Waxes are organic compounds that consist of long alkyl chains. Waxes are insoluble in water, but soluble in organic, non-polar solvents. They typically melt at temperatures above 45°C, when they change into a low viscosity liquid. The most common mineral waxes are petroleum-derived (paraffin) waxes, consisting of hydrocarbons. Natural waxes are esters of fatty acids and long chain alcohols, whereas synthetic waxes are long-chain hydrocarbons. In candle industry, wax is most widely used. Candles are of various variety of sizes and shapes, from tapers, votives, pillars and tealights to container/jar candles, floating candles, liturgical candles, outdoor candles, novelty candles, utility candles and birthday candles. The various sources for wax includes, crude oil, gas and coal, petroleum, sugar cane, oil and fats etc. Wax are predominately used in candles, but also find important applications in food, cosmetics and pharmaceutical industries as thickeners/emulsifiers. The global wax market is segmented into, type, application and region.
Increasing adoption of wax in packaging and package coating application, raw material for several cosmetics products, printing inks, pharmaceuticals, adhesives, textile, food packaging and increasing number of consumers who are purchasing candles as a focal point for their home decor, and for aromatherapy-like relaxation and stress reduction are anticipated to drive the global wax market. Increasing prices of synthetic & bio-based waxes may hinder the growth of the wax market.
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On the basis of region, the global wax market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific wax market currently dominates the global wax market due to expansion of packaging industry in the region. The increasing demand from the candles, packaging and coatings & polishing applications and the fast growing need for tires & rubber and cosmetics & personal care applications, drives the industrial wax market in countries like India and China. A key portion of the wax produced in China is exported to the U.S and European countries.
Prominent player of global wax market are, Sinopec International Petroleum Exploration & Production Corporation, Royal Dutch Shell plc., Exxon Mobil Corporation, Sunoco, Inc., Shell Oil Company, The Blayson Group Ltd., The Lubrizol Corporation, Honeywell International Inc., Cargill, Inc., and Evonik Industries AG.