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Global Wax Market by Product Type, Application and Region - Forecast to 2023: An $11.74 Billion Opportunity - ResearchAndMarkets.com

November 7, 2018

DUBLIN--(BUSINESS WIRE)--Nov 7, 2018--The “Global Wax Market - by Product Type, Application, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2017-2023)” report has been added to ResearchAndMarkets.com’s offering.

The global wax market was USD 9.61 billion in 2017 and is estimated to reach USD 11.74 billion by 2023, registering a CAGR of 3.4% during the forecast period.

The growth of the global wax market is majorly driven by the rise in the need for waxes in the packaging industry. An upsurge in demand for waxes from applications such as rubber & tire, coating, and floor polishes also enhances the market growth.

The use of waxes as a base ingredient in cosmetics industry further supports the growth of the market. Moreover, the increase in awareness towards wax-based natural cosmetics provides a lucrative opportunity for the manufacturers.

However, the market growth is hindered due to high prices of synthetic and natural waxes. Furthermore, the shortage in supply of paraffin/mineral wax hampers the market growth.

In 2017, North America dominated the wax market, and the U.S. is the largest revenue generator. This is due to the increase in awareness towards the benefits of wax-based natural cosmetics products. However, Asia-Pacific is expected to register significant growth rate in the near future, owing to the expansion of the packaging industry in the region, China being the major contributor.

Sinopec (China Petroleum & Chemical Corporation) agreed to acquire BP PLC’s 50% stake in SECCO for USD 1.68 billion. In February 2018 Sasol completed its USD 1.1 billion FT Wax Expansion Project (FTWEP) and successfully commissioned Phase 2 of wax expansion plant.Moreover, the petroleum & mineral wax segment holds the largest share of the global waxes market in 2017. Paraffin wax is the largest sub-segment in this segment, owing to the widespread applications, like the candle, packaging, thermostat, and distillation industries.Companies ProfiledAkzoNobel N.V.Baker Hughes IncorporatedBASFCNPCEvonik Industries AGExxonMobilHollyFrontier Corp.Honeywell International Inc.Mitsui ChemicalsPetroChina Company LimitedRoyal Dutch Shell PLCSasolSinopecThe International GroupThe Lubrizol Corporationand more...

Key Topics Covered

1. Research Methodology

2. Executive Summary

3. Market Overview

4. Market Dynamics

5. Global Wax Market Segmentation, Forecasts and Trends - by Product Type

6. Global Wax Market Segmentation, Forecasts and Trends - by Application

7. Global Wax Market Segmentation, Forecasts and Trends - by Region

8. Company Market Share Analysis

9. Company Profiles

10. Industry Structure

11. Global Wax Market - The Road Ahead

For more information about this report visit https://www.researchandmarkets.com/research/qgdvj2/global_wax_market?w=4

View source version on businesswire.com:https://www.businesswire.com/news/home/20181107005401/en/

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Related Topics:Wax

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SOURCE: Research and Markets

Copyright Business Wire 2018.

PUB: 11/07/2018 05:17 AM/DISC: 11/07/2018 05:17 AM

http://www.businesswire.com/news/home/20181107005401/en

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