Wax Market to Witness Exponential Growth – An Overview Major key players Sasol, LUKOIL, Petrobras, Shell, The International Group, Inc., China Petroleum Engineering & Construction Corporation (CPECC), ExxonMobil, Total, Petro Canada, PDVSA Petroleos de

Wax Market was more than USD 8 billion in 2016 and will witness 3% CAGR during the 2017-2024. According to a new research report by Global Market Insights, Inc. Wax Industry to exceed USD 10 billion in 2024.

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.

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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.

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.

Wax Market, Product By Application

• Petroleum and mineral

• Microcrystalline

• Synthetic

• GTL waxes

• Polymer waxes

• Natural

• Bees wax

• Vegetable wax

Wax Market By Application

o Candles
o Packaging
o Wood & fire-logs
o Rubber
o Adhesive
o Cosmetics
o Others

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.

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.

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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.

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.

Browse key industry insights from the report, “Wax Market” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/wax-market

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.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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