24th March 2020 – Wax
Market research report interprets definition, an investigation of
significant progress in the market. It provides overall industry survey,
product description, wide array of applications, top players, and development
forecast. It enhances understanding about that market along with new business
trends.
The global Wax Market is expected
to grow at a CAGR of 3.7% between 2019 and 2025. Coating and printing ink
verticals are driving the market. Wax stands
out due to its resistance to scratch, rubs, marks, and repellency against
water. It acts as an additive to a spectrum of inks inclusive of gravure,
letterpress, flexographic, and lithographic.
Paraffin wax comes from crude oil; which
is, in turn, derived from petroleum. Suzler Ltd. has adopted a novel process of
crystallization for refining paraffin from the residue of synthetic fuel
production. The latest trend in this regard is the technology developed by the
Indian Institute of Petroleum; which claims to yield paraffin wax from used
plastics.
At the same time, scarcity of raw
materials is likely to restrain the market; as it is inversely proportional to
the price. As such, it could be concluded that fluctuating prices of raw
materials are expected to act as a barrier to the wax market.
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Some of the key facts from the
report:
• The market volume on the whole crossed
4900 kilotons in the year 2018. This volume is expected to witness a CAGR of
3.3% between 2019 and 2025.
• Mineral wax did hold the biggest share
(73.96%) in 2018. This is credited to increasing demand for petroleum in the
pharmaceutical products.
• North America was on the roll in 2018
due to extensive demand in personal care and cosmetics. Candle production also
asks for wax in greater quantity.
• Key players include BASF SE;
HollyFrontier Corp.; Royal Dutch Shell Plc; ExxonMobil Corp; The China National
Petroleum Corp. (CNPC); Evonik Industries AG; and Sinopec Corp.
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