Ocean View, DE -- (SBWire) -- 06/17/2020 --Wax market has been witnessing incessant demand over the years due to its variety of applications, ranging from packaging, candle making to adhesives and cosmetics, and numerous others. The candle making sector is one of the major factors steering proliferation of wax suppliers.
While the conventional use of candles as a main source of light does not really exist everywhere today, candle manufacturing a multimillion-dollar business. Reportedly, USD 13.4 billion worth of candles are sold annually in the U.S. and nearly 35% of the candle sales occur during the Christmas or holiday season.
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Aided by the presence of social media and the internet, the trend of producing decorative and scented candles has added a new dimension to the growth of the candle manufacturing domain. Candles provide a variety of uses some of which include enhancing the aesthetic value, as emergency lighting during a power outage and for religious or ritual purposes.
With the evolution of myriad candle types, candle production process has witnessed various changes over the years. It is estimated that globally, the wax market will cross annual valuation of over USD 10 billion by 2024. Currently, candle manufacturers not only use fossil-based wax and paraffin but also synthetic, natural and biobased wax.
High demand for processed food and beverages
It is prudent to mention that wax industry receives significant stimulus through the use of wax in food packaging since the product is an effective medium to protect the food from factors like humidity and moisture.
With increase in the rate of employment across the globe with an increase in the number of working men and women, there is a burgeoning need for on-the-go food and beverages. Wax provides superior moisture barrier such to protect dry foods from environmental moisture and also helps in reducing the loss of moisture in food items.
A wax coating also helps in protecting food products during the process of transportation and handling. Not only does it provide a preservative seal, but it also adds a glossy sheen on food products like nut seeds, fertilizers, and fruits. Wax coatings also help in delaying ripening, enhancing the shelf life and preserving the internal moisture, supporting the use of the product in the food packaging sector.
Organizations such as the U.S. FDA have approved the use of wax as an edible coating on fruits and vegetables. They are regarded as non-toxic, hypo-allergic and safe for consumption.
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Volatile cost of raw materials needed for wax
Wax market is likely to witness hindrance in growth due to the frequent fluctuation in the supply and price of raw materials. With fossil fuels becoming extremely scarce, wax products that depend only on crude oil or petroleum for their production are becoming expensive.
Key wax manufacturing companies outlining the global market dynamics include China National Petroleum Corporation, Royal Dutch Shell Plc., The International Group, Inc. and Sinopec Limited, among various others.
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