Natural wax has been emerging as a potential mineral and synthetic wax alternative on account of its ability to provide luster and excellent oil retention coupled with environment friendly nature. High scuff-resistant toughness and melting point, and chemical stability of the product as a substitute to paraffin, microcrystalline and polyethylene waxes is expected to witness promising gains over the upcoming years, says Grand View Research.
Candles accounted for 36.01% of wax sales last year and are expected to grow on the strength of demand as gift items for various occasions, including house warming gifts, adult birthday party gifts as well as thank you and dinner/hostess party gifts. The increasing demand for blended, palm and soy waxes in candles industry is expected to augment the overall wax consumption in the near future. Astute suppliers are girding for the future. For example, in June 2017, BASF SE introduced a new plant for waxes and emollients in Jinshan, Shanghai, China. This plant, having invested over €20 million by the company, was inaugurated on account of further enhancing and complementing BASF's then current production of primary surfactants, emulsifiers and wax esters, and to serve the personal care industry in China as well as in Asia Pacific.