The global wax market was valued at $7,939.6 million in 2014, and it is expected to grow with a CAGR of 3.5% during 2015 – 2020. The factors driving the growth of the global market include growing base of end-user industries and increasing demand of natural waxes. Waxes have applications in several industries ranging from ink and coatings to packaging, paints to textile, electrical and electronics to rubber, and cosmetics and pharmaceuticals to food. Despite sluggish growth in the paraffin wax production, the demand for waxes in several industries is increasing. The growing base of end-user industries is creating demand for huge production of waxes, especially the natural and synthetic waxes. Waxes are used as processing aids, or as additives or base materials for improving the product quality. All these functions have significant effect on the properties of finished goods, such as surface protection in ceramics and metals, surface gloss in cardboard and paper, corrosion inhibitor in metal works, water repellent in textiles, and insulator in electric and electronics.
In 2014, the Asia-Pacific market held the largest share in the global market, in terms of value and volume. The major reasons behind the growth of the wax market in the region are presence of large number of wax producers in the region and growing base of end-user industries. Asia-Pacific is also anticipated to witness the fastest growth with a CAGR of 4.6% in terms of value, during the forecast period. However, the European market is witnessing sluggish growth, owing to the shutdown of Group I base oil refineries in the region. China is the largest supplier of waxes, especially petroleum based waxes, across the globe. A major portion of wax production from China is supplied to the U.S. and the European countries.
During 2015-2020, the health industries application segment is expected to witness the fastest growth, a CAGR of 5.1%, within the global wax market in terms of value.
Some of the major players operating in the global wax market are China National Petroleum Corporation, Exxon Mobil Corporation, Royal Dutch Shell PLC, Sasol Limited, The Lubrizol Corporation, Petróleo Brasileiro S.A., Honeywell International Inc., Akzo Nobel N.V., Evonik Industries AG, and Hexion Inc.
News Courtesy: P&S Market Research