The global market for vegetable wax is estimated to witness a steady growth rate, observes Transparency Market Research. The research report, titled “Vegetable Wax Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”, offer an insightful take on the factors likely to define this market in the coming years. The research report has taken into account the drivers, restraints, threats, and opportunities that have historically impacted the global vegetable wax market. It compares the same to the present-day market condition to map the trajectory for the global market for the forecast period of 2016-2024. Furthermore, it discusses the changing outlook about the environment, which is expected impact the demand for vegetable wax in the coming years.
The research report states that the demand for vegetable wax is expected to soar in the near future due to its widening applications. Vegetable wax is derived by hydrogenating vegetable oil. It is the best alternative to paraffin wax as it creates lesser soot. Owing to this reason, vegetable wax is increasingly being used for making candles. Thus, the demand for vegetable oil is expected to grow as the demand for candles for home décor and other purposes continues to be on the rise. Analysts also suggest that high price of paraffin wax as compared to vegetable wax will also work in favor of the global market.
Use of vegetable wax for increasing the shelf life of vegetables and fruits has also led to an increased consumption of the same. Furthermore, increasing emphasis on personal grooming has triggered a massive demand for cosmetics, which in turn has had a positive impact on the global vegetable wax market.
Today, vegetable wax is used in areas such as paper surface coatings, pharmaceuticals, inks, polishes, cosmetics, candles, foods, fruit surface coatings, and polymer processing. Candles will continue to be the key application area for vegetable waxes during the forecast years of 2016 to 2024. However, the report points out that vegetable wax will also find innumerable opportunities in the cosmetics and pharmaceutical segments over the forecast period.
The various types of vegetable waxes available in the global market are Candelilla wax, sunflower, carnauba wax, soya wax, and others. Out of these, the demand for carnauba wax is expected to remain popular. The hypoallergenic nature of carnauba wax makes it an ideal choice for coating pharmaceutical pills. This type of wax is expected to remain high in consumption as it has the highest melting point and is one the hardest natural waxes.
In terms of geography, the global vegetable wax market is segmented into Asia Pacific, North America, Europe, the Middle East and Africa, and Rest of the World. Out of this, North America and Southeast Asia are expected to dominate the global market. Emerging economies of China and India are expected to be the key suppliers of vegetable wax in the coming years. On the other hand, the demand in developed regional market of North America will be determined by the widening use of vegetable wax in cosmetics and pharmaceuticals. The growing pharmaceutical industries in developed parts of the world are also expected to boost the demand for vegetable waxes.
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The leading players shaping the competitive landscape of the global vegetable wax market are Kline & Company, Dow Corning, Cargill, Faith Industries, BASF SE, and Akzo Nobel.