The global Wax Market is expected to expand at a substantial rate in the years to come. This could be credited to the fact application in the adhesive industry is being driven by growing application in the adhesive industry; which, in turn, is boosted by the ever-expanding automotive and construction industries all over the world. Candles and packaging are already the torchbearers in this regard.
Natural wax does have a plethora of applications. However, increasing concerns regarding ecological imbalance have adversely affected the demand for petroleum wax. Plus, governments have come up with legislations against products derived from crude oil. The “Medical & pharmaceutical” sector is amongst the fastest growing applications. This could be attributed to growth in the geriatric population and medical tourism (in developed economies in particular).
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The market is segmented based on type, application, and geography. By type, the wax market comprises petroleum & mineral, microcrystalline, synthetic, polymer waxes, natural, and vegetable wax. By application, the segmentation goes like packaging, candles, rubber, cosmetics, adhesives, wood & fire-logs, and others. By geography, the wax market spans North America (U.S., Canada), Europe (Germany, UK, Spain, France, Russia, Italy), Asia Pacific (India, China, Australia, Japan, Malaysia, Indonesia), LATAM (Mexico, Brazil), and MEA (GCC, South Africa).
The Asia Pacific rules the market; thanks to extensive demand in end-user industries (candles in particular). As such, Asia Pacific is the manufacturing hub on this count. Demand for wax products in MEA and North America is expected to increase at a moderate pace in the near future. The demand for wax is also propelled by the packaging and cosmetics industry.
The players contributing to the wax market include Royal Dutch Shell Plc, Petroleo Brasileiro S.A. (Petrobras), Sinopec Ltd., Lukoil Company, Total S.A., China National Petroleum Corporation (CNPC), The International Group, Inc., Exxon Mobil Corporation, and Sasol. Organic expansion is on the rise. For instance – Sasol is into the expansion of its wax production facility in Johannesburg (South Africa).
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