LONDON--(BUSINESS WIRE)--Sep 3, 2018-- analysts foresee the global wax market to grow at a CAGR of nearly 4% during the forecast period, according to their latest market research report.

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Technavio has published a new market research report on the global wax market from 2018-2022. (Graphic: Business Wire)

The effective use of recycled plastics in wax production is one of the major trends being witnessed in the . 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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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

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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KEYWORD:

INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS OTHER MANUFACTURING

SOURCE: Technavio Research

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PUB: 09/03/2018 07:07 AM/DISC: 09/03/2018 07:07 AM

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