Applications of Wax Across Various Industries – Explore

Waxes are the organic compounds that includes lipids and higher alkanes. Waxes are insoluble in water whereas are soluble in nonpolar, organic solvents. Numerous paper products are coated in wax in order to ensure them moisture resistant and durable. Properties such as rub resistance, mark & scratch resistance, and water repellency make it popular for its usage in in coating, painting, and printing ink industries.

There are various types of wax used for candle production. Paraffin wax is the most common candle wax, however, it is not sustainable. Soy wax is healthier than paraffin wax. It emits few soot and less toxins. It is denser, softer, more pliable and has a smaller crystal structure, whereas paraffin wax is harder, more brittle and has a big crystal structure.

According to a report published by Allied Market Research, the wax market size is registered to reach $16.7 billion with a considerable CAGR from 2021 to 2030. The Asia-Pacific region is currently dominating the market with the highest market share and is also estimated to grow at the fastest pace throughout the forecasted period.

However, the outbreak of the COVID-19 pandemic led to have a negative impact on the growth of the global wax market. The implementation of global lockdown stagnated production activities in various end use industries such as cosmetics, packaging, chemicals, and candle making. The ban in import & export activities caused disruptions in the supply chain, which in turn, created a lot of challenges in supply of raw materials on time. Also, due to shortage of labor force in order to maintain the social distancing norms, running wax production in full capacity was impossible. Also, the decline in demand for cosmetics, candles, and consumer goods decreased the demand for waxes across the globe. These factors hampered the growth of the global wax market to a great extent.

Nevertheless, in the post pandemic situation, the market is steady recovering and is expected to get back on track soon. Utilization of cosmetic products, including creams, lotions, sunscreens, and makeup among the youth globally is boosting the demand for wax. Also, the trend among milnnials to use candles as a luxury decorative item, which lightens up the ambiance of the room is increasing the demand for wax, thereby is driving the growth of the market.

Furthermore, the use and demand for bio-based waxes is constantly increasing. It is attributed to the fact that consumers are concerned about the harmful health effects of chemical products. The key market players are focusing on R&D activities and are launching new bio-based waxes. For instance, Eurica Group has created stable emulsions of bio-based waxes that are biodegradable or compostable. The company is expanding their portfolio of bio-based wax emulsions with an aim to offer an even wider array of performance attributes. With this drift on board, the global wax market is anticipated to grow exponentially in the near future.

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