Synthetic waxes are long-chain hydrocarbons that are the closest substitutes for petroleum and mineral waxes. Most of the synthetic waxes have similar chemical structure; however, different production processes lead to distinct properties. Due to high heat resistance and higher set times, these waxes are widely used in a number of industrial processes. The synthetic waxes segment is expected to register the highest growth in demand among all the wax segments during the next five years.
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Natural waxes are derived from plants and animals. Ever-increasing environmental concerns around the world and lack of availability of paraffin waxes are boosting the demand for such waxes. Previously, natural waxes could not be used in multiple industrial and commercial applications due to lack of hardness and absence of other properties possessed by paraffin waxes. However, with evolving extraction methods and blends, natural waxes now can be used as substitutes for paraffin in multiple applications.
Carnauba, soy and candelilla are the most widely used plant waxes, and beeswax is the most widelyused animal wax. Natural waxes represent approximately REDACTED of the global wax demand (the total wax market also includes paraffin wax, which is not in the scope of this report). The Asia-Pacific region is the major producer of natural waxes. Countries such as China, Japan, India, South Korea and Malaysia produce several natural wax blends. Additionally, Latin American nations such as Brazil and Mexico also produce natural waxes. Europe and North America are the key importers of such renewable-made waxes.
Synthetic and natural waxes find their major applications in candles. These waxes are also used in a number of other applications such as adhesives, cosmetics, coatings and inks, pharmaceuticals, rubber and more.
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Global market for synthetic and natural waxes will grow from REDACTED in 2017 to REDACTED by 2022, at a five-year compound annual growth rate (CAGR) of REDACTED from 2017 through 2022. The primary reason for such growth will be a decreasing supply of petroleum waxes, increasing industrial application of synthetic waxes, and a higher adoption of natural waxes in North America and Europe.
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