November 05, 2019: The global wax market size is projected to reach USD 12.89 billion by 2025 registering a CAGR of 3.7%, according to a new report by Radiant Insights, Inc. Robust growth of printing ink and coating industry and wide acceptance of synthetic wax are expected to drive the market over the forecast period. Several features of wax, such as rub, scratch & mark resistance and water repellency, enable its usage in numerous applications in coating and printing industry. It is used as an additive to a variety of inks including lithographic, flexographic, letterpress and gravure.
Crude oil is used as raw material for the production of petroleum-based derivatives, such as paraffin wax. New process of crystallization has been used by Sulzer Ltd. to refine paraffin from the byproducts that are obtained from synthetic fuel production. Indian Institute of Petroleum, one of constituent laboratories of the Council of Scientific and Industrial Research in India, has developed a new technology with which paraffin wax can be yielded from waste plastics. Moreover, rapidly expanding personal care, pharmaceutical, food, and polymer processing sectors are likely to boost the demand further.
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On the other hand, tight supply of raw materials may have a negative impact on the market. However, technological breakthrough is expected to augment growth of the mineral wax industry. Presence of numerous global and regional producers has made the industry concentrated in terms of quality of products, innovations, marketing strategies, product positioning, and more. Prominent market participants are strengthening their market position through product innovation, product diversification, and acquiring business assets of local companies.
Further key findings from the study suggest:
• The global market volume exceeded 4,900 kilotons in 2018 and is projected to expand at an estimated CAGR of 3.3% from 2019 to 2025
• In terms of volume, mineral wax held the largest share of 73.96% in 2018. Demand for petrolatum in pharmaceutical products will drive the segment over the forecast period
• The industry is likely to witness intense competition due to increased production capacity of major companies and threat of backward and forward integration to capture the market
• North America led the wax market in 2018 owning to growth of cosmetics and personal care industry and increased product demand in candle manufacturing industry
• Key industry participants are Sinopec Corp., Evonik Industries AG, The China National Petroleum Corp. (CNPC), ExxonMobil Corp., Royal Dutch Shell Plc, HollyFrontier Corp., and BASF SE
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