Bio wax is a natural material and is often edible along with being renewable since they are not made in same manner as petroleum-based waxes are produced. For items made of timber, like furniture and toys, transparent and matt-finished sealing waxes without synthetic additives, bio waxes work to seal the pores and form a durable, anti-static surface that works to repel water and dirt among other foreign matter. It can be used on all types of wood surfaces as an alternative to lacquer or varnish. In addition to their renewable and environment friendly nature, they also lend themselves to a range of applications from food to construction materials.
Bio Wax Market Outlook
- The consumption of bio wax has been witnessing a surge in the recent years. This is in line with the growing demand for the key end products like personal care and cosmetics, thus covering a wide range including most consumer goods. This is indicative of the diversity of the product and is a key factor driving its growth.
- Further, the recovery in the global economy forecast for the coming years would increase the value of bio wax used in other applications like building and construction.
- Growing consumer interest in products with natural ingredients as well as awareness about its health benefits would drive growth in the market. Likewise, a growing body of evidence suggests the harmful effects of chemicals widely present in a large number of regular use products has on the body. This has driven consumers to opt for products with natural ingredients like bio wax.
Bio Wax Market Regional Highlights
- Growing disposable income in the emerging regions of Asia Pacific and Latin America on the back of an economic expansion would bring hitherto unaffordable products within reach. These include a range of premium personal care items which use bio wax. This would lead to the region witnessing the fastest growth over the forecast period from 2020 to 2026 among its global peers with regard to the value of Bio wax consumed.
- Further, North America and Europe dominate the market currently in 2019 owing to the favorable economic and demographic conditions.
Bio Wax Market Segmental Overview
- Bio wax is of animal and plant origin. Tallow is a type of animal wax that is made from animal fat, mostly from the cow’s fat. It has conventionally been used to make candles owing to its inexpensive and slow burning nature. Lanolin is another type of animal wax of sheep origin and is commonly found in personal care products like creams, lotions, and lip balms among others.
- Plant waxes like myrica wax are used to add emulsion stabilization to cosmetics and enhances the skin feel. Bio wax also has other uses like in concrete work such as roofing and tiling.
Bio Wax Market Key Players
The major companies operating in the bio wax market include Akrochem Corporation, Bio Jouvance Paris, Biosil Technologies, Inc, Cargill Incorporated, KahlWax, NOREVO, Owensboro Grain Company, Remmers GmbH, TER HELL & Co. GmbH, and Whittle Waxes among others. The key players in the bio wax market are keeping their ears to the ground so as to not miss out on any upcoming market developments. Keeping a pulse of the rapidly changing consumer behavior would benefit the makers and would enable them to stay ahead of the curve to obtain a competitive edge in a dynamic market. In this regard, new product development and adopting sustainable manufacturing practices is a leading strategy being adopted by the manufacturers given the fragmented nature of the market. This would enable the key players to sustain growth and revenues.