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.
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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.
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These waxes differ in their chemical composition; however, the presence of normal alkanes is always high as compared to other ingredients.
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
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