Wax Market Analysis, Trends, Forecast, 2019-2027
A recent research report published by Transparency Market Research projects the global wax market to expand at a CAGR of 2.62% during the period between 2019 and 2027. The report, titled “Wax Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 - 2027,” estimates the global wax to reach US$ 10.73 Bn by 2027, from US$ 8.49 bn in 2018.
The report points out that the rising base of end-use industries such as adhesives, rubber, cosmetics, packaging, candles, and wood and fire-logs is driving the global wax market. The growing demand from the packaging and cosmetics industries is particularly contributing towards the growth of the market. However, the closure of Group I base oil refineries will inhibit the growth of the global wax market during the forecast horizon. The overall market has a huge opportunity to grow with the introduction of gas-to-liquid (GTL) waxes.
Segmental Outlook: Global Wax Market
In terms of product types, the report segments the global wax market into petroleum and mineral wax, synthetic wax, and natural wax. Petroleum and mineral wax has been sub-segmented into microcrystalline wax, paraffin wax, and other petroleum and mineral waxes. Synthetic wax has been categorized into polymer wax, GTL wax, and others. Natural wax has been segmented into vegetable wax, bee wax, and other natural wax. In 2018, petroleum and mineral wax was the largest product segment in the market. However, during the forecast period, synthetic wax is expected to be the fastest growing product type as it resembles petroleum to a large extent and can be used as a substitute for petroleum wax across a number of applications. Synthetic wax held a share of 11% in the market in 2018. In the coming years, the natural wax segment is expected to register moderate growth.
In terms of end-use industries, the global wax market has been categorized into packaging, candles, wood and fire-logs, adhesive, rubber, cosmetics, and other end-use industries. Candles held the largest share in the market in 2018 and accounted for more than 41% of the market. The packaging and cosmetics industries are driving the demand from the market.
More Trending Reports by TMR:
Asia Pacific Dominated the Global Wax Market in 2018
The report studies the global wax market across five key regions: Asia Pacific, Europe, North America, Middle East and Africa, and Central and South America. Asia Pacific dominated the overall market in 2018 as the region is the largest producer of petroleum wax across the globe. While China leads the production of petroleum wax, Malaysia contributes largely to the production of natural wax.
Global Wax Market Dominated by Few Big Players
The global wax market is highly concentrated with the top five companies accounting for approx. 70% of the total market in 2018. The global market includes prominent players such as The International Group, Inc. (IGI), China National Petroleum Corporation (CNPC), Sasol Wax, Exxon Mobil Corporation, Lukoil, Sinopec Limited and Royal Dutch Shell plc, Total Petrochemicals & Refining USA Inc., and Petróleos de Venezuela SA.
Global Wax Market – Key Developments
In February 2018, Sasol announced that the company had inaugurated the full completion of its US$ 780 Million Fischer-Tropsch Wax Expansion Project (FTWEP). Phase 2 of the project began its operation in March 2017, while phase 1 was commissioned in 2015. The company announced that with completion of this project, South Africa is now one of the leading countries of wax production globally. Moreover, FTWEP is one of a number of the major capital investments made by the company in South Africa country.
Transparency Market Research
90 State Street,
Albany NY - 12207
USA - Canada Toll Free: 866-552-3453
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and technique in developing distinctive data sets and research material for business reports.
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Wax Market Analysis, Trends, Forecast, 2019-2027 here
News-ID: 2160164 • Views: 153
More Releases from Transparency Market Research
Sodium Formate Market to be valued US$ 604 Mn by 2027
Albany, NY - Sodium Formate Market: Key Highlights The global sodium formate market was valued at ~US$ 406 Mn in 2018, and is anticipated to expand at a CAGR of 4.5% from 2019 to 2027. The demand for sodium formate has been rising in the upstream oil & gas industry to produce clear brine, which is an important chemical in work-over & completion processes. Food additives are added in small quantities in various products
Anti-counterfeit Pharmaceuticals Packaging Market Development and Opportunities …
Counterfeiting is gravely impacting the pharmaceuticals industry by causing substantial losses in terms of revenue and credibility. Counterfeit pharmaceutical products, labelled with the names of original and legitimate product manufacturers are entering local markets globally. This has become a matter of serious concern for pharmaceutical companies, and the threat of lawsuits is a constant worry. Players in the pharmaceutical industry around the globe are increasingly working on ways to stop
The Effects of the COVID-19 Outbreak On Pre-validated Packaging Market
Pre-validated Packaging Market:Overview The packaging industry has become an important part of the present time as a means to give protection and to preserve the product from any type of loss such as contamination, crack, leakage, damage, while transportation, storage and usage. Additionally, some delicate products need a pre-validated packaging solution which protects the product from damage as well as from packaging material. Vials and ampoules are witnessed to grow remarkably
Specialty Paper Market Set for Rapid Growth During 2016 – 2024
The specialty paper market has risen spectacularly in recent years following the rapid adoption of packaging mechanisms and home delivery facilities in a number of sectors. Growth of the consumer goods sector has been the prime driver for the specialty paper market, as packaging and labeling applications account for close to 40% of the global specialty paper market and are likely to remain the leading revenue generator for the market
More Releases for Wax
Wax Emulsion Market
Wax emulsion is a mixture of one or more waxes in water. Waxes are usually immiscible with water under stable temperature and pressure. Wax emulsions usually refers to oil in water emulsion of any kind of wax. In order to make them miscible with water, waxes are mixed with surfactants. Waxes have a significant impact on several formulations and processes. Hence, they are used in various application. The wax emulsion
2020-2026 Candle Wax Global Market 2020: CJ robinson, IGI Wax, Lone Star, BASF, …
The newly issued research report provides comprehensive and an in-depth assessment of the "Global Candle Wax Market Forecast 2020-2026", which will also offer relevant data for the new industry entrants as well as well-established Candle Wax market players. According to the study, the worldwide Candle Wax market report unfolds the current and historical Candle Wax industry scenarios, Candle Wax market development patterns and is expected to proceed with continuous manufacturing
Global Polyethylene Wax (PE Wax) Development Overview 2019
In the recently published report, QY Research has provided a unique insight into the global Polyethylene Wax (PE Wax) market for the forecasted period of 7-years (2019-2025). The report has covered the significant aspects that are contributing the growth of the global Polyethylene Wax (PE Wax) market. The primary objective of this report is to highlight the various key market dynamics such as drivers, trends, and restraints that are impacting
Passenger Vehicle Wax Market Outlook - 3M, Turtle Wax, SONAX, Mother's
The latest research study from Fior Markets with the title Global Passenger Vehicle Wax Market Growth 2018-2023 offers vital insights to determine and study market anticipations, market size, and competitive structure. The market research report portrays definition, an investigation of significant updates in the market, aggressive examination and survey. This study is useful to everyone right from an analyst, expert, and manager to employee as it features a variety of
Wax paper Market : Animal Wax, Vegetable Wax, Mineral Wax, and Petroleum Wax and …
Wax paper is a type of paper that has been made moisture-proof by applying wax. A lightweight paper material that has been coated lightly with a wax substance on both sides of the paper is known as wax paper. The wax coating enables this material to repel and effectively hold liquids, and provide a non-sticking surface for various types of applications such as food ingredients and baking products. In food
Wax Market Analysis : TMR
A recent research report published by Transparency Market Research projects the global wax market to expand at a CAGR of 2.6% during the period between 2014 and 2020. The report, titled “Wax Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020,” estimates the global wax market to be worth US$8.98 bn by 2020. The overall market stood at a valuation of US$8.21 bn in 2013