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

Wax Market was more than USD 8 billion in 2016 and will witness 3% CAGR from 2017 – 2024 . Global wax industry 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 industry 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 industry size during the forecast period.

The last decade has witnessed wax market size traversing along a modestly profitable growth path. This progression can indeed be aptly attributed to the product’s widespread application spectrum comprising adhesives, packaging solutions, and various cosmetics. Given the diverse end-use spectrum, wax industry players have been minutely focusing on product expansion with heavy investments in research and development activities as well.

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Industry impact forces
• Growth drivers

1. Increasing use of wax in cosmetics industry
2. Product applications in food packaging industry
Industry pitfalls & challenges
• Fluctuations in feedstock prices

Wax Market, Product By Application
• Petroleum and mineral
• Candles
• Packaging
• Wood & fire-logs
• Rubber
• Adhesive
• Cosmetics
• Others
• Paraffin

• Microcrystalline

• Synthetic

• Polymer waxes

• Natural

• Vegetable wax
Wax Market By Application
o Candles
o Packaging
o Wood & fire-logs
o Rubber
o Adhesive
o Cosmetics
o Others

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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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 industry 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 industry product demand in Latin America and Middle East & Africa is likely to expand at prominent rates in the next few years.

Citing another instance, the Austria based Schur Flexibles Group recently acquired the Netherlands-based manufacturer of packaging products, Clondalkin Group. With this acquisition, the Austrian company seems to have successfully strengthened its business position in wax market across North America and Europe. In addition, it is looking forward to extending its regional reach through the development of new infrastructure and highly advanced facilities.

Considering the increasing demand for wax, most of the reputed biggies in wax market are developing new manufacturing plants to enhance their annual production. Sasol’s investment in South Africa is one of the most recent examples of ongoing business development strategies adopted by petrochemical companies in wax industry. In order to expand its wax production plant in South Africa, Sasol – the well-known petrochemical company, put up an investment of USD 1 billion.

Through this plant expansion, Sasol is planning to improve its exports across the globe as it is primarily producing wax for printing ink products, paints, candles, emulsions, and adhesives. In addition, via this project expansion, Sasol will contribute toward the economic development in South Africa by generating considerable employment opportunities in the region.

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 industry 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.

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.

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

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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