QYResearch: The Global Wax market is expected to generate revenue of $ 7791.3 million by end of 2022 ●Research Report ● Market Survey and Research ●Industry Analysis
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The word "wax" usually refers to a variety of organic substances that are solid at ambient temperature but become free-flowing liquids at slightly higher temperatures. The chemical composition of waxes is complex, but normal alkanes are always present in high proportion and molecular weight profiles tend to be wide. The main commercial source of wax is crude oil but not all crude oil refiners produce wax. "Mineral" wax can also be produced from lignite. Plants, animals and even insects produce materials sold in commerce as "wax."
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According to QYResearch, global revenue for Wax market was valued at $ 6965.1 million in 2016, and is expected to generate revenue of $ 7791.3 million by end of 2022, growing at a CAGR of slightly above 1.89 % between 2016 and 2022. In terms of volume, the global production for wax stood at 4,958.3 K MT in 2016. In the next five years, the global consumption volume of Wax will show upward tendency further, consumption volume is expected in 2022 will be 6,146.7 K MT. China National Petroleum Corporation, Exxon Mobil Corporation and Sasol captured the top three revenue share spots in the Wax market in 2016. China National Petroleum Corporation dominated with 22.20% volume share, followed by Exxon Mobil Corporation with 9.15% volume share and Sasol with 6.84% volume share. In terms of demand for wax by end-user industry, candles is the largest share of the global wax market in 2016, which accounted for 44.26 % volume share. Packaging industry is another major industries driving demand for wax.
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Asia-Pacific dominated the global wax market in 2016, primarily due to the growth in candles, packaging industries. The region is the largest producer of petroleum wax in the world; major refiners operate in the region. Asia-Pacific exports wax to North America and Europe to help meet the increasing demand for wax in these regions. China is the center of the production of natural wax. Demand for wax in the Latin America and Middle East & Africa region is projected to increase at a moderate rate in the next few years.
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