The global waxmarket is expected to reach USD 12.9 billion
by 2025, and is expected to grow at a CAGR of 3.7% from 2017 to 2025, according
to a report by Grand View Research, Inc. Rising demand for the product owing to
its superior properties including high gloss, non-toxicity, good water
repellency and outstanding chemical resistance is anticipated to augment the
industry size over the forecast period.
The growing consumption
of synthetic wax as it offers various properties such as thermal degradation
resistance, high temperature stability and good heat resistance is likely to
increase its demand in creams, eye make-ups and lipsticks in cosmetics
applications.
Natural wax has been
emerging as a potential mineral and synthetic wax alternative on account of its
ability to provide luster and excellent oil retention coupled with environment
friendly nature. High scuff-resistant toughness and melting point, and chemical
stability of the product as a substitute to paraffin, microcrystalline and
polyethylene waxes is expected to witness promising gains over the upcoming
years.
The candles accounted
for 36.01% of the overall revenue share in 2016 and is expected to witness
growth owing to high usage of the product are as gift items for various
occasions, including house warming gifts, adult birthday party gifts as well as
thank you and dinner/hostess party gifts. The increasing demand for blended,
palm and soy waxes in candles industry is expected to augment the overall wax
consumption in the near future.
Browse full report by Grand View
Research : http://www.grandviewresearch.com/industry-analysis/wax-market
Further key findings from the report suggest:
·
Mineral wax is likely to witness
significant volume gains with a predicted CAGR of 3.3% from 2017 to 2025 on
account of rising consumption of the product in detergents, rubber solutions,
aerosol formulation, adhesives, household cleaners, tire manufacturing, and
wood treatment applications.
·
North America was the dominant market and
accounted for 34.9% of the overall revenue share in 2016. The rising
consumption of the product in packaging of milk cartons, paper drinking cups
and waxed paper is anticipated to drive the market growth over the forecast
period.
·
The cosmetics application is anticipated to
augment the U.S. industry consumption as a result of rising demand for various
skin-care products such as face masks, creams and peels.The U.S. market has
also demonstrated a shift in demand towards natural and organic cosmetics,
thereby providing further avenues for growth.
·
Key players dominating the industry are
Evonik Industries AG, ExxonMobil Corp., Sinopec Corp., CNPC, BASF SE, Royal
Dutch Shell Plc. And HollyFrontier Corp.
·
Industry is highly competitive with
companies undertaking several initiatives including frequent mergers,
acquisitions, capital expansion and strategic alliances. Growing plastics and
rubber processing sector along with rising consumption of adhesives, fire logs,
and candles and decorative products applications is projected to propel the
industry demand.
·
In June 2017, BASF SE introduced a new
plant for waxes and emollients in Jinshan, Shanghai, China. This plant, having
invested over €20 million by the company, was inaugurated on account of further
enhancing and complementing BASF’s then current production of primary
surfactants, emulsifiers and wax esters, and to serve the personal care
industry in China as well as in Asia Pacific.
·
In July 2017, Royal Dutch Shell Plc.
introduced new wax products, namely Slackwax 120 and Slackwax 60. These new
products will be produced at its manufacturing site in Pulau Bukom, Singapore.
By producing over 60,000 tons of these products, the company is aimed at
serving its customers in Europe, the U.S. and Asia.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/organic-chemicals-and-compounds
Grand View Research has
segmented the wax market on the basis of product, application, and region:
Product Outlook (Volume, Tons; Revenue, USD Million;
2014 - 2025)
·
Mineral wax
·
Synthetic Wax
·
Natural Wax
Application Outlook (Volume, Tons; Revenue, USD Million;
2014 - 2025)
·
Candles
·
Packaging
·
Plastic & Rubber
·
Cosmetics & Toiletries
·
Fire Logs
·
Adhesives
Regional Outlook (Volume, Tons; Revenue, USD Million;
2014 - 2025)
·
North America
o U.S.
o Canada
·
Europe
o Germany
o UK
·
Asia Pacific
o China
o India
·
Central & South America
o Brazil
·
Middle East & Africa
View press release of this research
report by Grand View Research:
http://www.grandviewresearch.com/press-release/global-wax-marketAbout Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
