Market Challenges And Opportunities

Increasing application of petroleum waxes in industrial coatings, candles, defoaming agent, surface finishing agents, cosmetics, plastic & rubber processing aids, pharmaceuticals, and electrical insulations is expected to drive the demand for petroleum waxes. This in turn is expected to fuel growth of the petroleum waxes market over the forecast period. It is also used in lubricants, preservatives for histology (tissue) samples, friction reducers on surfaces, and in solid-propellant for hybrid rocket-motors.

In 2015, 41.5% of the market revenue was generated by sales of candles, which is one of the major applications of petroleum waxes. This is owing to its increasing use for aromatherapy in spa, hotels, and other commercial buildings. However, volatile prices of crude oil and harmful emissions are major factors that are expected to restrain the petroleum waxes market growth.