The Global Market for Petroleum, Natural and Synthetic Waxes is Projected to Reach US$12.9 Billion by 2022
Strong Investments in Formulating Innovative & Environment
Friendly Product Solutions to Fuel Growth in the Petroleum, Natural and
Synthetic Waxes Market, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size and
demand forecasts on the global Petroleum, Natural and Synthetic Waxes market. The global market for Petroleum, Natural and
Synthetic Waxes is projected to reach US$12.9 billion by 2022, driven by the growing scientific experience in wax
production and strong commitment to develop renewable and recyclable wax
solutions with physical and chemical properties that emulate non-renewable
petrochemical and mineral based waxes.
Waxes are a class of
organic compounds featuring linear and long alkyl chains that are characterized
by specific types of crystal structures. Waxes are malleable at ambient
temperature settings and melt at over 45°C into low viscosity or free-flowing
fluids. This property along with its superior resistance to water and air is
contributing to the extensive use of waxes in a wide range of consumer and
industrial products, from matches and candles to pharmaceuticals, cosmetics and
adhesives. Waxes are used in a variety of industries from coatings, packaging
and ink to electronics, electrical and textiles. Pharmaceutical, food and
cosmetic industries are also the major users of different types of waxes. Over
the years, majority of these industries have been witnessing increased usage of
waxes, especially for synthetic and natural waxes. Waxes are used as additives,
base materials or processing aids in various industrial processes, for
enhancing quality of the final product.
The consistent growth
being seen in the global wax market is likely to continue in the upcoming
years, driven by the expanding range of applications in existing as well as new
industries and the introduction of GTL (gas-to-liquid) waxes. Of the various
wax types, petroleum waxes market is being impacted by supply constraints in
some parts of the world owing to the shift towards basestock production
processes. Due to the shortage of petroleum waxes, demand for alternatives such
as synthetic and vegetable-based waxes has grown in recent times. Synthetic Waxes segment is
experiencing rapid growth led by the escalating demand for affordable wax
products, in view of the supply uncertainty associated with petroleum waxes and
the high cost of natural waxes. Within the synthetic waxes segment,
gas-to-liquid (GTL) waxes are forecast to record the fastest growth in the
coming years. The success of GTL (gas-to-liquid) technology has made it possible
to produce high quality wax at low costs.
Major applications of
waxes include candles, paper coatings, polishes, cosmetics, plastics and rubber
compounding, leather products, inks, adhesives, textile products, and fruit and
vegetable coatings. Candle making
constitutes the major application of waxes. Demand for waxes in candle making
sector is being driven by the increasing demand for decorative and scented
luxury candles globally. In the packaging and cosmetics sectors, wax is
becoming a vital component due to its hydrophobic nature. In cosmetic products,
wax is extensively employed as a base material in cosmetic formulations. Apart
from its skincare properties, wax reduces dehydration to help skin in retaining
moisture levels. In the packaging industry, since impermeability to water
remains a critical requirement for paper-based packaging, which is the primary
packaging material globally, wax is used to impart this property to paper
packaging material. Wax demand in packaging industry is expected to grow mainly
in developing countries such as China, India, Brazil, Indonesia and Malaysia
and others where there is high demand for packaging materials from food
industry. Though the wax market is expected to exhibit positive growth rate
through the forecast period, the short supply of wax as a result of closure of
Group-I base oil refineries is restraining market expansion.
As stated by the new
market research report on Petroleum, Natural and Synthetic Waxes, the United States represents the largest market
worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 5.8%
over the analysis period, led by factors such as steady demand in applications
such as adhesives, cosmetics, food, sealants, lubricants, insecticides etc.; shift
from commodity waxes towards more expensive specialized waxes such as
machinable wax, paraffin, and microcrystalline wax, among others; and strong
commercial opportunities for plant, animal and insect waxes and developments in
wax refining and processing technologies.
Major players in the market
include BASF SE, Blended Waxes Inc., Clariant International Ltd., Dow Corning,
Evonik Industries AG, ExxonMobil Fuels & Lubricants, Honeywell
International, Koster Keunen (Holland) B.V, Lubrizol Corp., Micro Powders Inc.,
Paramelt BV, Romonta GmbH, Sasol Limited, Strahl & Pitsch Inc., The
International Group Inc., Vantage Performance Materials, and Wachs-u.
Ceresin-Fabriken TH. C. TROMM GmbH, among others.
The research report titled
“Petroleum, Natural and Synthetic Waxes: A Global
Strategic Business Report” announced
by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers,
acquisitions and other strategic industry activities of global companies. The
report provides market estimates and projections for all major geographic
markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK,
Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of
Asia-Pacific), Middle East & Africa and Latin America (Brazil and Rest of
Latin America). The report is analyzed by the following segments - Natural
Waxes, Petroleum & Mineral Waxes, and Synthetic Waxes.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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