Wax Market Size, Share & Trends Report

Wax Market Size, Share & Trends Analysis Report By Application (Candles, Packaging, Plastic & Rubber, Cosmetics & Toiletries, Fire Logs, Adhesives), By Product (Synthetic, Natural, Mineral), And Segment Forecasts, 2019 - 2025

  • Published Date: Apr, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-2-68038-024-8
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2017
  • Number of Pages: 120

Industry Insights

The global wax market size was valued at USD 10.03 billion in 2018 and is expected to grow at a CAGR of 3.7% from 2019 to 2025. Increasing demand for wax and its derivatives owing to their superior properties, such as good water repellency, non-toxicity, and outstanding chemical resistance, is expected to steer the market growth over the forecast period.

Moreover, rise in demand for paperboard & paper and building boards is likely to contribute to the market development. Rapidly growing personal care & cosmetics, inks & coatings, and adhesives sectors are also expected to drive the product demand in the coming years. Asia Pacific is expected to witness a significant demand for synthetic derivative. Rising population and increasing demand for pharmaceutical, automotive, and household products are expected to propel the market over the forecast period.

U.S. wax market

Escalating demand for plastics and rubber in defense, aerospace, and automotive sectors is also expected to fuel industry growth during the next few years. Sinopec Corp., Evonik Industries AG, CNPC, BASF SE, ExxonMobil Corp., Royal Dutch Shell Plc, and HollyFrontier Corp. are some of the prominent companies in the market. These have undertaken different initiatives, such as frequent capacity expansion, strategic alliances, acquisitions, and mergers, to maintain their position in the industry.

Rising demand for adhesives, fire logs, candles, and decorative products along with the expansion of plastic & rubber processing sector, is further expected to impel industry growth. Major environmental problem of waste disposal of synthetic derivative, on account of harmful chemical content in the waste, and volatility in raw material prices may pose a challenge to the wax market growth.

Product Insights

Petrolatum, paraffin, and microcrystalline are the three types of wax extracted from crude oil refining. Petrolatum derivatives are obtained from the dilution and centrifugal (or filtering) separation of heavy residual oils. Paraffin derivatives are derived from a composite mixture of hydrocarbons, while microcrystalline derivatives are obtained from residual oils and heavy lube distillates. Major mineral derivatives manufacturers are Hebei Banner Chemicals Co., Ltd.; Omnova Solutions, Inc.; Stevenson-Cooper, Inc.; Vast Chemicals Co., Ltd.; Sinopec Corp.; ExxonMobil Corp.; and HollyFrontier Corp.

Synthetic derivatives are available in various forms including Gas-to-Liquid (GTL), which are produced by specialized and unique processes wherein coal, natural gas, and/or other carbon-rich stock is converted into long chain of paraffin. It is a crystalline and low-molecular resin that has several properties including semi-solid or solid consistency at room temperature and a low melting point of approximately 150°C.

Application Insights

Wax is widely used in candle making, packaging, plastic & rubber, cosmetics & toiletries, fire logs, adhesives. It is also used in other niche applications including inks, coatings, batteries, board sizing, bottle cap liner, chewing gum base, crayons, corrosion inhibitors, fabric finishing, floor polishes, insulation, investment casting, leather treating, metal coating, paint & varnish removers, and vine grafting.

The candles market is anticipated to witness a high growth on account of rising popularity of home fragrance products in the developed countries, such as U.S., U.K., and Canada. Major industrial segments where wax or its blends find application include food containers, paper cups, folding cartons, flexible packaging, and corrugated containers.

Global wax market

Several properties, such as water vapor and water resistance and its functioning as a good barrier against odor, gas transmission, and moisture vapor are beneficial for packaging. However, declining demand for corrugated boxes on account of availability of alternative packaging materials like self-sealing boxes, retention packaging, corrugated mailers, and suspended packaging, may limit the market growth.

High demand for wax as a performance additive in plastics industry on account of its rising utilization as a water- and solvent-based mold release agent for polyurethane foam processing applications will boost the growth. Moreover, its ability to function as a release agent and lubricant for engineering resins is expected to fuel the demand further.

Regional Insights

The market has been segmented into Asia, Europe, North America, Latin America, and Middle East & Africa. North America is expected to remain the key region over the next few years on account of the predominant consumption of wax in the U.S. candle manufacturing industry. In addition, rapidly expanding personal care sector in Mexico owing to rising retail sale of cosmetic products on a domestic level is projected to propel the demand in future.

North America paraffin derivative sector is likely to grow owing to the presence of various personal care and cosmetic companies like Unilever, Colgate-Palmolive, Maybelline, Procter and Gamble, Avon, and Johnson & Johnson. Increasing popularity of cosmetics has resulted in extensive product development, which, in turn, is expected to promote the demand for paraffin derivatives. Asia Pacific is expected to be the fastest-growing market over the forecast period.

Growing construction activities, particularly in the emerging economies like India and China, are the key factors driving the regional market for adhesives, which, in turn, is fueling the overall market. Furthermore, technological developments have led to a significant rise in the growth of adhesives sector is expected to positively influence the market in future.

Growing plastics and rubber processing industry in Colombia, Brazil, and China is also expected to have a constructive impact on the market. Increasing number of construction companies in Peru and Chile owing to the economic development is expected to create a growth potential for the market over the coming years. Automobile manufacturers are setting up manufacturing plants in Brazil, which is likely to fuel the demand for wax-based car polishes and tires over the coming years.

Wax Market Share Insights

The global market is highly competitive. Major companies have undertaken several initiatives including innovations, mergers, acquisitions, capital expansion, and strategic alliances. A large number of companies is based in U.S., Japan, Germany, U.K., and China. ExxonMobil Corp. attained the topmost industry position in 2017 followed by HollyFrontier Corp., The International Group, Inc., BASF SE, and Sinopec Corp.

These manufacturers have a firm foothold in the market with capabilities catering to the local, as well as, international market. Cost of raw materials will be the major factor affecting the market, wherein volatile petroleum prices will exert pressure on the supply of paraffin wax raw materials including base and lubricating oils.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation

Volume in Kiloton, Revenue in USD Million, and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa

Country scope

U.S., Canada, Germany, U.K., China, India, and Brazil

Report coverage

Volume and revenue forecast, company share, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global wax market report on the basis of product, application, and region:

  • Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

    • Mineral Wax

    • Synthetic Wax

    • Natural Wax

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

    • Candles

    • Packaging

    • Plastic & Rubber

    • Cosmetics & Toiletries

    • Fire Logs

    • Adhesives

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa

Key questions answered by the report
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