The latest market report published by Credence Research, Inc. “Wax Market, By Type, By Application and Region – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global wax market is expected to grow at a CAGR of 3.2% from 2017 to 2025.
Browse the full Wax Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025 report athttp://www.credenceresearch.com/report/wax-market
Wax are used in wide range of applications in several industries ranging from paints to textile ink, coatings to packaging, cosmetics and pharmaceuticals to food and electronics to rubber. Thus, surge in demand of end users industries is pivotal factor in growth of global wax market. Bio wax products are widely used in personal care products. With growing preference for natural remedies and ayurvedic medicines across the world further boost the use of wax in personal care industry. There is also paradigm shift observed from petrochemical to natural derived wax in personal care, baby product and general healthcare and wellness product. Thus, booming personal care industry is another factor driving the overall wax market.
Currently though there is strong supply of natural and synthetic wax, but with time there are concern whether overall supply of wax would be able to meet the rising demand of wax. The global wax market that is dominated by petroleum wax is now on decline. Over past few years there is significant decrease in Group I lubricant and wax capacity in North America and lately in Europe too. Petroleum waxes are derived from lower quality base oils and majority of refiners are drifting away from producing these base oils, which would lead to shortage of petroleum waxes. Moreover, these refiners with evolving technology are now switching to catalytic dewaxing technologies, which do not produce wax.
PetroChina, ExxonMobil and Sinopec are the top three suppliers of petroleum wax globally. Together, these three accounted for more than 35% share of the global petroleum wax capacity. CNPC and Sinopec, ExxonMobil Corp, and Shell oil are the top three producers of wax globally. Together, these three produce wax more than 30.0 million tons. Sasol Wax and Lukoil among others are some of the other prominent players present in this market.
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- Rising demand from emerging economies
- Evolving technology
- Rising demand from end use industries