Grand View Research: Global Wax Market was $10.03 Billion in 2018

In its report, “Wax Market Size, Share & Trends Analysis Report By Application (Candles, Packaging, Plastic & Rubber, Cosmetics & Toiletries, Fire Logs, Adhesives), By Product (Synthetic, Natural, Mineral), And Segment Forecasts, 2019 – 2025,” Grand View Research values the global wax market size at $10.03 billion in 2018 and is expected to grow at a CAGR of 3.7% from 2019 to 2025. Increasing demand for wax and its derivatives owing to their superior properties, such as good water repellency, non-toxicity, and outstanding chemical resistance, is expected to steer the market growth over the forecast period.
 
Rise in demand for paperboard and paper and building boards is likely to contribute to market development. Rapidly growing personal care and cosmetics, inks and coatings, and adhesives sectors are also expected to drive the product demand in the coming years. Asia Pacific is expected to witness a significant demand for synthetic derivative.
 
Escalating demand for plastics and rubber in defense, aerospace, and automotive sectors is also expected to fuel industry growth during the next few years.
 
Petrolatum, paraffin, and microcrystalline are the three types of wax extracted from crude oil refining. Petrolatum derivatives are obtained from the dilution and centrifugal (or filtering) separation of heavy residual oils. Paraffin derivatives are derived from a composite mixture of hydrocarbons, while microcrystalline derivatives are obtained from residual oils and heavy lube distillates.
 
Synthetic derivatives are available in various forms, including Gas-to-Liquid (GTL), which are produced by specialized and unique processes wherein coal, natural gas, and/or other carbon-rich stock is converted into long chain of paraffin. It is a crystalline and low-molecular resin that has several properties including semi-solid or solid consistency at room temperature and a low melting point of approximately 150°C.
 
Wax is widely used in candle making, packaging, plastic and rubber, cosmetics and toiletries, fire logs, adhesives. It is also used in other applications including inks, coatings, batteries, board sizing, bottle cap liner, chewing gum base, crayons, corrosion inhibitors, fabric finishing, floor polishes, insulation, investment casting, leather treating, metal coating, paint and varnish removers, and vine grafting.
 
The North America paraffin derivative sector is likely to grow owing to the presence of various personal care and cosmetic companies like Unilever, Colgate-Palmolive, Maybelline, Procter and Gamble, Avon, and Johnson & Johnson. Increasing popularity of cosmetics has resulted in extensive product development, which, in turn, is expected to promote the demand for paraffin derivatives. Asia Pacific is expected to be the fastest-growing market over the forecast period.