Natural and Synthetic Waxes market is heading towards a more competitive business environment. Focal point of the global wax market is now gradually shifting towards developing economies such as China, Mexico and other countries in the Pacific Rim and Latin America. By the year 2010, global market for natural and synthetic waxes is projected to reach $9.0 billion.
San Jose, California (PRWEB) April 28, 2008 -- Waxes are considered as one of the foremost products developed by man. They play a prominent role in a range of household products from candles to pharmaceuticals, cosmetics and polish. Global wax industry is witnessing a decline in traditional sources of supply, owing to alterations in lubricant standards and closure of Group I base oil plants. Amid the scenario, synthetic waxes have been benefiting from the continued advances in polymer technology and compete with natural waxes in terms of finish. Current market interest in this technology is mainly driven by the recent flurry of announcements about proposed world-scale plants, partnerships and other activity.
Petroleum and mineral waxes dominate the global natural & synthetic waxes market, as stated in a recent report published by Global Industry Analysts, Inc. Growing trend of substituting commodity waxes with more expensive synthetic waxes in plastics and value-added wax blends in candles and adhesives, is expected to give a strong fillip to the synthetic wax segment. synthetic wax market is expected to register the fastest growth, when compared to other wax types. Market for synthetic waxes in the United States is projected to reach $1.2 billion by 2010.
Europe represents the second largest market for natural and synthetic waxes, with a share of 25% in 2008. Germany, the single largest as well as fastest growing market for natural and synthetic waxes, is projected to reach $510 million by 2010. Asia-Pacific is one of the most promising regions in the global wax market. Production capacity for waxes in the region far exceeds domestic demand. The market is projected to register a CAGR of about 6% over the period 2001-2010. China is rich in waxy crudes and has the capacity to produce more than 2.0 billion pounds of wax annually.
Entry barriers such as economies of scale enjoyed by large petrochemical companies and huge investments associated with wax production hinder the entry of new players into the petroleum and synthetic waxes market. Major players profiled in the report include Baker Petrolite Corp., BASF AG, SINOPEC Beijing Yanshan Company, Blended Waxes, Inc., Calwax Corporation, Chemtura Corp., CITGO, Clariant AG, ExxonMobil Corp., Hexion Specialty Chemicals, Inc., Koster Keunen Holland BV, Lubrizol Corporation, Luxco Wax, Inc., Marcus Oil & Chemical, Micro Powders, Inc., Paramelt, PetroChina Company Limited, Petroferm Inc., Romonta GmbH, Strahl & Pitsch Inc. TH.C. TROMM GmbH, and The International Group, Inc.
The report titled "Natural & Synthetic Waxes: A Global Strategic Business Report", published by Global Industry Analysts, Inc., analyzes the market by following segments- Natural Waxes, Petroleum & Mineral Waxes and Synthetic Waxes. Analysis is presented for major geographic markets including US, Canada, Japan, France, Germany, Italy, the UK, Spain, Russia, Asia-Pacific, Middle East and Latin America. The report analyzes the market over the period 2001-2015, while historic analytics provide an overview of the market's performance in the past (1991-2000).
For more details about this research report, please visit http://www.strategyr.com/Natural_And_Synthetic_Waxes_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
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