The Inner Sight:
The Wax Market, since the latter half of the 20th century, is witnessing a sinusoidal wave; thanks to uncertainty regarding regulations and availability of raw materials. This uncertainty has prompted the manufacturers, regulatory bodies, and end-users to look for diversity as well as cost-effectiveness in raw materials; thereby setting the trend for the key players. Wax finds its presence in adhesives, cosmetics, rubber, and packaging.
Natural wax is expected to overpower mineral and synthetic wax in the upcoming period due to call for quintessence. Europe and North America are at the forefront with regards to usage of vegetable wax and beeswax. The latter one is one of the prominent ingredients in liver treatment medicines, skin treatment solutions, baby care products, consumable bakery foodstuff, processed foodstuff, coatings, furniture polish, candle manufacturing, textile industry, lubricants, and specialty chemicals.
In developing economies of MEA and Asia Pacific, beeswax is used for producing small cast metal objects and fabrics. Besides, its high binding strength and plasticity render it the most sought-after waterproofing agent for wood and leather and strengthening agent for thread. As such, majority of governments along with wax market contributors are looking for ways to encourage apiculture. Propagation of movable-comb hives is on the anvil. Research states that beeswax could be produced at a ratio of 10:1. In other words, one would need 10 units of honey for producing a unit of beeswax.
The Food and Agricultural Organization (FAO), through its extensive research carried out around 10 years back, has tabled that Europe-based economies do import around 6K tons of beeswax on an yearly basis. It also states that half of it comes from developing economies. France, Germany, and the UK are amongst the top 10 economies that import wax. This could be credited to beeswax’s greatest consumption across pharmaceutical and medical industries therein.
As far as affordability, recyclability, and sustainability of wax materials is concerned; vegetable wax’s usage can’t be ruled out. The current scenario is such that vegetable wax finds its presence in candles at a huge scale. Along these lines, Cargill, Inc., a leading manufacturer of natural wax, has added a novel range altogether for meeting altering needs of Europe-based candle makers. The players contributing to the market include BASF SE, Sinopec Corp., CNPC, Evonik Industries AG, HollyFrontier Corp., ExxonMobil Corp., and Royal Dutch Shell Plc.