Wax consists of compounds that are malleable at ambient temperature and melt above 45 degree Celsius to give non-viscous liquids. Waxes can be natural or synthetic, depending on the source of the raw material used in them. Natural waxes are generally plant or animal based. All waxes are organic compounds irrespective of their nature. The most important source of wax is petroleum but due to the uncertainty concerning crude oil supply, natural and synthetic wax has gained importance over the last few years.
Waxes can be broadly classified based on product types as natural, petroleum based, and synthetic waxes. Synthetic wax can be further classified into paraffin wax, polymer wax, and some others. Waxes are used in various applications like candles, coatings and inks, adhesives, rubber, household products, and in other industrial uses.
The wax market, based on geography, is segmented into Europe, North America, Asia-Pacific, and Rest of the World. China is the largest producer and exporter of synthetic wax while Europe and North America are the largest consumers. The use of wax in candles is the single largest application accounting for over 40% of the market.
The market for wax is primarily driven by the increased application scope for the market. There is heavy end user demand for wax based applications and with the development of synthetic wax, this demand can be met at affordable costs. Furthermore, the successful implementation of gas to liquid (GTL) technology has facilitated higher quality wax at a lower price. The GLT technology has been driving the production market for wax and involves the conversion of natural gases into liquid fuels.
One of the major restraints for this market is the volatile prices of crude oil. Petroleum based wax are still the largest segment accounting for over 80% of the market. The uncertainty involved with petroleum products would hamper the growth of this market.
The volatile nature of crude oil prices also presents the greatest opportunity for the market in terms of development of alternate sources like synthetic waxes. Synthetic wax, though currently a niche segment in the wax market, has great potential for growth due to the higher quality that it offers at a lower cost.
Some of the major players in the wax market are AkzoNobel, Evonik Industries, BASF, Lubrizol, Arch Chemicals, and Dow Corning.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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