Wax Market Size to Reach USD 9.24 Billion by 2027; Increasing Popularity of Paraffin Bath to Skyrocket Demand Worldwide

The global wax market is expected to reach USD 9.24 billion by 2027. It is likely to gain impetus from the rising usage of paraffin as it possesses excellent heat retaining and absorbing capacity. The trend of paraffin bath is upsurging worldwide on account of its several health benefits. It helps in reducing joint pains and improving blood circulation. This information is given in a recent report by Fortune Business Insights™, titled, “Wax Market Size, Share & Industry Analysis, By Product Type (Petroleum, Synthetic, Mineral and Animal & Plant), By Application (Candles, Packaging, Coating & Polishes, Hot-melt Adhesives, Cosmetic & Toiletries, Plastic & Rubber and Others) and Regional Forecast, 2019-2027.” The report further mentions that the market stood at USD 7.28 billion in 2019. However, it would exhibit a CAGR of 3.1% during the forecast period between 2019 to 2027.

ExxonMobil to Invest $2 Billion for Expanding Chemical Plant in Texas

In May 2019, ExxonMobil, a multinational oil and gas corporation headquartered in the U.S., is planning to invest USD 2 billion for the expansion of its chemical plant in Baytown, Texas. It would be capable of creating around 2,000 jobs during the construction phase. It would further increase the value of production from the Permian. Previously, the company invested huge sums in 20 states. The new plant will aid in providing higher-value, higher-demand products manufactured at its Gulf Coast chemical and refining facilities. In addition to that, it would make way for the company to enter the linear alpha olefins market as the new facility will produce over 350,000 tons of the same per year.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/wax-market-102783

Rising Usage of Wax in Food & Beverage Industry to Aid Growth

Wax coatings are gaining popularity nowadays as they help in protecting packaged goods. They have a higher gloss coating that aid in enhancing the appearance such goods. Consumers are able to take better control of the packages owing to the smoothness of these coatings. Besides, they are extensively used in the food and beverage industry backed by their excellent barrier properties against moisture. They are also non-sticky in nature and therefore, play a vital role in providing cost-effective and reliable solution for packing sticky items.

Apart from that, they have other beneficial properties, such as thermal stability, high compatibility, excellent chemical resistance, low viscosity, abrasion resistance, lubricity, slip, water repellence, and anti-blocking. These properties make them the best suited for making cosmetics, adhesives, plastic & rubber additives, coatings, candles, and polishes. However, lack of quality standards and norms can lead to improper handling of natural resources. It may hamper the wax market growth in the coming years.

Key Players Aim to Fulfil Consumer Demand by Expanding Production Capacity 

Several industry giants are presently focusing on broadening their geographic presence and product portfolio by expanding production facilities, as well as launching new products in the market. Such crucial strategies would help them in catering to the growing demand of their existing consumer bases.

Fortune Business Insights™ lists out all the companies operating the wax market. They are as follows:

• Sasol Limited (South Africa)


• Sinopec (China)


• Royal Dutch Shell PLC (Netherlands)


• Exxon Mobil Corporation (USA)


• The International Group Inc. (Canada)


• Petróleo Brasileiro S.A. (Brazil)


• The PJSC Lukoil Oil Company (Russia)


• PDVSA (Petróleos de Venezuela, S.A.) (Venezuela)


• Kerax Limited (UK)


• DEUREX AG (Germany)


• NIPPON SEIRO CO. LTD. (Japan)


• Numaligarh Refinery Limited (India)


• Strahl & Pitsch, Inc. (USA)


• CALWAX (USA)


• Poth Hille & Co Ltd. (UK)


• Cargill, Inc. (USA)


• Samin Chemical (Iran)

Significant Industry Developments-

• April 2019: The Numaligarh Refinery Limited (NRL) introduced its premium quality food grade wax. It is best suited for cosmetics, pharmaceutical, and food packaging industries. NRL will be able to cater to the needs of the consumers in both foreign and domestic markets. This wax will be marketed under the brand name 'Pristene'. As per the company officials, Pristene will be able to bridge the demand and supply gap.


• July 2019: Deurex AG recently announced the expansion of the production capacity of Deurex EO 44 K. The main aim of this expansion strategy is to meet the unmet needs from the masses by stabilizing supply.

Further Report Findings-

• North America generated USD 1,940.0 million revenue in 2019 owing to the increasing demand for top-quality bio- and petroleum-based candles.


• Asia Pacific is anticipated to lead the market owing to the contribution of India and China. India is one of the largest producers of beeswax, whereas China is the largest importers, consumers, and producers of wax.


• Based on product type, the petroleum segment held 63.5% market revenue in 2019 backed by the increasing utilization of paraffin across the globe.

This market is segmented in the following way: