Bio-Wax Market Demand is Increasing Rapidly in Recent Years
Rising demand for cosmetics and personal care products is expected to drive the bio-wax market. Cosmetics and personal care industry is driven by demand from developed countries and rising demand from emerging economies worldwide. Owing to changing lifestyle and rising disposable incomein emerging economies, cosmetics and personal care products are experiencing huge demand. Bio-wax based products are used as firelogs that emits less green house gases as compared to other fire fuels. According to the U.S. Environment Protection Agency report,bio-based fuels do not increase carbon di-oxide concentrations in environment. Thus, the demand for bio-wax in firelogs from cold climatecountries is expected to further boost the market growth. In addition, reduction in petroleum wax supply and changing consumer group’s preference is expected to fuel the bio-wax market growth. Petroleum wax is subjected to price and supply volatility of crude oil and it may have adverse effects on human health. Bio-wax is also used in concrete work such as bridge construction, roof tiles, pre-fab elements and precast concrete application. Growing building and construction industry in emerging economies and repairing of existing infrastructure in developed countries is expected to drive the bio-wax market.
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However, cost and complex process of manufacturing is expected to hamper the market growth. Bio-based raw materials are used for bio-diesel production and bio-wax is also produced as a byproduct of this process. Raw materials suppliers are preferring bio-diesel plants over bio-wax manufacturing which creates scarcity of the raw materials. Technological advances and increasing scope of use of bio-wax in new applications in expected to provide opportunities for bio-wax market in the near future.
North America was the largest consumer of the bio-wax in terms of consumption and production. Demand from cosmetics and personal care industry is expected to drive the bio-wax market in this region. In addition, governmental regulations for bio-based fuel in firelogs are anticipated to boost the market. North America was followed by Europe, where stringent governmental policies for reducing carbon di-oxide emission are expected to boost the market. Shift in preference of consumer groups from petroleum based wax to bio-wax in cosmetics and other application is expected to fuel the market growth. Building and construction industry in this region is expected to contribute to the growth of bio-wax market. Use of bio-wax in infrastructure building and firelogsis in line with the sustainable growth policy of Europe. Growth in Asia Pacific was submissive however, it is expected to grow at higher pace in the near future. Abundant raw materials and presence of bio-diesel plants is expected to boost the market in this region.
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Key players in this market include Biosil, Duraflame, BioJouvance, Fisch, Remmers, Chant Oil Co. Ltd. among others.
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