Petroleum Wax Market: Introduction
- Petroleum wax is wax obtained from petroleum. It includes paraffin wax, microcrystalline wax, and petroleum jelly.
Key Drivers and Restraints of Petroleum Wax Market
- Increase in demand for petroleum wax products in several end-use industries is driving the petroleum wax market
- Rise in oil & gas exploration activities in several regions across the globe is anticipated to drive the availability of raw materials. This, in turn, is estimated to propel the petroleum wax market during the forecast period.
- Wax plays a major role in the beauty industry. Increase in demand for personal care products across the globe is positively influencing the petroleum wax market. However, volatility in prices of crude oil is likely to restrain the petroleum wax market in the near future. Increase in usage of environment-friendly alternatives, such as beeswax, soy, and polyethylene wax, is also projected to hamper the demand for petroleum wax during the forecast period.
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Paraffin Wax Type Segment to Offer Lucrative Opportunities
- The global petroleum wax market can be segmented based on type, application, and region
- Based on type, the global petroleum wax market can be divided into paraffin wax, microcrystalline wax, and petroleum jelly. The paraffin wax segment is expected to dominate the petroleum wax market, expanding at a fast-paced CAGR during the forecast period. Increase in demand for paraffin waxes in flexible packaging, candle manufacturing, rubber, and cosmetics is anticipated to drive the segment during the forecast period.
- In terms of application, the global petroleum wax market can be classified into candle, packaging, cardboard coating, cosmetics, and others. The candle segment is estimated to dominate the global petroleum wax market in the near future. Petroleum wax is primarily used in candles. Rise in usage of candles for aromatherapy in hotels, spas, and other commercial businesses is driving the demand of petroleum wax in the candle segment.
- Packaging is another vital application segment of the petroleum wax market. It is projected to expand at a rapid pace in the near future due to the increase in demand for packaged food in several countries across the globe including the U.S., China, India, the UK, Germany, Russia, Mexico, and Brazil. Paraffin wax provides excellent barrier against odor and gas transmission.
North America Expected to Hold Major Share of Global Petroleum Wax Market
- Based on region, the global petroleum wax market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific dominated the global petroleum wax market in 2019. This trend is projected to continue during the forecast period, led by the growth in personal care, packaging, and pharmaceuticals industries in China, India, and South Korea.
- China is one of the leading exporters of paraffin wax across the globe due to the presence of large-scale companies including Sinopec and PetroChina
- Several India-based refineries, including Chennai Petroleum Corporation Limited and Numaligarh Refinery Limited, are also expanding their wax production capacities. This is further boosting the petroleum wax market in Asia Pacific.
- High demand for cosmetic products, fragrances, and food packaging is likely to drive the demand for petroleum wax in Middle East & Africa. The region is also a key producer of oil in the world. Thus, increase in oil & gas exploration in Middle East & Africa is expected to boost the availability of raw materials, thereby driving the demand for petroleum wax in the region during the forecast period.
- The petroleum wax market in North America is anticipated to expand during the forecast period owing to the high demand for fragrances and candles; and rapid growth of packaging and pharmaceutical industries in the region
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Key Development in Petroleum Wax Market
- In February 2018, the phase 2 of Sasol’s Fischer-Tropsch Wax Expansion Plant (FTWEP) was successfully commissioned at its Sasolburg operation. South Africa became one of the leading countries of wax production across the globe with the completion of this project.
Prominent Players in Petroleum Wax Market
The global petroleum wax market is highly concentrated, with the top companies accounting for approximately 45% to 50% share. Key players operating in the petroleum wax market include:
- Sonneborn LLC
- Kerax Limited
- Exxon Mobil Corporation
- Honeywell International Inc.
- H&R GROUP
- RDR Energy
- ZA PETROCHEM (PTY) LTD
- Brenntag Asia Pacific Pte Ltd
Global Petroleum Wax Market: Research Scope
Global Petroleum Wax Market, by Type
- Paraffin Wax
- Microcrystalline Wax
- Petroleum Jelly
Global Petroleum Wax Market, by Application
- Cardboard Coating
Global Petroleum Wax Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
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.
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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.
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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.