Tuesday, 12 June 2018

Natural Wax: A Potential Alternative to Mineral and Synthetic Wax

Growing requirement of food packaging owing to increasing consumption of packed food is anticipated to propel demand for wax. Wax offers useful characteristics such as heat resistance and water repellence. Effective use of these properties of wax in the manufacturing of food packaging can fuel its demand. Synthetic wax, mineral wax, and natural wax are the prominent types of wax, among which natural wax is emerging as an effective substitute for the other two. Prominent applications areas for wax include application candle making, packaging, cosmetics & toiletries, adhesives & coatings, fire logs, plastic & rubber, and many more.

Natural Wax

Rising Demand for Different Types of Candles to Fuel Product Demand

In 2016, the candle segment was valued at USD 3.36 billion. It is expected to witness a significant growth in the coming years owing to a wide range of products such as birthday candles, utility candles, and floating candles. Increasing number of distribution channels can also fuel the product demand in this segment in the next few years.

Most companies are offering advanced form of wax candles to cater to the changing demand of consumers. For instance, Kendra Scott recently introduced its new range of candles induced with different scents. The rose quartz candle is offers fragrance of rose petals and wild peony. The malachite candle is expected to offer fragrance of warm amber and exotic frankincense. While, Amethyst candle can offer lilac blossoms and blackberry.

Market Insights

According to a recent report by Grand View Research Inc, the global wax market is anticipated to reach at USD 12.9 billion by 2025. High demand for wax candles in rural areas, owing to the lack or absence of electricity, is expected to spur market growth in the coming years. Growing acceptance of wax as an insulator in electronic and electrical instruments can further stimulate growth of the market.

Increasing use of wax to manufacture cosmetic products owing to effective skincare properties is also anticipated to propel growth of the market. Increasing adoption of wax in food packaging due to its excellent characteristics can also fuel market growth during the forecast period (from 2017 to 2025). Some of the leading companies offering high-quality wax are The International Group, Inc., Evonik Industries AG; Mitsui Chemicals; BASF SE; and Baker Hughes Incorporated.

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