16 May 2019: Global Wax Market is expected to reach USD 12.9 billion by 2025. A wax is a substance with a simple lipid that is an ester of a long-chain fatty acid and an alcohol. It is hydrophobic and a malleable solid at a specific temperature. Paraffin wax and bee wax are majorly used wax. It is soluble in organic nonpolar solvents, as it includes higher alkanes and lipids, which melt at temperature above 40 °C or 104 °F. In nature, it is found as coating on leaves, stem, and fruits. The wax industry is estimated to grow at a significant CAGR of 3.7% over the forecast period as the scope and its applications are rising enormously across the globe.
Increasing demand for wax across world due to its properties like lubrication, mold ability, moisture control, and viscosity regulation are documented as major factors of the market that are estimated to enhance the growth in the years to come. However, rising cost of natural & synthetic wax may restrain overall market in coming years. The market is segmented based on type, application, and region.
Natural wax, mineral wax, and synthetic wax are the types that could be explored in the market in the forecast period. The mineral wax sector accounted for the substantial market share of Wax Market in terms of volume and is estimated to remain dominant in the coming years. This may be because of its demand in gases and liquid barriers, lotions and rust preventatives. Also, synthetic wax sector is estimated to grow at fastest pace in coming years.
The market may be categorized based on applications like adhesives, candles, fire logs, packaging, cosmetics & toiletries, plastic & rubber, and others that could be explored in the forecast period. The candles sector accounted for the substantial market share of wax industry and is estimated to continue its dominance in the coming years. This may be because of high demand from populace, as they are cost-efficient, easily available, growing distribution channels, and numerous variety like birthday candles, novelty candles, jar/container candles, and liturgical & outdoor candles. Also, packaging sector is estimated to grow at fastest pace in coming years.
Globally, North America accounted for the substantial market share of wax market and is estimated to lead the overall market in coming years. The reason behind the overall market growth could be presence of key manufacturers like Johnson & Johnson, Maybelline, Unilever, Procter and Gamble, Avon, and Colgate-Palmolive. The United States is a major consumer of wax industry in the region.
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Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR in the foremost period. The aspects that may be ascribed to the growth comprise expansion of packaging industry and high demand for printing ink. The developing countries like India, Indonesia, China, Malaysia, and Japan are the major consumers of wax market in the region.
The key players of wax industry are Mitsui Chemicals and Sasol NA Limited, BASF SE, Evonik Industries AG, The International Group, Inc., and Baker Hughes Incorporated. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.
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