11.21.17
Global demand for wax continues to be a bright spot in personal care raw materials. The global wax market is expected to reach $12.9 billion by 2025, and is expected to grow at a CAGR of 3.7% from 2017 to 2025, according to a report by Grand View Research, Inc. Rising demand for the product owing to its superior properties including high gloss, non-toxicity, good water repellency and outstanding chemical resistance is anticipated to augment the industry size over the forecast period. More specifically, researchers say the growing consumption of synthetic wax as it offers various properties such as thermal degradation resistance, high temperature stability and good heat resistance is likely to increase its demand in creams, eye makeups and lipsticks in cosmetics applications. Cosmetic applications will augment US consumption due to demand for various skin care products such as face masks, creams and peels. The US market will get another boost shift in demand towards natural and organic cosmetics, thereby providing further avenues for growth.
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.
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.