This growth indemand is driven by a number of new uses for the material. Markets for wax aretruly diverse, ranging from simple fuel in manufactured fire logs and candles,to practical applications such as adhesives, anti-oxidation agents in tires,and sizing in construction materials, to even more exotic uses in cosmetics andfoods. Although, the largest single consumer of wax in North America remainsthe packaging area, followed by candles, and then building materials. On thedemand side of the equation, waxes are used in thousands of applications aroundthe world, with candles being the predominant application on a global basis.Candles are estimated to account for 43% of the waxes consumed.
Wax is used ashigh 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 paraffinwax 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.
