Wax Market Analysis : TMR
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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.
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 2013, 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 2013. In the coming years, the natural wax segment is expected to register moderate growth.
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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 2013 and accounted for more than 41% of the market. The packaging and cosmetics industries are driving the demand from the market.
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 2013 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.
The report profiles some of the key players in the global wax market 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.
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Transparency Market Research (TMR) is a 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. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector – such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
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