Petroleum, Natural & Synthetic Waxes: A Global Strategic Business Report
San Jose, California (PRWEB) July 03, 2014
Follow us on LinkedIn – Waxes are among the most versatile products that find use in a range of household products, pharmaceuticals, cosmetics, and polishes, owing to their ability to become malleable at ambient temperatures and melt at over 45°C to form non-viscous liquids. Growth in the market is driven by expanding base of end-use applications. Of the various types of waxes, petroleum waxes lead the global wax market. The market for petroleum wax is impacted by supply constraints in some parts of the world owing to the shift towards basestock production processes, such as hydrocracking and waxisomerisation, from the traditional solvent dewaxing process. The short supply of petroleum-based waxes is stimulating demand for alternative waxes including synthetic and vegetable-based waxes.
In the coming years, demand for synthetic, vegetable, and palm-based waxes is poised to grow at a steady rate, gaining from the declining supply of petroleum-based wax and continuous increase in specialty applications. In addition, growth will also be driven by strong consumer preference for renewable and vegetable-based products. Demand is especially expected grow for affordably priced synthetic waxes, against the backdrop of supply uncertainty associated with petroleum waxes and the high cost of natural waxes. The market is also benefiting from the success of GTL (gas-to-liquid) technology, which enables production of high quality waxes at relatively lower costs.
As stated by the new market research report on Petroleum, Natural & Synthetic Waxes, the United States represents the largest market worldwide. Limited production makes the county reliant on imports for meeting domestic demand. China and Canada represent America’s largest trading partners. Future growth in the market is expected to come from emerging new applications in packaging, candles, personal care products, and coatings, among others. Asia-Pacific ranks as the fastest growing market with a CAGR of 6.8% over the analysis period. The region offers promising opportunities for petroleum waxes, with China and India emerging as key producers.
While petroleum waxes account for a dominant share of the global wax market, volatile crude oil supplies as well as increasing availability of high viscosity crude oil are driving demand for substitutes. Synthetic waxes are witnessing increasing adoption given their stable prices and advantages comparable to petroleum waxes. The market share of synthetic waxes has risen over the last few years, led by growing production capacity of Fischer-Tropsch and polyethylene waxes. Hydrogenated and natural vegetable waxes are also gaining in importance. Increasing production capacity of synthetic and vegetable waxes is expected to offset the shortfall in petroleum wax supply.
Major players covered in the report include BASF SE, Blended Waxes Inc., Clariant International Ltd., Dow Corning, Evonik Industries AG, Exxon Mobil Fuels & Lubricants, Honeywell International, Koster Keunen (Holland) B.V, Lubrizol Corp., Micro Powders Inc., Momentive, Paramelt BV, Petroferm Inc., Romonta GmbH, Strahl & Pitsch Inc., The International Group Inc., Wachs-u. Ceresin-Fabriken TH. C. TROMM GmbH, among others.
The research report titled "Petroleum, Natural & Synthetic Waxes: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, challenges, mergers, acquisitions and other strategic industry activities of major companies. The report provides market estimates and projections for geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East, and Latin America (Brazil and Rest of Latin America). Product segments analyzed include Natural Waxes, Petroleum & Mineral Waxes, and Synthetic Waxes.
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