Waxes find their application across industries such as textiles, paints, packaging, electronics, electrical, inks and coatings, rubber, pharmaceuticals, food, and cosmetics. Thus, a growth in these end user industries also spells a heightened demand for wax. Since a majority of the aforementioned industries have been witnessing a growth of Wax Market in the recent years and this includes electronics, packaging, food, cosmetics and pharmaceuticals, the market for wax is experiencing a healthy growth. The production of paraffin wax has decreased over the years, but this is balanced by the higher production of synthetic and natural waxes, which is boosting the growth of the market worldwide.
Wax is used extensively as additives, base materials, and to aid processing. Since the importance of finished goods such in metals, surface gloss, and surface protection in ceramics is increasing, the use of wax will also increase, driving the market. Wax also works as a corrosion inhibitor in metal works, thus finding their application in manufacturing metal products. They repel water and thus, find their application in textile industries. Moreover, they are used as insulators in electronics and electrical industries.
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Asia Pacific Leading Regional Segment
Asia Pacific has been holding a dominant position in terms of both volume and revenue in the global wax market. The main reason behind this is the presence of many manufacturing units. The demand for wax is also high from candles, adhesives, packaging, and cosmetics industries in APAC. A key portion of the wax produced in China is exported to the U.S. A large quantity of the wax is also supplied to many of the European nations. China remains the largest supplier of wax, more specifically the petroleum-based waxes worldwide.
Another reason for the growth of the Asia Pacific wax market is the flourishing end user industries. As countries such as China and India are emerging as key markets, holding promising potential for a large number of industries which require wax, the market for wax will grow even in the coming years. North America and Europe are anticipated to witness a sluggish growth in the forecast period. However, moderate growth is projected for the wax market in regions such as South Amercia, Central America, and the Middle East and Africa.
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Candles to Continue to Remain the Largest End-user Industry for Wax
Not only did the candles segment was most lucrative end user application for wax in terms of volume in the past, but also, the future holds the greatest potential for wax market, thanks to continued demand from the candle manufacturing industries. The candle segment led in the past and is expected to continue to remain so on account of the high use of candles in rural areas of India where electricity is an issue as well as usage as a luxury in decorated and scented candles.
Cosmetics Industry to Emerge as Lucrative Application Segment in Future
The cosmetics industry is expected to witness rapid growth in the global wax market during the coming years. Many cosmetic formulations make use of wax as base materials and is an important constituent in these products. As the world has become more beauty-oriented, becoming more conscious and aware about their looks and appearance, the cosmetics industry is witnessing a stupendous growth and this will bode well for the wax industry. Wax is a medium for delivering active ingredients and also has skincare characteristics and helps in retaining moisture, by decreasing dehydration.