Industrial Wax Market: Introduction
- Industrial wax is a type of organic substance that is usually solid at room temperature and liquid at slightly high temperature. Therefore, it is used in the manufacture process of candles, additives, packaging products, cosmetics, rubber, adhesives, and home care products.
- Demand for industrial wax is increasing at a rapid pace across the globe
Key Drivers and Restraints of Industrial Wax Market
- According to a study, the packaging sector is expected to be the one of the largest consumers of industrial wax. Industrial wax provides good lubrication and water resistance 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 market is anticipated to expand at a substantial pace during the forecast period.
- Wax coated paper offers adept and cost-effective wrapping solutions to protect goods from moisture, humidity, and greasing. Some industries such as cosmetics are entering into partnership with leaders in the market. Such strategic collaborations are likely to boost the demand for wax such as bio-based wax, synthetic wax, and petroleum wax. This is expected to drive the global industrial wax market during the forecast period.
- Increase in population and rise in consumption of food products are some of the factors that are estimated to boost the global industrial wax market. Increase in consumption of home décor products such as scented candles, automotive, electronics, and cosmetic and personal care products due to rise in disposable income of consumers is projected to propel the demand for industrial wax. Hence, the global industrial wax is likely to expand significantly during the forecast period.
- Expansion of the refinery market is also expected to augment the demand for industrial wax to meet the ever-growing demand from consumers
Industrial Wax Market: Segments
- The industrial wax market can be segmented based on type, application, and region
- Based on type, the global industrial wax market can be divided into synthetic wax, fossil-based wax, and bio-based wax
- Based on application, the global industrial wax market can be segregated into packaging, candles, coating & polishes, hot-melt additives, cosmetics & personal care, tire & rubber, and food
COVID-19 Impact on Industrial Wax Market
- Emergence of the new COVID strain in many developed and developing countries has adversely affected the health care infrastructure. Hospital staff, medicines, oxygen beds, and ventilators are in short supply. Supply chains are facing disruptions, leading to disturbances in production activities in many countries. This is adversely affecting the global industrial wax market.
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.
Asia Pacific to Dominate Industrial Wax Market
- In terms of geography, the global industrial wax market can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa
- Asia Pacific is expected to emerge as a dominant region of the global industrial wax market during the forecast period. China is projected to account for large share of the market in the region due to high consumption of coatings, packaging, and candles in the country. After China, India is expected to be fast-growing market for industrial wax.
- Demand for industrial wax in the U.S. is anticipated to increase in the near future owing to the rise in research activities in industrial wax and its manufacturing practices
- North America and Europe are also expected to account for vital share of the global industrial wax market during the forecast period
Key Manufacturers Operating in Global Industrial Wax
- Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global industrial wax market include:
- ExxonMobil
- Royal Dutch Shell PLC
- Sinopec
- Sasol Ltd
- CEPSA
- Hollyfrontier Corporation
- Calumet Specialty Products Partners
- Gandhar Oil refinery
- Numaligarh Refinery Limited
- Petróleo Brasileiro
- The PJSC Lukoil Oil Company (Russia)
Global Industrial Wax Market: Research Scope
Global Industrial Wax Market, by Type
- Synthetic Wax
- Fossil-based Wax
- Bio-based Wax
Global Industrial Wax Market, by Application
- Packaging
- Candles
- Coating & Polishes
- Hot-melt Additives
- Cosmetics & Personal Care
- Tire & Rubber
- Food
Global Industrial Wax Market, by Region
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
