Wax Market incredible future growth | 2018 Key Players are China National Petrochemical Corporation, Sasol Wax, International Group, Inc., Lukoil Company, Royal Dutch Shell PLC, ExxonMobil Corporation, Total S.A., Petro-Canada Lubricants Inc., Petroleos d

According to its applications, cosmetics have acquired a respectable portion of the total wax market. Personal care products require wax as one of its major components which is propelling the wax market. Wax helps in the thickening of the lipid part of the cosmetic products and prevents admixtures from unravelling into their liquid and oil constituents. Moreover, waxes are used heavily in lipsticks to provide them the desired strength and stability. Currently, wax is being immensely used in hair care products as it provides strength and shape to hair for longer timespan.

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Escalation of e-commerce websites and consumer awareness has given rise to sophisticated packaging as well. These new packaging formats need wax as its key component. This improved packaging processes will boost the wax market in the near future. However, the main obstacle which may restrain the wax market growth is its raw material’s volatile prices. Oscillating crude oil and petroleum price fluctuations disturb the demand and supply dynamics of wax market.

In accordance to products, natural wax will hold a moderate share in the wax market by 2024. There are majorly two types of waxes i.e. bees wax and vegetable wax. Beeswax is the most commonly used wax, it is extracted from bee hives prepared by the worker bees. The beeswax is bleached and processed for application in food, pharmaceuticals and personal care industries. Furthermore, vegetable waxes are extracted from various vegetables that are used in making candles, fragrance additive, etc.

Increasing product application in packaging sector will also be a key factor for the wax market growth over the forecast duration. The global packaging industry is primarily driven by the BRICS market which accounts for approximately 37% of the global demand. The packaging industry growth in Asia Pacific is mainly a result of increasing consumption of consumer goods, which in turn has driven the need for sophisticated packaging. Increasing consumption levels in Asia Pacific and Latin America can be attributed to the rising disposable income of the middle class in these regions.

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Wax Market, Product By Application
• Petroleum and mineral
o Candles
o Packaging
o Wood & fire-logs
o Rubber
o Adhesive
o Cosmetics
o Others
o Paraffin
 Candles
 Packaging
 Wood & fire-logs
 Rubber
 Adhesive
 Cosmetics
 Others
• Microcrystalline
o Candles
o Packaging
o Wood & fire-logs
o Rubber
o Adhesive
o Cosmetics
o Others
• Others
o Candles
o Packaging
o Wood & fire-logs
o Rubber
o Adhesive
o Cosmetics
o Others
• Synthetic
o Candles
o Packaging
o Wood & fire-logs
o Rubber
o Adhesive
o Cosmetics
o Others
o GTL waxes
 Candles
 Packaging
 Wood & fire-logs
 Rubber
 Adhesive
 Cosmetics
 Others
• Polymer waxes
o Candles
o Packaging
o Wood & fire-logs
o Rubber
o Adhesive
o Cosmetics
o Others
• Others
o Candles
o Packaging
o Wood & fire-logs
o Rubber
o Adhesive
o Cosmetics
o Others
• Natural
o Candles
o Packaging
o Wood & fire-logs
o Rubber
o Adhesive
o Cosmetics
o Others
o Bees wax
 Candles
 Packaging
 Wood & fire-logs
 Rubber
 Adhesive
 Cosmetics
 Others
• Vegetable wax
o Candles
o Packaging
o Wood & fire-logs
o Rubber
o Adhesive
o Cosmetics
o Others
• Others
o Candles
o Packaging
o Wood & fire-logs
o Rubber
o Adhesive
o Cosmetics
o Others
Wax Market By Application
o Candles
o Packaging
o Wood & fire-logs
o Rubber
o Adhesive
o Cosmetics
o Others

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Based on regions, North America shall be one of the fastest growing regions in the wax market. In North America, industrial demand for wax is rising rapidly for its industrial applications in adhesives, coatings & inks and plastic & rubber processing. These applications mostly require lucrative waxes, thus boosting the demand for wax and increasing production efficiency with minimal production costs. Therefore, in North America, waxes for industrial use will propel the wax market more than the commercial applications. Furthermore, strong personal care industry growth in the region will complement wax market by 2024.

Global wax market exhibited a high degree of consolidation and the top 5 players accounted for more than 70% of the overall industry share in 2016. Major companies operating in the wax market which are highly integrated are China National Petroleum Corporation, Exxon Mobil, International Group, Royal Dutch Shell PLC and Sinopec Limited. These companies have an advantage due to their presence across the value chain compared to other product manufacturers. Market players are investing in R&D to maximize product application scope, which will ultimately accelerate wax market size during the forecast period.

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