Wax Market Trends Shows a Steady CAGR Growth During 2017 -2024
Sturdy growth in cosmetics and personal care industry will be majorly driving wax 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.
Wax Market is forecast to exceed USD 10 billion in 2024; according to a new research study published.
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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.
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.
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.
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 market 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. Product demand in Latin America and Middle East & Africa is likely to expand at prominent rates in the next few years.
Global wax market 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 market 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 market during the forecast period.
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