Press release
International Wax Market to Forecast $10bn with 3% CAGR by 2024 & Major Companies - ExxonMobil, Total, LUKOIL, Petrobras, Shell, Petro Canada, PDVSA Petroleos de Venezuela S.A.,Sinopec Argentina Exploration and Production, Inc., China Petroleum Engineerin
U.S. wax market size, by product, 2013 - 2024 (USD Million)
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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.
In 2016, Asia Pacific was the largest region, by volume and revenue in the global wax market. Asia Pacific was followed by Europe by volume. The Asia Pacific wax market is likely to expand at a comparatively faster rate in the next few years. This is due to high product demand in industries such as cosmetics, packaging and rubber & adhesives in China, India, Indonesia, South Korea and Japan. Wax market product demand in Latin America and Middle East & Africa is likely to expand at prominent rates in the next few years.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. China Petroleum Engineering & Construction Corporation (CPECC)
2. Sasol
3. The International Group, Inc.
4. LUKOIL
5. Petrobras
6. Shell
7. ExxonMobil
8. Total
9. Petro Canada
10. PDVSA Petroleos de Venezuela S.A.
11. Sinopec Argentina Exploration and Production, Inc.
Wax Market size is forecast to exceed USD 10 billion in 2024. Sturdy growth in cosmetics and personal care industry will be majorly driving wax market demand over the forecast period. Wax has air and water barrier properties, which open up a myriad of applications in various industries such as packaging, cosmetics and adhesives. The global cosmetics industry is driven by product innovation, the rise of e-commerce and growth in travel retail across the globe. Wax has skincare properties and its flexibility and plasticity facilitates easy application. These properties make wax highly desirable in cosmetics industry.
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Paraffin is a type of petroleum wax that possesses well-formed crystal structure. It held the largest share in petroleum and mineral wax category in 2016. Major applications of this product include electric insulation, candles and lubrication. Demand for paraffin wax has been gradually increasing from 2013 till date and is likely to rise at a steady pace over the forecast timeframe.
In 2016, the packaging segment accounted for a prominent share of the overall wax market. The product has extensive usage in paper and food packaging to provide extra protection against foreign odors and moisture. This segment shall be moderate to highly attractive over the next few years. Wood & fire-logs and rubber segments are expected to be the least attractive due to availability of substitutes. The adhesive end-user segment is likely to be low to moderately attractive due to the presence of synthetic chemical substitutes.
Wax Market, Product By Application
• Petroleum and mineral
• Candles
• Packaging
• Wood & fire-logs
• Rubber
• Adhesive
• Cosmetics
• Others
• Paraffin
• Candles
• Packaging
• Wood & fire-logs
• Rubber
• Adhesive
• Cosmetics
• Others
• Microcrystalline
• Candles
• Packaging
• Wood & fire-logs
• Rubber
• Adhesive
• Cosmetics
• Others
• Others
• Candles
• Packaging
• Wood & fire-logs
• Rubber
• Adhesive
• Cosmetics
• Others
• Synthetic
• Candles
• Packaging
• Wood & fire-logs
• Rubber
• Adhesive
• Cosmetics
• Others
• GTL waxes
• Candles
• Packaging
• Wood & fire-logs
• Rubber
• Adhesive
• Cosmetics
• Others
• Polymer waxes
• Candles
• Packaging
• Wood & fire-logs
• Rubber
• Adhesive
• Cosmetics
• Others
• Others
• Candles
• Packaging
• Wood & fire-logs
• Rubber
• Adhesive
• Cosmetics
• Others
• Natural
• Candles
• Packaging
• Wood & fire-logs
• Rubber
• Adhesive
• Cosmetics
• Others
• Bees wax
• Candles
• Packaging
• Wood & fire-logs
• Rubber
• Adhesive
• Cosmetics
• Others
• Vegetable wax
• Candles
• Packaging
• Wood & fire-logs
• Rubber
• Adhesive
• Cosmetics
• Others
• Others
• Candles
• Packaging
• Wood & fire-logs
• Rubber
• Adhesive
• Cosmetics
• Others
Wax Market By Application
o Candles
o Packaging
o Wood & fire-logs
o Rubber
o Adhesive
o Cosmetics
o Others
Browse key industry insights the report, “Wax Market” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/wax-market
The crux of business growth in recent times has been extensively attributed to the vast expanse of R&D programs. Wax market, in this regard, has also been experiencing a transformation, given that as a long-in-existence organic compound, wax has found massive applications in numerous end-use domains. A couple of years ago for instance, a research group from the Colorado State University published a study related to edible superhydrophobic coatings from FDA-approved carnauba and beeswax for the food packaging domain.
Traditional wax like beeswax or tallow wax and synthetic wax like paraffin wax have been a part of the wax market landscape since its inception. However, now, with the increasing scarcity of fossil fuels, hydrogenated vegetable wax has also marked its debut in this business space. With the advancement of technology and increasing human endeavor for innovation, wax industry has depicted commendable progress through the product’s varied usage in packing, cosmetics and candle-making industries.
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