medicinal tablets to protect their surface. Additionally, it forms a vital component in a variety of lotions, pastes, creams, and lipsticks. Rising consumer demand for skin care products including creams, peels, and face masks will stimulate cosmetics industry in the forecast timeframe. Moreover, rising anti-aging products demand is projected to accelerate the industry growth to new avenues. 

Lightening strips of matchstick box contain a considerable amount of wax that helps to regulate its burning. Fabrics possess a waxy coating that provides it flexibility, elasticity, and softness. Demand for luxurious fabrics in youth along with high- class population will primarily drive the global wax market in fabrics coating. Paper used to insulate various kind of food needs a coating of paraffin wax to restrict the passage of moisture, micro-organisms, and odors. Other prominent applications of wax are in manufacturing of surfing material, skiing, chipboard, varnishes, paints, and candles.

The global wax market is classified on the basis of the product as natural and synthetic. The Mineral mineral segment is anticipated to account for considerable market share during the forecast period. Various applications pertaining to global wax market are cosmetics, adhesive, rubber, wood & fire logs, packaging, candle, and others. Candles are anticipated to contribute majorly in revenue generation during the forecast timeframe. Wax is widely consumed in manufacturing of decorative candles, scented candles, and other variations.

The Middle East & Africa will witness maximum gains in the forecast years. The growth can be attributed to the wide base of petroleum and crude oil industry operating in Saudi Arabia and Gulf countries that eases the availability of raw material for production, leading to the higher output of the product. Mature markets of North America and Europe will register moderate growth during the forecast timeframe. 

Global wax market is highly consolidated in nature with major players accounting for above 70% of market share. Certain prominent manufacturers in the market are Petróleos de Venezuela, SA, Total Petrochemicals, Lukoil, Royal Dutch Shell Plc, Sinopec Limited, Exxon Mobil Corporation, International Group, Inc., and China National Petroleum Corporation

The report segments global wax market as follows:

Wax Market: Product Segment Analysis

  • Synthetic
  • Paraffin
  • Microcrystalline
  • Natural 
  • Animal
  • Vegetable
  • Mineral

Wax Market: Application Segment Analysis

  • Candles
  • Packaging 
  • Wood & fire logs
  • Rubber
  • Adhesive
  • Cosmetics
  • Others

Wax Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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