Global Wax MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $11.6 Billion by 2024 from $8.3 Billion in 2016; growing at a CAGR of 4.3% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 4.7% and 4.5%, respectively, during the forecast period.In terms of volume, the market is expected to reach 6,473 Kilo tons by 2024, at a CAGR of 3.5% from 2016 – 2024. Wax is a distinct category of organic compounds that is hydrophobic, and pliable solids close to ambient temperatures. The wax market is growing owing to its many properties, such asexceptional temperature performance, scuff resistance, and excellentchemical & electrical resistance.
“Wax Market (By Product Type: Petroleum and Mineral Wax, Synthetic Wax, and Natural Wax; By Application: Candles, Packaging, Board Sizing, Rheology Surface, Health Industries, Cosmetics, and Other Applications; By Geography: North America, Europe, Asia-Pacific and Row)Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024”
Growing adoption of synthetic waxes to drive the growth of global wax market
Growing adoption of synthetic waxes is amongst one of the major factors driving the global wax market. The demand for synthetic wax has increased among consumers owing to its usage as a substitute to naturally available wax.Synthetic waxes are extensively used as additives to create low-cost wax and high-performance wax blends which would be amongst the major attraction of consumers in the future years. Others factors such as, rising applications including candle, coating and polishes, and tire & rubber, among others is supplementing the wax market across various geographies. However,reduction in supply of paraffin wax, and rising prices of synthetic & bio-based waxes may limit the market growth. Rising demand for unconventional waxes is expected to generate various growth opportunities for the market in the forecast period.
Product type, application, and geography are the major categorizations considered in the global wax market. Product type segment is classified into petroleum and mineral wax(paraffin wax, microcrystalline wax and others), natural wax(vegetable wax, animal & insect wax, and others), and synthetic wax(polymer wax, GTL wax, and others). On the basis of application, the market comprises candles, board sizing, packaging, rheology surface, health industries, cosmetics, and other applications.
Petroleum and mineral wax dominated the product type segment
Global Wax Market, by Product Type
Petroleum & mineral wax dominated the product type segment with major share. The segment accounted for around two-third of the total market share in 2016, and is expected to continue its dominanceduring the forecast period 2016 – 2024. The high growth is majorly seen due to expanding range of applications in in various new industries such as packaging, coatings, and pharmaceuticals. Additionally, increased demand from adhesives, sealants, lubricants, and insecticides, among other applications boost the market in developing regions such as the Asia-Pacific.
Candles dominated the application segment in 2016
Global Wax Market, by Application
Candles dominated the application segment and accounted for more than one-third of the global market share in 2016. The high growth is credited due toits wide range of product portfolio with respect to various sizes& shapes, ranging from floating candles, birthday candles, tapers, tealights, pillars, utility candles, jar/container candles, outdoor candles, novelty candles, and liturgical candles.
Asia-Pacific accounted for highest market share in the global wax market
GLOBAL WAX MARKET SHARE BY GEOGRAPHY, 2016 (%)
In 2016, Asia-Pacific generated the highestrevenue accounting for 34.9% of the total market share, and is expected to attain the fastest CAGR throughout the forecast period 2016 – 2024. Risingadoption of synthetic waxes, and increasing per capita income in the emerging economies such as India, China and Other Asian Countries,are the factors driving the growth of the Asia-Pacificwax market.
The key players profiled in the market includeThe Blayson Group Ltd, Royal Dutch Shell Plc, Exxon Mobil Corp.,Petrobras Brasileiro S.A., Sasol Limited, PJSC Lukoil, HCl WAX,Numaligarh Refinery Limited, International Group, Inc.,and Sinopec Corp.,among others.