The global wax market will exceed $11.3 billion

A global strategic business report recently released by global industrial analysts predicts that by 2015 global wax and synthetic wax market demand will exceed US$11.3 billion.

The global economic slowdown has had a huge impact on the supply and demand of the wax market, especially the upgrading of lubricant standards and the closure of Group I base oil plants, which has reduced the supply of traditional petroleum wax sources. At the same time, with the increasing standards for finished lubricants and the increasing demand for premium grade II and III base oils, the supply of petroleum waxes has further decreased.

With the stability of the world economy, since the second half of 2009, the global demand for natural wax and synthetic wax has shown signs of recovery. The United States has become the largest market for natural and synthetic waxes in the world, and Europe is the second largest market. At present, the Asia-Pacific region has become the fastest growing region for natural and synthetic wax, with an average annual growth rate of 6.4%. China has abundant paraffin-based crude oil, and its petroleum wax production capacity exceeds 2 billion pounds. With the upgrading of base oil standards, China has become the world's largest wax exporter and its products are supplied all over the world.