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.