Key Highlights

A recent research report published by Transparency Market Research projects the global wax market to expand at a CAGR of 2.62% during the period between 2019 and 2027. The report, titled “Wax Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 – 2027,” estimates the global wax to reach US$ 10.73 Bn by 2027, from US$ 8.49 bn in 2018.

The report points out that the rising base of end-use industries such as adhesives, rubber, cosmetics, packaging, candles, and wood and fire-logs is driving the global wax market. The growing demand from the packaging and cosmetics industries is particularly contributing towards the growth of the market. However, the closure of Group I base oil refineries will inhibit the growth of the global wax market during the forecast horizon. The overall market has a huge opportunity to grow with the introduction of gas-to-liquid (GTL) waxes.

Request Sample Copy: https://www.transparencymarketresearch.com/sample/sample.php?flag=S...

Segmental Outlook: Global Wax Market

In terms of product types, the report segments the global wax market into petroleum and mineral wax, synthetic wax, and natural wax. Petroleum and mineral wax has been sub-segmented into microcrystalline wax, paraffin wax, and other petroleum and mineral waxes. Synthetic wax has been categorized into polymer wax, GTL wax, and others. Natural wax has been segmented into vegetable wax, bee wax, and other natural wax. In 2018, petroleum and mineral wax was the largest product segment in the market.

However, during the forecast period, synthetic wax is expected to be the fastest growing product type as it resembles petroleum to a large extent and can be used as a substitute for petroleum wax across a number of applications. Synthetic wax held a share of 11% in the market in 2018. In the coming years, the natural wax segment is expected to register moderate growth.

In terms of end-use industries, the global wax market has been categorized into packaging, candles, wood and fire-logs, adhesive, rubber, cosmetics, and other end-use industries. Candles held the largest share in the market in 2018 and accounted for more than 41% of the market. The packaging and cosmetics industries are driving the demand from the market.

Asia Pacific Dominated the Global Wax Market in 2018

The report studies the global wax market across five key regions: Asia Pacific, Europe, North America, Middle East and Africa, and Central and South America. Asia Pacific dominated the overall market in 2018 as the region is the largest producer of petroleum wax across the globe. While China leads the production of petroleum wax, Malaysia contributes largely to the production of natural wax.

Global Wax Market Dominated by Few Big Players

The global wax market is highly concentrated with the top five companies accounting for approx. 70% of the total market in 2018. The global market includes prominent players such as The International Group, Inc. (IGI), China National Petroleum Corporation (CNPC), Sasol Wax, Exxon Mobil Corporation, Lukoil, Sinopec Limited and Royal Dutch Shell plc, Total Petrochemicals & Refining USA Inc., and Petróleos de Venezuela SA.

Enquiry Before Buying: https://www.transparencymarketresearch.com/sample/sample.php?flag=E...

Global Wax Market – Key Developments

In February 2018, Sasol announced that the company had inaugurated the full completion of its US$ 780 Million Fischer-Tropsch Wax Expansion Project (FTWEP). Phase 2 of the project began its operation in March 2017, while phase 1 was commissioned in 2015. The company announced that with completion of this project, South Africa is now one of the leading countries of wax production globally. Moreover, FTWEP is one of a number of the major capital investments made by the company in South Africa country.
The Global Wax Market has been segmented as presented below:

Wax Market: Product

Petroleum and mineral wax
Paraffin wax
Microcrystalline wax
Others (Including semi-crystalline wax, petroleum jelly, etc.)
Synthetic wax
Gas-to-liquids (GTL) wax
Polymer wax
Others (Including Montan wax, etc.)
Natural wax
Beeswax
Vegetable wax
Others (Including animal wax, Japan wax, rice bran wax, etc.)
Wax Market: End-user Industry

Candles
Packaging
Wood & fire-logs
Rubber
Adhesive
Cosmetics
Others (Including crayons, laminates, inks, polishes, insulation, etc.)
Get Full Customized Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=C...

Key Questions Answered in Global Wax Market Report

How much value does the global wax market is expected to reach by the end of the forecast period?
Which segment currently account for the maximum share of the global wax market?
What are the key factors expected to drive the global wax market?
Which region is likely to be a lucrative market for wax during the forecast period?
What are the essential strategies adopted by key players operating in the global wax market to expand their geographical presence?
What are major advancements in the global wax market?
Related Reports Report by TMR:

Waterproofing Membranes Market: https://www.transparencymarketresearch.com/waterproofing-membrane-m...

Magnetic Polymer Market: https://www.transparencymarketresearch.com/magnetic-polymer-market....

Chemical Warehousing Market: https://www.transparencymarketresearch.com/chemical-warehousing-mar...

Tire Recycling Downstream Products Market: https://www.transparencymarketresearch.com/tire-recycling-downstrea...

Activated Alumina Market: https://www.transparencymarketresearch.com/activated-alumina-market...

Floating Power Plant Market: https://www.transparencymarketresearch.com/floating-power-plant-mar...

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

Contact Us

Rohit Bhisey
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: [email protected]
Website: https://www.transparencymarketresearch.com