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Global Wax Market 2018-2022 | Growing Demand for Synthetic and Vegetable Waxes to Drive Demand | Technavio

LONDON–(BUSINESS WIRE)–#ResearchTechnavio
analysts foresee the global wax market to grow at a CAGR of nearly 4%
during the forecast period, according to their latest market research

The effective use of recycled plastics in wax production is one of the
major trends being witnessed in the global
wax market 2018-2022
. Plastics have posed a threat to the
environment and human health as they are either burnt or dumped in
barren lands. Various governments are encouraging the recycling of
plastics as they can be used to manufacture wax. These types of waxes
include candle wax-like oil that is ideally used by ship engines and a
thick, brown wax oil that can be used for shoe polishing and cosmetics.
These types of waxes are manufactured using crude oil to break the
hydrocarbon content in them.

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According to Technavio analysts, one of the key factors contributing to
the growth of the global wax market is the growing demand for synthetic
and vegetable waxes:

Global wax market: Growing demand for synthetic
and vegetable waxes

In terms of products, the global wax market has been segmented into PB,
synthetic, and natural or bio-based wax. PB waxes led the global wax
market with the highest share in 2017; however, a decline in the supply
of PB waxes is expected to affect their demand during the forecast
period. Fluctuating crude oil prices and increasing environmental
concerns pertaining to the use of PB waxes are responsible for the
declining supply of PB wax in the market. Alternatively, synthetic and
vegetable waxes are gaining traction, and their demand is expected to
increase significantly during the forecast period.

According to a senior analyst at Technavio for research on specialty
chemicals, “Synthetic waxes, such as polyethylene and polypropylene
waxes, are commonly used in the automotive and metal industries as
polishing waxes. Similarly, vegetable waxes such as bayberry, Myrica
faya, candelilla wax, carnauba wax, and others are used in manufacturing
candles and in the cosmetic industry. The increase in the supply of
hydrogenated vegetable waxes and FT wax will drive the demand for
vegetable waxes during the forecast period. Moreover, the increasing
consumer preference for eco-friendly products will fuel the growth of
vegetable waxes, which, in turn, will drive the growth of the market.”

Global wax market: Segmentation analysis

The global wax market research report provides market segmentation by
product (PB, synthetic, and natural), and by applications (candles,
flexible packaging, rubber, and personal care). It provides an in-depth
analysis of the prominent factors influencing the market, including
drivers, opportunities, trends, and industry-specific challenges.

The PB segment held the largest market share in 2017, accounting for
nearly 67% of the market. This product segment is expected to dominate
the global market throughout the forecast period.

APAC led the market in 2017 with a market share of nearly 36%. This
region is expected to dominate the market through 2022, with an increase
in its market share.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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