Global Waxes Market - Segmented by Product Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The market for wax is expected to register a significant growth during 2018 to 2023 (the forecast period). This tremendous growth is supported by the growing demand from the cosmetics industry, where wax has widespread application in lipsticks, mascaras, moisturizing creams, and sunblock.
High Demand from the Cosmetics Industry
The growing applications of natural and organic products is boosting the use of wax in personal care and cosmetics. After the candle-making industry, the cosmetics industry is becoming the most promising end-user segment for global wax market due to gaining popularity of cosmetics industry in emerging economies of Asia-Pacific, South America, and Middle East & Africa. The global cosmetics industry is significantly augmented by product innovations and the rise of e-commerce, and is expected to exhibit high growth rates, which in turn is expected to ignite the global wax market in the coming years.
Petroleum & Mineral Wax Segment to Dominate the Market
The petroleum & mineral wax segment holds the largest share of the global waxes market in 2017. More than 70% of the global wax production happens through the petroleum and mineral sources. The petroleum & mineral wax segments are further segmented into paraffin wax, microcrystalline wax, and others. Paraffin wax is the largest sub-segment in this segment, due to widespread applications, like candle, packaging, thermostat, and distillation industries.
Asia-Pacific to Dominate the Market Growth
Asia-Pacific is the major regional shareholder of the global wax market, due to the concentration of dominant petroleum wax producing refineries in countries, like China and India. Furthermore, natural wax production in Malaysia positioned Asia-Pacific as the leading global producer in the natural wax market. The substantial rise in demand from major end-user segments, like candles, packaging, and cosmetics, is expected to further concrete the position of Asia-Pacific in the global wax market, in the coming years.
Key Developments in the Market
February 2018: Sasol completed its USD 1.1 billion FT Wax Expansion Project (FTWEP) and successfully commissioned Phase 2 of wax expansion plant. April 2017: Sinopec (China Petroleum & Chemical Corporation) agreed to acquire BP PLC’s 50% stake in SECCO for USD 1.68 billion. Major Players: Sasol, Exxon Mobil Corporation, Royal Dutch Shell Plc., BP PLC, Sinopec (China Petroleum & Chemical Corporation), and China National Petroleum Corporation, amongst others.
Reasons to Purchase this Report
Identify the current and future prospects of the global waxes market in the developed and emerging markets Analyze various perspectives of the market with the help of Porter’s five forces analysis The segment that is expected to dominate the market The region that is expected to witness the fastest growth during the forecast period Identify the latest developments, market shares, and strategies employed by the major market players 3 months analyst support, along with the Market Estimate sheet (in excel)
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