Key Highlights
A recent research report published by Transparency Market Researchprojects the global wax market to expand at a CAGR of 2.62% duringthe period between 2019 and 2027. The report,titled “Wax Market - Global Industry Analysis, Size, Share, Growth, Trendsand 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 asadhesives, rubber, cosmetics, packaging, candles, and wood and fire-logs isdriving the global wax market. The growing demand from the packaging andcosmetics industries is particularly contributing towards the growth of themarket. However, the closure of Group I base oil refineries will inhibit thegrowth of the global wax market during the forecast horizon. The overall markethas a huge opportunity to grow with the introduction of gas-to-liquid (GTL)waxes.
Segmental Outlook: Global Wax Market
In terms of product types, the report segments the global wax marketinto petroleum and mineral wax, synthetic wax, and natural wax. Petroleum andmineral wax has been sub-segmented into microcrystalline wax, paraffin wax, andother petroleum and mineral waxes. Synthetic wax has been categorized intopolymer wax, GTL wax, and others. Natural wax has been segmented into vegetablewax, bee wax, and other natural wax. In 2018, petroleum and mineralwax was the largest product segment in the market. However, during the forecastperiod, synthetic wax is expected to be the fastest growing product type as itresembles petroleum to a large extent and can be used as a substitute forpetroleum wax across a number of applications. Synthetic wax held a shareof 11% in the market in 2018. In the coming years,the natural wax segment is expected to register moderate growth.
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In terms of end-use industries, the global wax market has beencategorized into packaging, candles, wood and fire-logs, adhesive, rubber,cosmetics, and other end-use industries. Candles held the largest share in themarket in 2018 and accounted for more than 41% ofthe market. The packaging and cosmetics industries are driving the demand fromthe market.
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Asia Pacific Dominated the Global Wax Market in 2018
The report studies the global wax market across five key regions: AsiaPacific, Europe, North America, Middle East and Africa, and Central and SouthAmerica. Asia Pacific dominated the overall market in 2018 asthe region is the largest producer of petroleum wax across the globe. WhileChina leads the production of petroleum wax, Malaysia contributes largely tothe production of natural wax.
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Global Wax Market Dominated by Few Big Players
The global wax market is highly concentrated with the top five companiesaccounting for approx. 70% of the total market in 2018. Theglobal 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 RoyalDutch Shell plc, Total Petrochemicals & Refining USA Inc., and Petróleos deVenezuela SA.
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Global Wax Market – Key Developments
· In February2018, Sasol announced that the company had inaugurated the full completionof 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 announcedthat with completion of this project, South Africa is now one of the leadingcountries of wax production globally. Moreover, FTWEP is one of a number of themajor capital investments made by the company in South Africa country.
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