Synthetic Wax Segment is Expected to Achieve the Fastest Growth (4.2% CAGR) during 2015 – 2020, in the Global Wax Market
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.
New York, United States – November 27, 2017 /MarketersMedia/ —
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.
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The increased demand of natural wax and large base of end-user industries is driving the growth of the global market. The demand for vegetable and animal waxes in the cosmetics and healthcare industries is continuously increasing, due to the several advantages of natural waxes, such as sustainability, renewability, biodegradability , high melting point, petroleum free content, and other eco-friendly attributes. However, the shutting down of Group I base oil refineries across the globe has tightened the global wax supply, which is hindering the growth of the global wax market.
During 2015 – 2020, the synthetic wax segment is expected to witness the fastest growth (4.9% CAGR) in terms of value in the global market. The candles segment held the largest market size with 1,976.5 kilotons volume in 2014, and it is expected to reach 2,321.4 kilotons by 2020, growing with a CAGR of 2.7% during the period 2015-2020.
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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. Asia-Pacific accounted for the largest share of the global wax market with 1,579.6 kilotons consumed in 2014. The North American market was valued at $ 2,467.9 million in 2014 and accounted for the second largest share in the global wax market.
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.
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