Global Market Study
on Wax: APEJ to
Lead the Global
Market in Terms of Revenue during 2017 - 2026
The report by Persistence Market Research (PMR) expects the global wax
market to witness sluggish growth. It is also anticipated to register CAGR of
2.9% during the forecast period between 2017 and 2026. The global wax
market is also expected to bring in US$ 11,017.7 million revenue towards the
end of 2026.
There are different types of waxes being used for various applications. For
instance, the fossil-based wax is being largely used for making candles,
coatings and polishing, and in packaging. Meanwhile, paraffin wax which is
derived from various processes of crude oil refining is being used in beauty and
cosmetic care industry as it is safe to use. However, the demand for paraffin
wax is declining as the demand for bio-based wax is growing, especially in the
various countries in Asia-Pacific. The fully refined waxes are also widely used
for candle making and as wax coatings for paper, film and foil substrates used
in the packaging. The global wax market has also become highly volatile in the
recent years owing to the price volatility of crude oil.
Increasing Application of Wax in Various Industries to Impact the Market
Growth
Strengthening economy in the developed nations is supporting the
manufacturing sector. Hence, the industrial wax is witnessing a rise in demand
for adhesives, inks and coatings, and plastic and rubber processing. Meanwhile,
these processing mostly uses cost-effective wax. The wax is expected to witness
strong demand in the manufacturing sector and in construction activity.
However, owing to the closure of some wax producing plants in North America
and Europe is resulting in the decline in the wax market. Meanwhile, the
demand for vegetable and synthetic wax has increased. Moreover, it is also
becoming inevitable for wax producing companies to shift from petroleum wax
to natural vegetable and synthetic wax. These companies are therefore adopting
innovative technologies in their production facilities.
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Global Wax Market: Segment-Wise Analysis
The global wax market is segmented into the industry, application, product
type, and region. Based on the product type, paraffin wax is expected to emerge
as the largest product in the market. By the end of 2026, paraffin wax is
estimated to surpass US$ 3,700 million revenue.
Based on the industry, plastic & rubber industry is expected to witness the
highest growth during the forecast period 2017-2026. By the end of 2026,
plastic & rubber industry is estimated to bring in more than US$ 2,400 million
revenue.
Based on the application, the global wax market is segmented into
rheology/surface applications, candles, polish, rubber, cosmetics, hot-melt
adhesive, soap wax, and other. Among these, candles are expected to emerge as
the largest application segment in the wax market. Candles are estimated to
create an incremental opportunity of more than US$ 900 million between 2017
and 2026.
Geographically, the global wax market is segmented into Latin America,
Europe, North America, Asia Pacific Excluding Japan (APEJ), Japan, and the
Middle East and Africa (MEA). Among these, APEJ is expected to emerge as
the most attractive market in the global wax market during the forecast period
2017-2026.
Global Wax Market: Competitive Analysis
The report provides a detailed profile of various companies operating in the
global wax market. Some of the leading players in the market are Exxon Mobil
Corporation, Royal Dutch Shell plc., BP plc., Akzo Nobel NV, The Lubrizol
Corporation, Honeywell International Inc., Cargill, Inc., Archer Daniels
Midland Company, BASF SE, and Evonik Industries AG. The leading players
are entering into a partnership and merger and acquisition to expand their reach
and improve market share.
Report overview @
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