Wax market expected to be worth $ 9.24 billion by 2027
Pune, India, November 15, 2021 (GLOBE NEWSWIRE) – According to Fortune Business Insights ™, the Global wax market is poised to gain momentum with its increasing use in a wide range of applications, such as plastic and rubber additives, candle making, cosmetics, adhesives, polishes and coatings . The wax also protects the packaged products from moisture. The report further mentions that the wax market was valued at USD 7,288.9 million in 2019 and is expected to reach USD 9,249.2 million by 2027, thus posting a CAGR of 3.1% during the period. forecast.
Fortune Business Insights ™ presents a list of organizations operating in the global market. They are as follows:
- Sasol Limited (South Africa)
- Sinopec (China)
- Royal Dutch Shell PLC (Netherlands)
- Exxon Mobil Corporation (United States)
- The International Group Inc. (Canada)
- Petróleo Brasileiro SA (Brazil)
- PJSC Lukoil Oil Company (Russia)
- PDVSA (Petróleos de Venezuela, SA) (Venezuela)
- Kerax Limited (UK)
- DEUREX AG (Germany)
- NIPPON SEIRO CO. LTD. (Japan)
- Numaligarh Refinery Limited (India
- Strahl & Pitsch, Inc. (US)
- CALWAX (United States)
- Poth Hille & Co Ltd. (UK)
- Cargill, Inc. (US)
- Samin Chemical (Iran)
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Drivers and constraints-
Increasing demand from the packaging industry to drive growth
The emergence of end-use industries, such as rubber, plastics, cosmetics, packaging and candles, is booming in developing regions, namely Latin America, Africa and the ‘Asia Pacific. But growth is weak in developed regions, such as Europe and North America. Therefore, the ongoing industrialization is expected to create more opportunities for these end-use industries in the countries located in these regions. The demand for paraffin wax is high because it is used most in corrugated cardboard packaging. This type of packaging is specially used for packaging furniture, food and other similar products. The expansion of the packaging industry to developing regions all over the world would help the wax market to grow in the years to come. However, wax of animal and vegetable origin involves a high manufacturing cost. It can hinder growth.
Asia-Pacific lead fueled by abundant availability of raw materials
On the basis of geography, the market is divided into Europe, Middle East & Africa, North America, Asia-Pacific, and Latin America. Of these, North America generated sales of $ 1,940.0 million in 2019. This growth is attributable to the United States, the country being considered the world’s largest importer and consumer of wax. In addition, the strong demand for high quality bio-based and petroleum-based candles would promote growth in this region.
Asia-Pacific, on the other hand, is expected to dominate the market over the next few years. This is expected to happen due to the growing number of end-use industries in various countries, as well as the availability of raw materials in abundance. Japan, India and China are the main markets in this region. India is one of the biggest producers of beeswax in the world.
The petroleum segment will grow considerably thanks to the increasing use of paraffin
In terms of product type, the market is divided into Animals and Plants, Minerals, Synthetics, and Petroleum. Of these, the petroleum segment held 63.5% wax market share in 2019 and is expected to experience considerable growth throughout the forecast period. Petroleum products mainly consist of microcrystalline type, petrolatum and paraffin. Paraffin is the most widely used product in the world. He is very versatile and has an unresponsive nature. Therefore, it is best suited for several industrial applications. In addition to that, it is cost effective unlike other types. The animal and plant segment would experience rapid growth due to the increasing demand for non-carcinogenic products, as well as non-toxic bio-based products.
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Major players focus on manufacturing new products to increase competition
The market consists of a large number of companies that strive to keep up with the latest trends to meet the needs of their growing customer base. They do this either by investing large sums in expansion projects or by aiming to expand their portfolio by launching innovative products.
Below are two of the major developments in the industry:
- February 2018: Sasol, an integrated energy and chemicals company based in South Africa, has inaugurated the completion of its FT Wax Expansion Project (FTWEP). This would strengthen South Africa’s position in the wax industry. The company will now be able to produce high quality waxes with unique characteristics.
- February 2017: Kerax Limited, an England-based wax manufacturer and supplier, introduced their new soy candle wax. It’s called KeraSoy. These pillar and container candle waxes are specially developed by the company to make candles with superb adhesion to glass, excellent fragrance and premium finish.
Main Table of Contents:
- Scope of research
- Market segmentation
- Research methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Key ideas
- Main emerging trends in the global market
- Latest technological advances
- Overview of the regulatory scenario
- Porters Five Forces Analysis
- Main developments: acquisition, collaboration, strategic partnership and joint venture
- Global Wax Market Analysis, Outlook and Forecast – by Product Type, 2016-2027
- Main conclusions / summary
- Market analysis, information and forecast – by product type
- Petroleum wax
- Synthetic wax
- Mineral wax
- Animal and vegetable wax
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Industrial wax market size, Share and COVID-19 impact analysis, by type (fossil-based wax, synthetic wax, bio-based wax), by application (candles, coatings and varnishes, packaging, food, tires and rubber, cosmetics and personal care, hot melt Adhesives and others) and regional forecast, 2020-2027
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