Albany, NY, April 7, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report titled "Wax Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020." According to the report, the global wax market was valued at US$ 8.21 Bn in 2013 and is anticipated to reach US$ 8.98 Bn by 2020, expanding at a CAGR of 2.6% between 2014 and 2020. In terms of volume, the global demand for wax stood at 4,539.9 kilo tons in 2013.
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Rising base of end-user industries is estimated to drive the global wax market. End-user industries of wax comprise candles, packaging, wood & fire-logs, rubber, adhesive, cosmetics, and others (including inks, crayons, polishes, and laminates). Cosmetics, packaging, and candles are the fastest-growing end-user industries in the global wax market. However, closure of Group I base oil refineries is projected to hamper market growth. Gas-to-liquids technology is likely to offer high opportunities for market players in the next few years.
Petroleum and mineral wax emerged as the largest product segment of the wax market in 2013. Synthetic wax is expected to be the fastest growing product type in the global wax market during the forecast period. Synthetic wax resembles petroleum wax to a large extent. Therefore, it can substitute petroleum wax in a variety of applications. Synthetic wax accounted for about 11% of the market share in 2013. Natural wax product segment is anticipated to expand at a moderate rate in the next few years.
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In terms of demand for wax by end-user industry, candles accounted for the largest share of the global wax market in 2013. Candles was the largest end-user industry for wax and accounted for over 41% share of the market in 2013. Cosmetics and packaging industries are the major industries driving demand for wax. Advantageous properties of wax are likely to boost demand in cosmetics and packaging industries during the forecast period.
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Asia Pacific dominated the global wax market in 2013, primarily due to the growth in candles, packaging, adhesive and cosmetics industries. The region is the largest producer of petroleum wax in the world; major refiners operate in the region. Asia Pacific exports wax to North America and Europe to help meet the increasing demand for wax in these regions. China is the center of the production of petroleum wax, while Malaysia contributes to the global supply of wax with the production of natural wax. Demand for wax in the Central & South America and Middle East & Africa regions is projected to increase at a moderate rate in the next few years.
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The global wax market is highly consolidated in nature; the top five players accounted for over 80% share in 2013. Key players in the wax market include China National Petroleum Corporation (CNPC), The International Group, Inc. (IGI), Exxon Mobil Corporation, Sasol Wax, Sinopec Limited and Royal Dutch Shell plc, Lukoil, Total Petrochemicals & Refining USA, Inc., and Petróleos de Venezuela, SA.
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This report segments the global wax market as follows:
Wax Market - Product Segment Analysis
Petroleum and mineral wax
- Paraffin wax
- Microcrystalline wax
- Others (Including semi-crystalline wax, petroleum jelly, etc.)
Synthetic wax
- Gas-to-liquids (GTL) wax
- Polymer wax
- Others (Including Montan wax, etc.)
Natural wax
- Beeswax
- Vegetable wax
- Others (Including animal wax, Japan wax, rice bran wax, etc.)
Wax Market - End-user Industry Analysis
- Candles
- Packaging
- Wood & fire-logs
- Rubber
- Adhesive
- Cosmetics
- Others (Including crayons, laminates, inks, polishes, insulation, etc.)
Wax Market - Regional Analysis
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.