This news update regarding the Global Wax Market is brought to you by Special Chem.
Transparency Market Research has published a new report titled “Wax Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020.” According to the report, the global wax market was valued at USD 8.21 Bn in 2013 and is anticipated to reach US$ 8.98 Bn by 2020, expanding at a CAGR of 2.6% between 2014 and 2020. In terms of volume, the global demand for wax stood at 4,539.9 kilo tons in 2013.
Rising base of end-user industries is estimated to drive the global wax market. End-user industries of wax comprise candles, packaging, wood & fire-logs, rubber, adhesive, cosmetics, and others (including inks, crayons, polishes, and laminates). Cosmetics, packaging, and candles are the fastest-growing end-user industries in the global wax market. However, closure of Group I base oil refineries is projected to hamper market growth. Gas-to-liquids technology is likely to offer high opportunities for market players in the next few years.
Petroleum and mineral wax emerged as the largest product segment of the wax market in 2013. Synthetic wax is expected to be the fastest growing product type in the global wax market during the forecast period. Synthetic wax resembles petroleum wax to a large extent. Therefore, it can substitute petroleum wax in a variety of applications. Synthetic wax accounted for about 11% of the market share in 2013. Natural wax product segment is anticipated to expand at a moderate rate in the next few years.
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