The global bio-wax market was worth US$ 2.4 Billion in the year 2022 and is expected to reach US$ 3.6 Billion by the year 2032 at a CAGR of 4% between 2022 and 2032.
Bio-wax implies a constellation of water-soluble organic polymers produced from the bio-based raw materials. It could also be referred to as one of the by-products of biodiesel manufacturing process. The application areas, apart from personal care and cosmetics, comprise fire logs, water protection systems, infrastructure buildings, and paints & coatings.
Bio-waxes have been developed for replacing synthetic olefins and petroleum-based wax. They constitute a low odor group (of compounds) that refrain from interfering with the complex fragrance profiles. Molecular weight coupled with polymer’s branching decide properties and uses of bio-wax.
The US Environment Protection Agency states that bio-based fuels do not contribute toward increase in concentrations of carbon dioxide in the atmosphere. This is the basic advantage on their part. These days, bio-wax could be used in bridge construction, pre-fab elements, roof tiles, and precast concrete applications as well.
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At the same time, the fact that complex manufacturing process may hinder the market can’t be ignored.
Future market Insights has entailed these facts with future perspectives in its latest market study entitled ‘Bio-wax Market’. It has its team of analysts and consultants to look through the macros and micros herein through 360-degree approach.
“The facts that bio-wax is a good texture modifier and also capable of providing secondary emulsification in the challenging systems are expected to take the bio-wax market by storm going forward”, says an analyst from Future Market Insights.
Key Takeaways from Bio-wax Market
- North America holds the largest market share due to the US being subject to an extensive demand for bio-wax through personal care and cosmetics vertical. Plus, government is laying down regulations regarding bio-based fuel in the firelogs. As per the Energy Information Administration, renewable energy manufacturing capacity all across the US may increase fivefold by the year 2024 to over 5 Billion gallons per year (from 1 Billion gallons).
- Europe is expected to stand second on this count with Russia at the forefront. The country is witnessing an exorbitant demand for fossil-based waxes from several applications.
- The Asia-Pacific is expected to pick up pace in the bio-wax market in the forecast period with growing awareness in this regard. Biodiesel is one of the alternate fuels formed through transesterification of the reprocessed cooking oils, animal fats, and vegetable oils. Another benefit is that it could be effectively mixed with various petroleum diesel fuels to be used in the diesel engines without any alterations. Thus, rail transport and vehicles could be benefited. The by-product, i.e. bio-wax, could be put into use then for the applications mentioned above.
Competitive Analysis
- Duraflame has declared that it is into switching to an environmentally-friendly material to displace as much as 100 Million pounds of petroleum-based fuel on a yearly basis.
- Remmers has its BTM Bio Wax; which comes across as one of the finely dispersed wax solutions made from renewable raw materials with biodegradable additives.
- Chant Oil is known for supplying vegetable and animal oils fatty acids to domestic alkyd resin and paint verticals.
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Top Key Players in the Bio-Wax Market
- Biosil
- Duraflame
- BioJouvance
- Fisch
- Remmers
- Chant Oil Co. Ltd.
What does the Report disperse?
- The research study is based on type (anima bio-wax and plant bio-wax), and by application (bio-wax for cosmetics & personal care products, bio-wax for water protection systems, bio-wax for infrastructure building, and bio-wax for paintings & coatings).
- With spike in demand for personal care products and cosmetics, the global bio-wax market is bound to grow on a grand note in the years to come.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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