The global Wax Market is expected to grow at a CAGR of 3.7% between 2019 and 2025. Coating and printing ink verticals are driving the market. Wax stands out due to its resistance to scratch, rubs, marks, and repellency against water. It acts as an additive to a spectrum of inks inclusive of gravure, letterpress, flexographic, and lithographic.
Paraffin wax comes from crude oil; which is, in turn, derived from petroleum. Suzler Ltd. has adopted a novel process of crystallization for refining paraffin from the residue of synthetic fuel production. The latest trend in this regard is the technology developed by the Indian Institute of Petroleum; which claims to yield paraffin wax from used plastics.
At the same time, scarcity of raw materials is likely to restrain the market; as it is inversely proportional to the price. As such, it could be concluded that fluctuating prices of raw materials are expected to act as a barrier to the wax market.
Access full research report on global wax market: https://www.millioninsights.com/industry-reports/wax-market
Some of the key facts from the report:
• The market volume on the whole crossed 4900 kilotons in the year 2018. This volume is expected to witness a CAGR of 3.3% between 2019 and 2025.
• Mineral wax did hold the biggest share (73.96%) in 2018. This is credited to increasing demand for petroleum in the pharmaceutical products.
• North America was on the roll in 2018 due to extensive demand in personal care and cosmetics. Candle production also asks for wax in greater quantity.
• Key players include BASF SE; HollyFrontier Corp.; Royal Dutch Shell Plc; ExxonMobil Corp; The China National Petroleum Corp. (CNPC); Evonik Industries AG; and Sinopec Corp.
Research Support Specialist, USA
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