Global Wax Market Outlook to 2022: Key Players are BASF, ExxonMobil Corporation, General Electric, Honeywell International, Royal Dutch Shell, and Sasol – ResearchAndMarkets.com

One trend in the market is effective use of recycled plastics in wax production. Plastics have posted a threat to the environment and human health as they are either burnt or dumped in barren lands. Various governments are encouraging the recycling of plastics as they can be used to manufacture wax. According to the report, one driver in the market is growing demand for synthetic and vegetable waxes. In terms of product, the global wax market has been segmented into PB, synthetic, and natural or bio-based wax. PB waxes led the global wax market with the highest share in 2017; however, a decline in the supply of PB waxes is expected to affect their demand during the forecast period. Further, the report states that one challenge in the market is fluctuations in prices of crude oil. Waxes are available in different types such as PB, synthetic, and natural. PB wax is obtained from lube-oil refining, which, in turn, is derived from crude oil. The fluctuation in the prices of crude oil has an adverse effect on the prices of raw materials, thereby affecting the costs of PB wax.

Market Trends

• Effective Use of Recycled Plastics in Wax Production
• Shift in Preference Toward Synthetic and Natural Waxes