Zion Market Research has published a new report titled “Wax Market by Product (Synthetic [Paraffin, and Microcrystalline] and Natural [Animal, Vegetable, and Mineral]), by Application (Candles, Packaging, Wood & fire logs, Rubber, Adhesive, Cosmetics, and Others) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024’’. According to the report, the global wax market was valued at around USD 9 billion in 2017 and is expected to reach approximately USD 12 billion in 2024, growing at a CAGR of slightly above 3.5% between 2018 and 2024.
Wax is a material that has certain specific properties such as it is buffable under normal pressure. Its has melting point is above 40°C degree centigrade and has a low viscosity above the melting point. with a melting point above 40-degree centigrade without decomposing exists in solid form, and is solid at 20 °Cdegrees centigrade. Wax emulsions and wax -based additives are extensively consumed for optimizing the final performance of inks and coatings by controlling surface properties.
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Paraffin wax is used widely for coating food products such as citrus fruits, cheese, etc. It is even consumed utilized in the production of gum- base based products production that is a vital ingredient in such as it is a vital ingredient in the chewing gums. Global cheese market is anticipated to witness 2.7% CAGR between 2017 and 2023. Highly palatable and nutritious characteristics of cheese make it suitable to be used in numerous products. It is even rich in calcium, fat, essential minerals, protein, and other nutrients. Additionally, its related health benefits such as healthy heart, stronger bones & teeth, prevention of osteoporosis, will maintain its demand for food products. Paraffin wax is extensively used to produce cheese, thus the high production of cheese would also boost the global wax market.
Wax and other special mixtures are consumed in fertilizer industry as an anti-caking additive to ease their transportation, handling, and dosing. In 2014, Global the global agribusiness and food market size was USD 5 trillion and is bulging with time. With the ongoing trend, till 2050, caloric demand will rise by 70% and crops demand for animal feed and human consumption will increase by nearly 100%. This will proportionately propel fertilizers demand in the industry during the forecast timeframe. Since 2004, worldwide investment in food and agribusiness has grown threefold and has reached to USD 100 billion in 2013. Additionally, the industry has registered higher returns to its shareholders as compared to other sectors. Thus, positive outlook of agriculture and its related products would propel global wax market owing to rising demand for fertilizers.
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The global wax market is segmented on the basis of the product as natural and synthetic. Synthetic or petroleum wax is obtained as a byproduct in the base oil production process. It has a wide range of physical properties that can be altered during the refining process. Various applications pertaining to global wax market are candles, packaging, wood & fire logs, rubber, adhesive, cosmetics, and others. The adhesive is projected to gain maximum share in the forecast period owing to its usage in hot melt adhesive and Polyvinyl polyvinyl chloride processing, and conversion of polyolefin. GTL wax is used in hot melt adhesive due to its properties of hardness, high- temperature resistance, and low viscosity.
The Asia Pacific will account for a substantial market share in the global wax market till 2024. Robust growth in the packaging industry in the region, especially in China, India, and Japan plays a vital role in fueling product demand in near future. Furthermore, increasing adhesive and cosmetics industry in the Asia Pacific and Latin America will propel the product demand during the forecast years.
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The global wax market is highly consolidated in nature with major players accounting for above 70% of revenue share. Certain prominent manufacturers in the global wax market are Petróleos de Venezuela, SA, Total Petrochemicals, Lukoil, Royal Dutch Shell Plc, Sinopec Limited, Exxon Mobil Corporation, International Group, Inc, and China National Petroleum Corporation.
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The report segments global wax market as follows:
Wax Market: Product Segment Analysis
Wax Market: Application Segment Analysis
- Wood & fire logs
Wax Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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