In 2014, the global wax market held a value of $7,939.6 million which is projected to witness a prominent growth at a CAGR of 3.5%, in the forecast period. This growth is ascribed to the factors including the growth in the end use industries followed by the rise in demand for natural waxes.
Wax has applications in various industries that ranges from paints to textile, ink & coatings for packaging, cosmetics and pharmaceuticals to food, and electrical & electronics to rubber. Nevertheless, the production of paraffin wax shown sluggish growth during recent past, the consumption of waxes in various industries is continuously increasing. The rise in the product demand in end-use industries, is generating demand for waxes in a large scale, primarily the synthetic and natural waxes. The functions of waxes including usage as additives, processing aids, or base materials to improve the quality of product, have an impact on the properties of those finished goods, including surface protection in metals and ceramics, insulator in electric & electronics, and water repellent in textiles.
On the basis of application, the application in health industries is expected to generate a significant amount consumption demand, by witnessing the highest growth rate of a CAGR of 5.1% during the forecast period in the global market of wax.
Based on the region, the Asia-Pacific (APAC) wax market accounted for the largest market value in the global wax market, in 2014, in both volume and value. The key factors for this significant market share in the region are the presence of several wax producers in region and growth in the end-use industries. APAC region is also expected to show a fastest growth rate with a CAGR of 4.6% in terms of value, during the forecast period. China has the large supply volume of waxes, majorly crude oil-based waxes. A major chunk of Chinese wax production is exported to the European countries and the U.S. In addition, the European wax market has been witnessing sluggish growth, owing to the shutdown of Group I base oil refineries in the region.
Globally, the key market players in the wax market include the Exxon Mobil Corporation, China National Petroleum Corporation, Sasol Limited, Royal Dutch Shell PLC, Petróleo Brasileiro S.A., Evonik Industries AG, The Lubrizol Corporation, Akzo Nobel N.V., Honeywell International Inc., and Hexion Inc.
The information and data in the publication “Global Wax Market Size, Share, Development, Growth and Demand Forecast to 2020”, represents the research and analysis of data from various primary and secondary sources. An amalgamation of top-down and bottom-up approach has been used to calculate the market size. P&S Intelligence analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
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GLOBAL WAX MARKET SEGMENTATION