Wax Market by Type (Paraffin/Mineral Wax, Synthetic Wax, and Natural Wax) and Application (Candles, Packaging, Emulsions, Hot Melts, Floor Polishes, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2023
Waxes are organic ingredients that are solid at normal room temperature but become free flowing fluids at high temperatures. The major commercial source of wax is crude oil. However, waxes are also produced from plants, lignite, animals, and insects. Paraffin/mineral wax, synthetic wax, and natural wax are the three types of waxes available in the market. These waxes differ in their chemical composition; however, the presence of normal alkanes is always high as compared to other ingredients.
The growth of the global wax market is majorly driven by increase in requirement of waxes in the packaging industry, as waxes offers exceptional resistance to water. Moreover, upsurge in demand for waxes from applications such as tire & rubber, coating, and floor polishes boosts the market growth. The use of waxes as a base ingredient in cosmetics products further supports the growth of the market. However, the market growth is restricted due to high prices of synthetic and natural waxes. Moreover, the shortage in supply of paraffin/mineral wax hampers the market growth. Conversely, rise in awareness towards wax-based natural cosmetics provides lucrative opportunity for the manufacturers.
The report segments the global wax market based on type, application, and geography. Depending on type, the market is fragmented into paraffin/mineral, synthetic, and natural wax. The applications covered in the study include candles, packaging, emulsions, hot melts, floor polishes, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players profiled in this study are as follows: Dow Corning Akzo Nobel N.V. Evonik Industries Arch Chemicals BASF SE Hexion Inc. Honeywell International Lubrizol Corporation The Clorox Company Momentive Performance Materials
KEY BENEFITS FOR STAKEHOLDERS The report provides an in-depth analysis of the current trends, drivers, and dynamics of the wax market to elucidate the prevailing opportunities. It offers qualitative trends and quantitative analyses from 2016 to 2023 to assist stakeholders to understand the market scenario. In-depth analysis of the various wax types and applications has been provided. Competitive intelligence of the industry highlights the business practices followed by key players across geographies as well as the prevailing market opportunities. The key players are profiled along with their strategies & developments to understand the competitive outlook of the industry.
KEY MARKET SEGMENTS
By Type Paraffin/Mineral Wax Synthetic Wax Natural Wax
By Application Candles Packaging Emulsions Hot Melts Floor Polishes Others
By Geography North America U.S. Canada Mexico Europe Germany UK Netherlands France Rest of Europe Asia-Pacific China Japan India Rest of Asia-Pacific LAMEA Brazil Argentina Africa Rest of LAMEA
KEY PLAYERS Sason ExxonMobil Sinopec PetroChina Company Limited The International Group
(The aforementioned companies have not been profiled in the report but can be included on request.)
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