The global bio-wax market had a value of US$ 2.4 billion in 2022 and is projected to grow to US$ 3.6 billion by 2032, at a CAGR of 4%.
Bio-wax refers to a collection of organic polymers that are water soluble and made from bio-based basic ingredients. It may also be referred to as a by-product of the production of biodiesel. In addition to personal care and cosmetics, the application fields include infrastructure buildings, water protection systems, fire logs, and paints & coatings.
Bio-waxes have been created to take the place of petroleum-based wax and synthetic olefins. They make form a low-odor chemical group that stays out of the way of complicated fragrance profiles. Bio-wax’s qualities and applications are determined by its molecular mass and polymer’s branching.
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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.
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.
Top Key Players in the Bio-Wax Market RReport
- Biosil
- Duraflame
- BioJouvance
- Fisch
- Remmers
- Chant Oil Co. Ltd.
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Key Segments Covered in the Bio-Wax Market Research Report
By Type:
- Anima Bio-Wax
- Plant Bio-Wax
By Application:
- Bio-Wax for Cosmetics & Personal Care Products
- Bio-Wax for Water Protection Systems
- Bio-Wax for Infrastructure Building
- Bio-Wax for Paints & Coatings
By Region:
- North America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Latin America
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments over the next 10-years.
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