April 24, 2018
WELLESLEY, Mass., April 24 2018–Growth in the cosmetics industry and vegan lifestyles are just two of the factors driving expansion of the synthetic and natural waxes market, according to a report by BCC Research.
The industry is expected to see a compound annual growth rate (CAGR) of 8.5% through 2022, when it could be worth $1.9 billion, according to the report Synthetic and Natural Waxes: Global Markets.
Major players in the market include Arya Chem Inc., BASF Corp., Calwax LLC., Cargill Inc., Darent Wax Co., Hari Shellac Industries, Honeywell Inc., Kerax Ltd., Lubrizol Corp., Poth Hille & Co., Sasol and Trecora Chemical.
“Carnauba, soy and candelilla are the most widely used plant waxes, and beeswax is the most widely used animal wax,” said report author Niladri Chakraborty. “Natural waxes represent approximately 4% of the global wax demand.”
Market Challenged by Growing Focus on Electrification
Amid strong global growth, there are challenges to the market, the report notes. Global economic development is leading to widespread electrification, which in turn is lowering the need for candles. This is expected to primarily affect the synthetic wax market.
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Synthetic and Natural Waxes: Global Markets( AVM135A )
Publish Date: Apr 2018
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