Global Wax Market: Snapshot 

Waxes find their application across industries such as textiles, paints, packaging, electronics, electrical, inks and coatings, rubber, pharmaceuticals, food, and cosmetics. Thus, a growth in these end user industries also spells a heightened demand for wax. Since a majority of the aforementioned industries have been witnessing a growth in the recent years and this includes electronics, packaging, food, cosmetics and pharmaceuticals, the market for wax is experiencing a healthy growth. The production of paraffin wax has decreased over the years, but this is balanced by the higher production of synthetic and natural waxes, which is boosting the growth of the market worldwide. 

Wax is used extensively as additives, base materials, and to aid processing. Since the importance of finished goods such in metals, surface gloss, and surface protection in ceramics is increasing, the use of wax will also increase, driving the market. Wax also works as a corrosion inhibitor in metal works, thus finding their application in manufacturing metal products. They repel water and thus, find their application in textile industries. Moreover, they are used as insulators in electronics and electrical industries. 

Thriving End User Industries to Make Asia Pacific Leading Regional Segment

Asia Pacific has been holding a dominant position in terms of both volume and revenue in the global wax market. The main reason behind this is the presence of many manufacturing units. The demand for wax is also high from candles, adhesives, packaging, and cosmetics industries in APAC. A key portion of the wax produced in China is exported to the U.S. A large quantity of the wax is also supplied to many of the European nations. China remains the largest supplier of wax, more specifically the petroleum-based waxes worldwide. 

Another reason for the growth of the Asia Pacific wax market is the flourishing end user industries. As countries such as China and India are emerging as key markets, holding promising potential for a large number of industries which require wax, the market for wax will grow even in the coming years. North America and Europe are anticipated to witness a sluggish growth in the forecast period. However, moderate growth is projected for the wax market in regions such as South Amercia, Central America, and the Middle East and Africa. 

Candles to Continue to Remain the Largest End-user Industry for Wax 

Not only did the candles segment was most lucrative end user application for wax in terms of volume in the past, but also, the future holds the greatest potential for wax market, thanks to continued demand from the candle manufacturing industries. The candle segment led in the past and is expected to continue to remain so on account of the high use of candles in rural areas of India where electricity is an issue as well as usage as a luxury in decorated and scented candles. 

Cosmetics Industry to Emerge as Lucrative Application Segment in Future 

The cosmetics industry is expected to witness rapid growth in the global wax market during the coming years. Many cosmetic formulations make use of wax as base materials and is an important constituent in these products. As the world has become more beauty-oriented, becoming more conscious and aware about their looks and appearance, the cosmetics industry is witnessing a stupendous growth and this will bode well for the wax industry. Wax is a medium for delivering active ingredients and also has skincare characteristics and helps in retaining moisture, by decreasing dehydration. 

Wax is a class of organic compound that is malleable at ambient temperature, and upon melting turns into a low viscosity fluid. The chemical nature of wax is complex; however normal alkanes with a wide range of molecular weight contribute to the composition to a large extent. Wax offers resistance to air and water. This opens up applications in various industries such as packaging, cosmetics, and adhesive. Rising base of end-user industries is likely to drive the global wax market during the forecast period. However, shortfall in the supply of wax is anticipated to hamper market growth.
This report covers historic analysis and forecast for the wax market on a global and regional level. The study provides analysis and forecast from 2014 to 2020 based on both volume (Kilo Tons) and revenue (US$ Mn). 
The study includes drivers and restraints of the wax market, along with their impact on demand during the forecast period. Additionally, the report comprises the study of opportunities in the wax market on the global and regional level. The report includes a thorough analysis of the value chain in order to provide detailed understanding of the market. It comprises Porter’s Five Forces model, which provides an insight into the intensity of competition in the market. Furthermore, the study covers market attractiveness analysis, wherein various end-users are benchmarked based on market size, growth rate and general attractiveness. 
The study provides a decisive view of the wax market by bifurcating it into product segments such as petroleum & mineral wax, synthetic wax and natural wax. Petroleum and mineral wax product segment is further sub-segmented into paraffin wax, microcrystalline wax and others (including semi-crystalline wax and petroleum jelly). Synthetic segment is further bifurcated into gas-to-liquids (GTL) wax, polymer wax and others (such as montan wax). Natural wax product segment comprises beeswax, vegetable wax and others (including Japan wax and rice bran wax). The report also provides segmentation of the global wax market by end-user industries. End-user segments have been analyzed based on historic, present and future trends, and the market has been estimated from 2014 to 2020 in terms of volume (Kilo Tons) and revenue (US$ Mn). End-user industry segments include candles, packaging, wood & fire-logs, rubber, adhesive cosmetics and others.
Regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. This segmentation includes demand for individual product segments and end-user industries in all the regions. Market has been analyzed based on demand, and forecast trends are based on current trends for the period of six years.
Secondary research sources that were typically referred to include, but were not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings. Other sources such as internal and external proprietary databases, relevant patent and regulatory databases, national government documents, statistical databases and market reports, news articles, press releases, and webcasts specific to companies operating in the market have also been referred for the report.
We conducted primary interviews with industry participants and commentators in order to validate data and analysis. A typical research interview fulfilled functions such as providing first-hand information on market size, market trends, supply trends, demand estimations, growth trends, competitive landscape and outlook. This helped in validating and strengthening the secondary research findings. Primary research further developed the analysis team’s expertise and market understanding.
Profiles of leading companies have been provided in the report along with detailed analysis of their market share. The study features profiles of companies such as China National Petroleum Corporation (CNPC), The International Group, Inc. (IGI), Exxon Mobil Corporation, Sasol Wax, Sinopec Limited and Royal Dutch Shell plc, Lukoil, Total Petrochemicals & Refining USA, Inc., and Petróleos de Venezuela, SA.
This report segments the global wax market as follows:
  • Wax Market - Product Segment Analysis
    • 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 Analysis
    • Candles
    • Packaging
    • Wood & fire-logs
    • Rubber
    • Adhesive
    • Cosmetics
    • Others (Including crayons, laminates, inks, polishes, insulation, etc.)
  • Wax Market - Regional Analysis
    • North America
    • Europe
    • Asia Pacific
    • Central & South America
    • Middle East & Africa