WELLESLEY, Mass., April 24, 2018 (GLOBE NEWSWIRE) -- Growth in the cosmetics industry and vegan lifestyles are just two of the factors driving expansion of the synthetic and natural waxes market, according to a report by BCC Research.
The industry is expected to see a compound annual growth rate (CAGR) of 8.5% through 2022, when it could be worth $1.9 billion, according to the report Synthetic and Natural Waxes: Global Markets.
Major players in the market include Arya Chem Inc., BASF Corp., Calwax LLC., Cargill Inc., Darent Wax Co., Hari Shellac Industries, Honeywell Inc., Kerax Ltd., Lubrizol Corp., Poth Hille & Co., Sasol and Trecora Chemical.
Research Highlights
- While the threat of new entrants into the market is seen as low, the threat of substitutes is projected to be high. Synthetic and natural waxes can be used interchangeably in multiple applications.
- Homopolymers are greater than copolymers in terms of value and growth, with a CAGR through 2022 of 7.2%, when production will reach 837.7 kilotons.
- Among homopolymer waxes, ethylene polymers will lead in value, reaching $459 million by 2022, though growth will be led by Fischer-Tropsch waxes, which anticipate a CAGR of 10.4%
“Carnauba, soy and candelilla are the most widely used plant waxes, and beeswax is the most widely used animal wax,” said report author Niladri Chakraborty. “Natural waxes represent approximately 4% of the global wax demand.”
Market Challenged by Growing Focus on Electrification
Amid strong global growth, there are challenges to the market, the report notes. Global economic development is leading to widespread electrification, which in turn is lowering the need for candles. This is expected to primarily affect the synthetic wax market.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.