Market Snapshot
2016-2024
2018
Asia Pacific
Asia Pacific
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Market Overview
The wax market is expected to witness a CAGR of around 3.7% during the forecast period, 2019-2024. The major factor driving the market studied is the growing demand from the cosmetics industry, where the wax has a widespread application in lipsticks, mascaras, moisturizing creams, and sunblock. However, fluctuating prices of raw materials and environmental concerns are expected to hinder the growth of the market.
- Petroleum and mineral wax segment dominated the market in 2018 and is expected to grow during the forecast period, owing to its increasing demand from various applications, such as candle making, packaging, cosmetics, etc.
- Increasing use of mineral wax in rubber production is likely to act as an opportunity for the market in the future.
- Asia-Pacific dominated the market across the world, due to the concentration of dominant petroleum wax producing refineries in countries, like China and India.
Scope of the Report
The wax market report includes:
| Type | |
| Petroleum and Mineral Wax | |
| Synthetic Wax | |
| Natural Wax |
| Application | |
| Cosmetic | |
| Packaging | |
| Candle Making | |
| Adhesives | |
| Rubber | |
| Other Applications |
| Geography | |||||||||
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Key Market Trends
High Demand from the Cosmetics Industry
- The cosmetic sector is one of the major applications for wax. Waxes are used as ingredients in a variety of products in the cosmetic industry, for the formulation of emulsifiers, solubilizing agents, cleansers, and conditioners among others.
- Natural and synthetic waxes provide protection against mechanical stress, water-loss, UV-radiation, and parasites. For this reason, they are being increasingly used in the manufacturing of cream, lotions, and lip balms.
- Some of the most commonly used waxes used in the cosmetic industry include candelilla wax, carnauba wax, rice bran wax, sunflower wax, berry wax, honey wax, and mimosa wax.
- The market is driven by increasing urbanization and the growth in online beauty spending, due to the continuous growth of disposable income of individuals all over the world.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share in 2018, due to the concentration of dominant petroleum wax producing refineries in countries, like China and India.
- Asia-Pacific is also projected to register the highest growth during the forecast period, driven by increasing production and consumption of cosmetics, adhesives, and packaging products in the region.
- Asia-Pacific demand has reached higher levels in the past few years and has become a major hub for exporting cosmetics and personal care products.
- The tier-2 markets, such as South Korea, are expected to witness a rapid rise in the demand for personal care products. Moreover, China and India are also likely to experience good opportunities for the personal care market.
- Besides, China stands to be the largest market for adhesives in the region, in terms of both production and consumption. The consumption of adhesives has been increasing in the industries, such as furniture, construction, etc., which is further driving the growth of the wax market in the region.
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Competitive Landscape
The global wax market is fragmented. The major players dominating the market include BP PLC, Exxon Mobil Corporation, Cepsa, Sasol, and Eni SpA among others.
Major Players
* Complete list of players covered available in the table of contents below
Table of Contents
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1. INTRODUCTION
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1.1 Study Deliverables
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1.2 Study Assumptions
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1.3 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Drivers
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4.1.1 High Demand from the Cosmetics Industry
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4.1.2 Increasing Use of Scented and Decorative Luxury Candles across the World
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4.1.3 Shifting Focus toward Synthetic and Vegetable Waxes
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4.2 Restraints
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4.2.1 Fluctuating Prices of Raw Materials
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4.2.2 Environment Concerns
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4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
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4.4.1 Bargaining Power of Suppliers
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4.4.2 Bargaining Power of Consumers
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4.4.3 Threat of New Entrants
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4.4.4 Threat of Substitute Products and Services
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4.4.5 Degree of Competition
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5. MARKET SEGMENTATION
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5.1 Type
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5.1.1 Petroleum and Mineral Wax
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5.1.2 Synthetic Wax
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5.1.3 Natural Wax
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5.2 Application
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5.2.1 Cosmetic
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5.2.2 Packaging
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5.2.3 Candle Making
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5.2.4 Adhesives
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5.2.5 Rubber
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5.2.6 Other Applications
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5.3 Geography
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5.3.1 Asia-Pacific
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5.3.1.1 China
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5.3.1.2 India
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5.3.1.3 Japan
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5.3.1.4 South Korea
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5.3.1.5 Rest of Asia-Pacific
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5.3.2 North America
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5.3.2.1 United States
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5.3.2.2 Canada
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5.3.2.3 Mexico
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5.3.3 Europe
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5.3.3.1 Germany
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5.3.3.2 United Kingdom
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5.3.3.3 France
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5.3.3.4 Italy
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5.3.3.5 Poland
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5.3.3.6 The Netherlands
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5.3.3.7 Rest of Europe
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5.3.4 South America
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5.3.4.1 Argentina
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5.3.4.2 Brazil
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5.3.4.3 Rest of South America
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5.3.5 Middle East & Africa
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5.3.5.1 Saudi Arabia
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5.3.5.2 South Africa
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5.3.5.3 Rest of Middle East & Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Market Share Analysis**
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6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
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6.4.1 BP PLC
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6.4.2 Calumet Specialty Products Partners LP
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6.4.3 Cepsa
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6.4.4 China National Petroleum Corporation
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6.4.5 China Petroleum & Chemical Corporation
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6.4.6 Eni SpA
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6.4.7 Exxon Mobil Corporation
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6.4.8 H&R Group
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6.4.9 Ilumina Wax d.o.o.
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6.4.10 Nippon Siero Co. Ltd
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6.4.11 Petrobras
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6.4.12 Petro Canada Lubricants Inc.
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6.4.13 Sasol
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6.4.14 The International Group Inc.
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*List Not Exhaustive -
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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7.1 Increasing Use of Mineral Wax in Rubber Production
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