NEW YORK, May 21, 2019 (GLOBE NEWSWIRE) -- The global wax market is projected to reach USD 11.9 billion by 2025, growing at a CAGR of 3.4% over the next seven years. Factors driving market growth include; vast applications in various end-use industries, and increasing demand of natural wax across the globe. Moreover, high population and increasing disposable income in developing countries is also projected to impel the market growth over the forecast period.
Depending on their type, waxes can be petroleum and mineral wax, synthetic wax, and naturally occurring. Petroleum derived waxes include paraffin and microcrystalline waxes. Based on oil content and melting point, paraffin wax can be classified into semi refined paraffin wax and fully refined paraffin wax. Semi refined paraffin waxes have higher percentage of oil content, as compared to fully refined waxes.
Key Findings from the Report:
- The global wax market is expected to reach USD 11.9 billion by 2025 at a CAGR of 3.4% during 2019-2025
- Based on type, the petroleum and mineral wax segment held the major share of the wax market in 2018
- Asia-Pacific dominated the global wax market in 2018, and is expected to grow at the highest CAGR over the forecast period
- Some of the key companies operating in the industry include Sinopec Corp; China National Petroleum Corporation; Sasol Ltd.; Royal Dutch Shell plc; Exxon Mobil Corporation; Evonik Industries AG; BASF SE; HollyFrontier Corporation; Honeywell International Inc.; and BP plc; among others
Growing Demand for Natural Waxes
Currently, the wax market is dominated by petroleum-based waxes. Natural waxes are costlier than petroleum and mineral derived waxes. However, owing to the increasing consumer preference for natural products and falling supply of petroleum-based waxes, the demand for natural waxes is on the rise. Natural waxes are synthesized from various plants and animals. With increasing applications of waxes in food, healthcare, and cosmetics, the demand for natural wax has further gained momentum.
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Wax Market - Regional insight
Asia-Pacific dominated the global wax market in 2018, and is expected to grow at the highest CAGR over the forecast period. The growth can be primarily attributed to the high population, and increasing disposable income in the emerging economies. Moreover, rapid industrialization and growing construction activities in the region is also expected to impel the market growth. The growth in the region is led by China, owing to its large production and processing capability.
The report segments wax market on the basis of type, application, and region.
By Type
- Petroleum and Mineral Wax
- Synthetic Wax
- Natural Wax
By Application
- Candles
- Packaging
- Coatings & Polishes
- Adhesives
- Cosmetics
- Rubber
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Central and South America (CSA)
- Middle East & Africa (MEA)
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