Zion Market Research has released its latest report, “Wax Market by Product, by Application, by Region – Global Industry Perspective, Comprehensive Analysis and Forecast, 2017-2024”. According to this report, the global wax market, which in 2017 was valued at roughly 9 billion dollars, will by 2024 reach approximately 12 billion dollars, for a compound annual growth rate of just over 3.5% for the period between 2018 and 2024. This covers all applications of waxes of all kinds- for example, the use of wax in tyres, where it is used to insulate the tyres against ozone in order to prevent cracking and chipping, demand is expected to grow by between 7 and 8 percent this year and next in terms of volume. Escalating OEM requirements are one of the drivers of this growth, as well as stable replacement demand, with bus and truck replacement demand set to increase by 5 percent in 2018. This boost to the tyre industry will help the global wax industry as a whole.
Poth Hille Growth in the global wax industry forecast
Poth Hille Growth in the global wax industry forecast
In the North America region, cheese consumption is, perhaps surprisingly, a major driver in wax industry growth. Paraffin wax is used extensively for the coating of cheese (as well as fruit and nuts), and with the average American now consuming over thirty pounds of cheese a year, as opposed to the 7.7 pounds measured in 1950, 2014 saw production of cheese at 11 billion pounds. Asia Pacific is seeing growth due to the use of wax in the textile industry, with China in particular accounting for 39% of exports in the region. And, of course, candles are still a very important factor- candles of all kinds have traditionally been one of the biggest uses of wax around the world, and that shows no sign of changing any time soon. In Europe, demand is growing for mosquito repellent candles, in part due to the appearance of tiger mosquitoes and the threat of West Nile fever. Candles are becoming more popular than mosquito coils due to their lower emission of dirt and smoke, boosted by the market-pleasing addition of natural raw materials such as eucalyptus oil and citronella.