Global Industrial Wax Market: Overview
Industrial wax is used in various applications such as cosmetics and personal care, adhesives, packaging, candle making, etc. Due to its use in many sectors, the demand for the same is increasing and expected to surge in during 2018 to 2026, says recent study on the global industrial wax market.
The global industrial wax market is expected to grow at a healthy rate during the forecast period. An upcoming Transparency Market Research (TMR) report elucidates on size, share, trends and factors driving the growth of the global industrial wax market.
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Global Industrial Wax Market: Key Developments
- Recent development in bio based waxes in packaging and coating sectors that uses vegetable oil as a feedstock.
- Bio based waxes can act as a substitute for paraffin wax which are suitable for food products. Such sustainable wax hold a large share in the market.
Other than these, the prominent players in the global industrial wax have expansive presence in regional markets. These leaders are concentrating on deriving wax from renewable sources to cater to rising demand from end consumers. Some of these leading players in the market are Royal Dutch Shell (Netherlands), Exxon Mobil (US), Lukoil PJSC (Russia), Sasol (South Africa), Numaligarh Refinery (India), and Sinopec (China).
Global Industrial Wax Market: Drivers and Restraints
Some the key factors that are expected to drive the global industrial wax market during the forecast period are as follows:
Packaging to Drive Global Industrial Wax Market
According to a study, the packaging sector is expected to be the one of the largest consumers of industrial wax. They provide good lubrication and waterresistance properties. Hence, industrial wax is widely used in the food packaging sector. Additionally, wax coating provides durability to packaging during transit and handling. Therefore, the global industrial wax will witness a substantial growth during the forecast period.
Furthermore, wax coated paper offers adept and cost-effective wrapping solutions to protect goods from moisture, humidity, and greasing. Also, some of the industries such as cosmetics sector are entering into partnership with other leaders in the market. Such strategic collaborations are likely to create a huge demand for wax such as bio-based wax, synthetic wax, and petroleum wax. This is expected to drive the global industrial wax market towards expansion during the forecast period.
Rise in Per Capita Income to Expand Global Industrial Wax Market
Increasing population and rising consumption of food products and pharmaceutical needs are some of the factors that may drive the global industrial wax market. Increasing consumption of home décor products such as scented candles, automotive, electronics, cosmetic and personal care products due to increasing disposable income are projected to create a huge demand for industrial wax. Hence, the global industrial wax may witness a robust growth during the forecast period.
Additionally, expansion of refinery market is expected create a huge demand for industrial wax to meet ever-growing demand from consumers.
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Global Industrial Wax Market: Geographical Analysis
The global industrial wax is divided into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Among these, Asia Pacific is expected to emerge as a dominant region in industrial wax consumption. China is projected to register a large share in this region due to high consumption of coatings, packaging, and candles. After China, it is India which is expected to be fast growing registering a larger share in the global industrial wax market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.