Wax is used as high value product for energy reserve in the world. It not only providesvarious good products for general public, but increases petrochemical plantrevenue also. Renewable alternatives to wax are enjoying new opportunities as aresult of a raft of factors. Among these are a dwindling supply ofpetroleum-based waxes, skyrocketing paraffin wax prices, and a growing consumerpreference for greener products.
Growing paraffin wax consumption for cardboard and paper coating mainly in food industry owingto the excellent protection and water barrier properties is expected tostimulate demand over the forecast period. Rising demand for paper in foodpackaging owing to its biodegradability is likely to fuel demand.
Increasingapplication in manufacturing hot melt adhesives, industrial & surface protectioncoatings, rubber & plastic processing aids, pharmaceuticals, electricalinsulation, metal castings and fabric proofing & impregnation is expectedto fuel demand over the forecast period.
Growing use ofalternatives including soy wax, polyethylene wax and beeswax is expected torestrict market penetration. However, the introduction of deoiling technologyto produce paraffin wax from slack wax is further expected to open newopportunities over the upcoming years.
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