What's Driving The Wax Market Size? | Shell, Sasol, LUKOIL, Petrobras, The International Group, Inc., China Petroleum Engineering & Construction Corporation (CPECC), ExxonMobil, Total, Petro Canada, PDVSA Petroleos de Venezuela S.A.,Sinopec Argentina Expl
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Wax Market, Product By Application
• Petroleum and mineral
• GTL waxes
• Polymer waxes
• Bees wax
• Vegetable wax
Wax Market By Application
o Wood & fire-logs
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. China Petroleum Engineering & Construction Corporation (CPECC)
3. The International Group, Inc.
9. Petro Canada
10. PDVSA Petroleos de Venezuela S.A.
11. Sinopec Argentina Exploration and Production, Inc.
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.
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.
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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 industry more than the commercial applications. Furthermore, strong personal care industry growth in the region will complement wax market by 2024.
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.
Browse key industry insights from the report, “Wax Market” in detail along with the table of contents:
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