Press
Release

Wax Market to Clock US$ 10.73 Bn by 2027 End, Remarkable Growth in End-use Industries Boosts Demand for Wax, Finds TMR

• Major players in wax market are strengthening their production abilities to fulfill growing market demand.
• Asia Pacific is expected to remain dominant contributor to market growth due to presence of major producers as well as consumer in the region. Countries Such as India and China from Asia Pacific are largest exporters of wax.

Transparency Market Research, New York: Waxes are majorly used as base materials, added substances, and to assist in preparing. There are wide range of products such as synthetic wax, petroleum and mineral wax, and natural wax available in the wax market. These products find application in gamut of end-use industries such as inks and coatings, paints, bundling, materials, electrical, hardware, elastic, sustenance, beautifying agents, and pharmaceuticals.

Analysts at TMR highlight that growing opportunities from various end-use industries will help the global wax market garner prominent growth during the forecast period of 2019 to 2027 and reach to the valuation of approximately 10.73 Bn by the end of 2027.

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Key Findings of Wax Market Report

• The global wax market was valued around US$ 8.49 Bn in 2018.
• It is showing growth at a promising CAGR of approximately 2.62% during tenure of 2019 to 2027.
• The market is projected to show growth at rapid pace and touch value of around US$ 10.73 Bn by 2027 end.
• Of various end-use industries, candle segment accounted for over 41% of the market
• The above segment is expected to remain dominant during forecast period of 2019 to 2027.
• Of diverse product type, petroleum and mineral wax was dominant segment in 2018.
• Other outstanding segment in product type was synthetic wax, which accounted for approximately 11% in 2018.
• The segment is expected to show growth rapid pace in the forthcoming years
• Geographically, Asia Pacific holds major share in the wax market
• China is biggest wax provider in the world
• The wax market has moderately consolidate landscape

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Wax Market: Key Driving Factors and Promising Avenues

Wax is gaining popularity owing to gamut of properties such as anti-caking and excellent insulation. Apart from this, wax is known for offering resistance from moisture, odor, and micro-organisms. As a result, it is increasingly used in the manufacturing of rubber, adhesives, packaging, cosmetics, wood and fire-logs, and candles. Thus, growing use in all these industries will spur the demand in the global wax market.

Wax is gathering prominent usage as a protector in hardware and electrical sector. This factor is stimulating demand avenues in the global wax market.

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Wax Market: Competitive Assessment

Major players in the global wax market are concentrating on strengthening their production capabilities. This move is helping vendors ensure the continuous supply of products to end-use industries. In addition to this, they are increasing efforts to grow their regional presence.

The list of well-entrenched players operating in the global wax market includes following names: Sasol Wax, The International Group, Inc. (IGI), Exxon Mobil Corporation, China National Petroleum Corporation (CNPC), Total Petrochemicals & Refining USA Inc, Lukoil, Petróleos de Venezuela SA., Sinopec Limited, and Royal Dutch Shell plc.

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Wax Market: Regional Landscape

The wax market shows presence in many regions such as Europe, North America, Latin America, Japan, and Asia Pacific excluding Japan. Of them, Asia Pacific is one of the prominent regions in the global wax market. The product is in high demand among producers of candles, bundling, glues, and beautifying agents.

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The wax market can be segmented as follows:

Product

• Petroleum & Mineral wax
• Paraffin wax
• Microcrystalline wax
• Others
• Synthetic wax
• Gas-to-liquids (GTL) wax
• Polymer wax
• Others
• Natural wax
• Beeswax
• Vegetable wax
• Others

Application

• Candles
• Packaging
• Wood & fire-logs
• Rubber
• Adhesive
• Cosmetics
• Others

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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