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Global Wax Market – by Product Type, Application, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2018 - 2025)
Wax Market – Segmented by Product Type, Application, Region | Market Size, Growth, Drivers, Trends, Industry Structure and Forecasts, Competitive Intelligence, Company Profiles | MarkGenes
Waxes are a combination of hydrophobic organic materials that turns into solid state at a temperature of 20C, and melts at temperature higher than 40C up to 140C. Wax offers higher resistance towards temperature. The basic sources of producing wax are petroleum, plants, animals, and natural gases. The global wax market was USD 9.16 billion in 2018 and is estimated to reach USD 11.63 billion by 2025, registering a CAGR of 3.47% during the forecast period
Growth by Region
In 2018, North America dominated the wax market, the U.S. being the largest revenue generator. This is due to the increase in awareness towards the benefits of wax-based natural cosmetics products. However, Asia Pacific is expected to register significant growth rate in the near future, owing to expansion of packaging industry in the region, China being the major contributor.
Drivers vs. Constraints
The growth of the global wax market is majorly driven by rise in requirement of waxes in the packaging industry. Upsurge in demand for waxes from applications such as rubber & tire, coating, and floor polishes also enhances the market growth. The use of waxes as a base ingredient in cosmetics industry further supports the growth of the market. Moreover, increase in awareness towards wax-based natural cosmetics provides lucrative opportunity for the manufacturers. However, the market growth is hindered due to high prices of synthetic and natural waxes. Furthermore, the shortage in supply of paraffin/mineral wax hampers the market growth.
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Industry Trends and Updates
In April 2017, Sinopec (China Petroleum & Chemical Corporation) agreed to acquire BP PLC’s 50% stake in SECCO for USD 1.68 billion. In February 2018 Sasol completed its USD?1.1?billion FT Wax Expansion Project (FTWEP) and successfully commissioned Phase 2 of wax expansion plant. Moreover, the petroleum & mineral wax segment holds the largest share of the global waxes market in 2017. Paraffin wax is the largest sub-segment in this segment, owing to the widespread applications, like candle, packaging, thermostat, and distillation industries.
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