Traction petroleum wax be more pronounced in wax market through 2024

Traction for petroleum wax to be more pronounced in wax market through 2024

6:34 AM, 25th January 2021
Wax Market
With a slew of upsides associated with environmental benefits and ease of use, stakeholders are expected to infuse funds in the billion-dollar wax market industry.

A compelling growth in packaging and cosmetics application portfolios is touted to boost wax market share in the next four years. With a slew of upsides associated with environmental benefits and ease of use, stakeholders are expected to infuse funds in the billion-dollar industry.

Thriving e-commerce sector has augured well for stakeholders vying to expand their portfolios following the need of petroleum wax in the industry. Waxes have also made their mark in food packaging industry as they have good moisture barrier characteristics, thereby protecting dry foods from environmental moisture. Global Market Insights Inc has projected wax market size to surpass $10 billion by 2024.

Industry dynamics and trends which will potentially remain instrumental in helping stakeholders bolster their strategies are delineated below:

Expanding footfall of petroleum wax spurs market revenue

Inclination for petroleum wax will potentially drive the industry growth following the expanding penetration of the wax in packaging sector. In essence, low viscosity and economical water-resistant materials have made petroleum wax highly cost-effective in end-use industries.

Several leading companies are blending petroleum wax with other waxes and additives to boost scuff resistance, friction, heat sealability, gloss stability and grease resistance.

With a palpable role in a competitive environment, marketing decision makers are poised to infused funds in petroleum wax to boost packaging supply chain. Packaging designers will potentially count on wax to gain an edge in the industry and boost market revenue.

Trends in packaging industry project robust growth

A pressing tend in packaging industry has mustered up the confidence of wax manufacturers. So much so that waxes are preferred in packaging industry in light of their water resistance and water vapor resistance characteristics.

Wax is also setting the trend as coating, treatment, impregnation and laminate of primary food contact materials, including board, paper and aluminum. Notably, petroleum waxes, reinforced wax and synthetic wax are permissible in food contact materials as production aids and sanitizers in the US.

Given that wax paper is eco-friendly, pleasant to touch, has exceptional quality image and is a good barrier against odors, packaging application portfolio will witness profound investment.

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Growth opportunities in APAC

In terms of volume, APAC wax market is likely to witness a substantial uptick on the heels of soaring consumption of consumer goods. Besides, sustainable demand for wax in end-markets, including packaging, cosmetics and rubber & adhesives in emerging economies such as India, China and Indonesia and advanced economies such as Japan will foster wax market revenue. In terms of volume and revenue in 2016, APAC remained at the helm, while Europe followed suit.

Stakeholders are also expected to fuel investments in BRICS as these countries are expected to be a hub for packaging industry and will boost the penetration of paraffin wax.

Potential restraints

While food packaging is one of the major lucrative portfolios, there are prevailing concerns such as potential migration of waxes into food stuff. Notably, waxes in food contact materials are regulated in the Code of Federal Regulations.

Wax market will remain highly consolidated given that major 5 companies attracted over 70 percent of the market share in 2016. Some of the leading companies such as Exxon Mobil, China National Petroleum Corporation and Royal Dutch Shell PLC will look to boost their value chain and expand their portfolios in untapped areas.

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© Worldofchemicals News

Contact Info:

Arun Hegde
Corporate Sales, USA
Global Market Insights Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688



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