Westford USA, Aug. 15, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the global wax market is expected to experience significant growth owing to various factors. The rise in the usage of waxes in the packaging industry, driven by the growing demand for packaging materials, is one of the key drivers. Additionally, there is an increase in demand for wax in sectors such as paperboard & paper and building boards, driven by the construction and packaging industries.
Browse in-depth TOC on the "Wax Market"
- Pages - 165
- Tables - 66
- Figures – 75
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The growth of the wax market is primarily driven by significant expansion in various end-use sectors and emerging product applications. One of the key sectors driving market growth is the cosmetics and personal care industry. Wax plays a crucial role in this industry by serving as a thickening agent in formulations, providing stability to products, and offering emollient and protective qualities.
Prominent Players in Wax Market
- Sasol Limited
- ExxonMobil Corporation
- Royal Dutch Shell plc
- Total SA
- China National Petroleum Corporation (CNPC)
- Lukoil
- Sinopec Corp
- BASF SE
- Clariant AG
- Evonik Industries AG
- Honeywell International Inc.
- The International Group, Inc.
- The Dow Chemical Company
- Nippon Seiro Co., Ltd.
- The Lubrizol Corporation
- Akzo Nobel N.V.
- The Blayson Group Ltd.
- Calumet Specialty Products Partners, L.P.
- Koster Keunen, Inc.
- Micro Powders, Inc.
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Mineral Wax Segment is Expected to Dominate the Market Due to the Increasing Demand for Hot Melts
Mineral wax segment accounted for over 65% of the global wax market in 2022 and is projected to retain its dominant position in the predictable future. Mineral waxes are known for their purity, as they do not contain any alcohol or esters. These waxes are derived from coal, petroleum, lignite, and shale oil through fractional distillation.
The markets in Europe emerged as the second-largest contributor to the revenue share in the wax market in 2022. This growth is primarily driven by the increasing demand for hot melts in the adhesives and sealants industry within the region.
Candle Segment is Expected to Grow the Market Due to the Increasing Per Capita Income
The candle segment held a market share of over 30% in the global wax market in 2022. Candles serve multiple purposes, including stress relief and home fragrance, making them popular among consumers. According to the National Candle Association, approximately 7 out of 10 households use candles for stress-related therapies and scented candles as home fragrance products.
Regional markets in the Asia Pacific have emerged as the leading contributor to the global wax market, holding over 30% of the market share. This growth can be attributed to several factors, including the increasing per capita income and improving living standards in countries such as China and India.
A comprehensive analysis of the major players in the wax market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Wax Market
- Recently, ExxonMobil announced the streamlining of its business structure. The company planned to combine its chemical and downstream companies to enhance operational efficiency and effectiveness. As part of this restructuring, ExxonMobil also intended to centralize technology and engineering functions, enabling better coordination and utilization of resources across its operations.
- Sasol Limited, a significant player in the global wax market, entered into a distribution agreement with DKSH Management Limited, based in Switzerland recently. The agreement focused on marketing, distribution, and logistics for Sasol's chemicals and wax products, specifically in the market.
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Key Questions Answered in Wax Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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