The global market for wood wax will continue to increase owing to increasing penetration of wood wax in the underdeveloped and developing countries. Paraffin wax is the most easily available wood wax among others with relatively cheaper price and has applications mainly in the panelboards. Increased manufacturing and construction projects, both commercial and non-commercial, in developing countries, supported by higher usage of panelboards in buildings, will expand the wax market during the forecast period. The implementation of stringent government regulations will further add to the market expansion at the global level. This pattern is expected to continue during the forecast period 2016-2022 to increase wood wax market with a CAGR of 5.0%.
Panelboards have high demand in developing countries such as China and India due to increase in the manufacturing base and higher economic growth in the recent years. This trend is expected to continue with medium density fiberboard and particle board contributing to more than 80% of the market during the forecast period.
Several alternatives such as highly effective polymers, which have better longevity and low VOC content, have led to increased competition for wood wax, especially in the corporate and residential buildings. Further, the relatively cheaper price of oils and varnishes has led to increased usage in the less per capita income countries, further limiting the usage of wood wax.