Posted by Nishigandha Sachin Bhushinge on December 26th, 2019
Wax Market was valued US$ 8.24 Bn in 2018 and is estimated to reach US$ XX Bn by 2026 at a CAGR of about XX % during a forecast. Wax market is segmented by type, by application and by region. Based on type wax market is bifurcated into paraffin/mineral wax, synthetic wax, and natural wax. In terms of application it is divided into candles, packaging, emulsions, hot melts, floor polishes, and others. Region wise into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Robust expansion of packaging industry will be a vital factor responsible for driving wax market growth during forecast.
Increasing usage of paraffin wax in candles, rubber & plastic, and personal care industry is anticipated to impel growth of wax market. Technological improvements in paint & coating industry coupled with cosmetics, printing inks, pharmaceuticals and adhesives in emerging nations will further augment the wax market. Side effects of paraffin wax candle like migraines or asthma attacks may restrain the market in the forecast. Paraffin wax is leading the wax market due to its wide use in cosmetic, detergents, rubber solutions, aerosol formulation, adhesives, household cleaners, tire manufacturing, and wood treatment applications. Paraffin wax segment constitute two third share of market.
Synthetic wax accounted for second largest market. Natural wax is predicted to gain growth owing to its eco-friendly nature. Candle segment dominates the market. Candle holds two third share of market. Growing demand for perfumed and decorative candles for festive and special occasion for aesthetic purpose is anticipated to drive the demand for the wax over the forecast period. Packaging segment followed the candle market. Wax use in packaging offers water and water vapour resistance, gas and odour barrier, improved process efficiency. Asia Pacific accounted for major share in market in terms of both volume and revenue in the global wax market.
Demand for wax is also high from candles, adhesives, packaging, and cosmetics industries in Asia Pacific. China remains the largest supplier of wax, more specifically the petroleum-based waxes worldwide. North America and Europe is estimated to register a moderate growth. Key Players of the wax market include BASF SE, The International Group, Inc., Baker Hughes Incorporated, Evonik Industries AG, Mitsui Chemicals and Sasol NA Limited. Royal Dutch Shell plc., Exxon Mobil Corporation, BP plc., The Lubrizol Corporation, Akzo Nobel NV, Honeywell International Inc., Archer Daniels Midland Company, Cargill, Inc, China National Petroleum Corporation, International Group, Inc., Sinopec Limited, Royal Dutch Shell Plc, Lukoil, Total Petrochemicals and Petróleos de Venezuela, SA.
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Scope of the Wax Market
Wax Market, By Type:
• Paraffin/Mineral Wax • Synthetic Wax • Natural Wax
Wax Market, By Application:
• Candles • Packaging • Emulsions • Hot Melts • Floor Polishes • Others
Wax Market, By Region:
• North America • Europe • Asia Pacific • Middle East & Africa • Latin America
Key Players in the Wax Market:
• BASF SE • Baker Hughes Incorporated • Evonik Industries AG • Mitsui Chemicals and Sasol NA Limited • Royal Dutch Shell plc. • Exxon Mobil Corporation • The Lubrizol Corporation • Akzo Nobel NV • Honeywell International Inc. • Archer Daniels Midland Company • Cargill, Inc • China National Petroleum Corporation • Total Petrochemicals • Petróleos de Venezuela, SA. • National Petroleum Corporation • Sinopec Limited.
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About the AuthorNishigandha Sachin Bhushinge
Joined: December 18th, 2019
Articles Posted: 87
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