Synthetic Wax Market to Grow at a CAGR of 5.2% from 2023 to 2031, Reaching US$ 15.4 Billion | Transparency Market Research

Wilmington, Delaware, United States, , May 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Synthetic Wax Market stood at US$ 9.7 billion in 2022 and the global market is projected to reach US$ 15.4 billion by 2031. The global industry is anticipated to expand at a CAGR of 5.2% between 2023 and 2031.

The market value of synthetic wax is increasing due to increasing demand from the packaging industry. Synthetic wax is widely used in the packaging industry due to its superior properties such as water resistance, chemical resistance, and high melting points. The demand for synthetic wax is expected to rise, with the growing demand for eco-friendly and sustainable packaging materials as it is a sustainable alternative to petroleum-based wax.

Growing demand from the cosmetics industry is another significant factor contributing to the market growth. The cosmetics industry is one of the largest consumers of synthetic wax, as it is widely used in the production of lipsticks, lip balms, and other cosmetic products. The increasing demand for cosmetic products globally is expected to drive the growth of the Synthetic Wax Market.

The market prospects have been driven by factors such as increasing use in the adhesive industry, over the analysis period. Synthetic wax is widely used in the adhesive industry as a binding agent. The growing demand for adhesives in various applications such as packaging, construction, and automotive is anticipated to propel the demand for synthetic wax.

The growth of the Synthetic Wax Market is also rising, owing to increasing demand from the food industry. Synthetic wax is used as a coating material in the food industry to improve the shelf life of food products. The demand for synthetic wax is projected to rise, with the growing demand for packaged and processed food products.

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Market Scope:

Key Findings of the Market Report

• By type, polyethylene wax is likely to be most preferred, expected to expand at a significant share, attributed to the growing demand from the packaging industry, rising demand from the cosmetics industry, and increasing demand from the textile industry.
• Based on application, the coatings segment holds a significant market share, due to the growing demand from the construction industry, increasing demand from the automotive industry, and, growing demand for eco-friendly coatings.
• By end use, paints and coatings are expected to boost the market growth, attributed to factors including the growing demand from the construction industry, increasing demand from the automotive industry, growing demand for eco-friendly coatings
  

Global Synthetic Wax Market: Growth Drivers

• The global Synthetic Wax Market is projected to expand at a steady pace from 2023 to 2031, due to the increasing use in the personal care industry.
• Another factor that is projected to augment the market growth includes the increasing technological advancements in the production process.
• Additionally, the increasing demand from the candle industry is a major factor that is anticipated to fuel the market prospects in the near future.
  

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Global Synthetic Wax Market: Regional Landscape

• Asia Pacific is expected to dominate the Synthetic Wax Market during the forecast period, attributed to growing demand from end-use industries such as packaging, cosmetics, textiles, among others. The region held 45.3% share in 2022.
• Various initiatives and policies from governments, are anticipated to escalate the growth of the regional market over the analysis period.
• In China, the government's "Made in China 2025" initiative aims to upgrade the manufacturing industry and promote the development of high-end products. The initiative is expected to drive the demand for advanced materials, including synthetic wax, in the country.
  

Competitive Landscape

Prominent players in the synthetic wax industry are taking advantage of the rapidly increasing demand for synthetic wax. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:

• In 2022, Honeywell announced the launch of a new range of synthetic wax products called HONWAX™. These wax products are designed to provide improved lubrication, scratch resistance, and release properties in various applications, including plastics, coatings, and adhesives.
• In 2021, Sasol launched a new range of Fischer-Tropsch (FT) wax products called FT Wax 310, FT Wax 320, and FT Wax 330. These wax products are designed to provide improved performance in hot melt adhesives, PVC processing, and other applications.
• In 2021, Lubrizol launched a new line of synthetic wax products called Carbopol® Ultrez 30 Polymer. These wax products are designed to provide rheological control and texture enhancement in various personal care and home care applications.
• In 2021, Clariant announced the launch of a new line of sustainable wax products called Licocare® RBW Vita. These wax products are based on renewable raw materials and are used in various personal care and home care applications.

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Global Synthetic Wax Market: Segmentation

Type

• Polyethylene Wax
• Fischer-Tropsch Wax
• Polypropylene Wax
• Others

Application

• Cosmetics
• Candles
• Coatings
• Adhesives
• Printing Inks
• Others

End-use

• Personal Care
• Paints & Coatings
• Inks
• Chemicals
• Others
  

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
  

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