Wax Market Size 2019 – 2025 Astonishing Growth In Asia Pacific | Shell, Sasol, LUKOIL, Petrobras, The International Group, Inc., China Petroleum Engineering & Construction Corporation (CPECC), ExxonMobil, Total, Petro Canada, PDVSA Petroleos de Venezuel

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. 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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The increasing spending power of consumers and their approach to improved living standards globally has given a considerable rise to the personal grooming sector. Due to which, the wax market has been rising significantly with a moderate CAGR. Wax has several applications in several end use industries for instance, cosmetics, packaging, coatings, adhesives etc. Waxes are natural compounds that are moldable solids to the surrounding temperature. They incorporate higher alkanes and lipids, generally with melting point above 40 °C, for providing low viscous fluids. These widespread uses of wax will see surged product demand by 2024.

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 industry 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 industry.

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.

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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.

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 industry. 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.

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 industry more than the commercial applications. Furthermore, strong personal care industry growth in the region will complement wax market by 2024.

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

Wax market is vast and widespread, there are quite a number of players that manufacture wax, but 70% share of the wax industry is being divided among the few major wax manufacturing giants such as International Group Inc., Sasol, Exxon Mobil Corporation, Lukoil and Royal Dutch Shell. There are other players also producing wax such as China National Petroleum Corporation, Sinopec Limited, Total Petrochemicals, Repsol, Honeywell, Petroleos de Venezuela SA etc. The major players in the market are strategizing acquisitions and ventures to strengthen its production and distribution channel. For instance, Sasol SA joined its operations with local wax producers and distributors to increase its production and distribution network.

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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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