Petroleum Waxes Market

Petroleum Waxes Market - Size, Trend and Forecast, 2027
Petroleum waxes are soft colorless solids obtained from petroleum. Petroleum
waxes are of three types, namely paraffin wax, microcrystalline wax, and
petroleum jelly. Although these waxes are slightly translucent, addition of some
chemicals can impart color to these waxes. It is tasteless and odorless. Also, it is
insoluble in water, slightly soluble in ethanol, and sparingly soluble in solvents
such as diethyl ether and hexane. Petroleum waxes are formed as a byproduct
when lubricating oil is sent for refining process. Purity or grade of petroleum
wax is based on the amount oil content present in the wax.
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Market Outlook
On the basis of region, the global petroleum waxes market is segmented into
North America, Latin America, Asia Pacific, Middle East, and Africa. Asia
Pacific holds dominant position in the petroleum waxes market, owing to
increasing demand for products such as candles, lubricants, and cosmetics in the
region. China, India, Japan, South Korea, Singapore, Taiwan, and Thailand are
the major consumers of petroleum waxes, as it has wide range of applications in
a variety of industries including automotive, chemicals, and construction.
Moreover, increasing population and rising disposable income in emerging
economies such as China and India in the region is expected to increase demand
for consumer goods using petroleum waxes. This in turn is expected to fuel
growth of the petroleum waxes market over the forecast period.
North America is another major consumer for petroleum waxes, especially in
rubber latex for automotive industry and coatings for construction and furniture
industry. Due to economic meltdown, Europe is expected to witness
comparatively slower growth than other regions.
Key Players
Some of the major players operating the global petroleum waxes market include
BASF SE, Clariant International Ltd., Evonik Industries AG, Exxon Mobil
Fuels & Lubricants, Honeywell International, Lubrizol Corp., Dow Corning,
and Blended Waxes Inc. among others.
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Petroleum waxes are soft colorless solids obtained from petroleum. Petroleum waxes are of three types, namely paraffin wax, microcrystalline wax, and petroleum jelly.

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