The global WaxMarket is expected to expand at a substantial rate in the years to come. This could be credited to the fact application in adhesive industry is being driven by growing application in adhesive industry; which, in turn, is boosted by the ever-expanding automotive and construction industries all over the world. Candles and packaging are already the torchbearers in this regard.
Natural
wax does have a plethora of applications. However, increasing concerns
regarding ecological imbalance has adversely affected the demand for petroleum
wax. Plus, governments have come up with legislations against products derived
from crude oil. “Medical & pharmaceutical” sector is amongst the fastest
growing applications. This could be attributed to growth in geriatric
population and medical tourism (in developed economies in particular).
The
market is segmented based on type, application and geography. By type, the wax
market comprises petroleum & mineral, microcrystalline, synthetic, polymer
waxes, natural, and vegetable wax. By application, the segmentation goes like
packaging, candles, rubber, cosmetics, adhesives, wood & fire-logs, and
others. By geography, the wax market spans North America (U.S., Canada), Europe
(Germany, UK, Spain, France, Russia, Italy), Asia Pacific (India, China,
Australia, Japan, Malaysia, Indonesia), LATAM (Mexico, Brazil), and MEA (GCC,
South Africa).
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Asia
Pacific rules the market; thanks to extensive demand in end-user industries
(candles in particular). As such, Asia Pacific is the manufacturing hub on this
count. Demand for wax products in MEA and North America is expected to increase
at a moderate pace in the near future. The demand for wax is also propelled by
packaging and cosmetics industry.
The
players contributing to the wax market include Royal Dutch Shell Plc,
PetroleoBrasileiro S.A. (Petrobras), Sinopec Ltd., Lukoil Company, Total S.A.,
China National Petroleum Corporation (CNPC), The International Group, Inc.,
Exxon Mobil Corporation, and Sasol. Organic expansion is on the rise. For
instance – Sasol is into expansion of its wax production facility in
Johannesburg (South Africa).
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Wax Product Outlook (Volume,
Kilotons; Revenue, USD Million, 2014 - 2025)
• Mineral Wax
• Synthetic Wax
• Natural Wax
Wax
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• Candles
• Packaging
• Plastic & Rubber
• Cosmetics & Toiletries
• Fire Logs
• Adhesives
• Others
Wax
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
Read more insights on @
Wax
Market Size & Share | Industry Report 2021
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