COVID-19 Impact on Synthetic Wax Market

  • The COVID-19 outbreak is hampering the demand for synthetic wax in many applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the coronavirus. This has resulted in slowdown and even halt in manufacturing operations, thus hampering the demand for synthetic wax.
  • The COVID-19 pandemic severely impacted North America and Europe, especially countries such as the U.S., the U.K., Spain, and Italy. Wax plays a significant part in packaging and automobile industries in these regions. Various trade activities were stopped and packaging industry was severely impacted due to COVID-19. Automobile and lubricant production were also halted abruptly. Production activities of many other industries were also halted. This adversely affected the demand for synthetic wax.
  • The COVID-19 outbreak has directly affected the production of synthetic wax. Industrial shutdown caused by the COVID-19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials hampered full-scale operations of companies operating in the market.

Key Drivers of Synthetic Wax Market

  • Rise in demand for synthetic wax in the cosmetic industry is a significant factor projected to fuel the global synthetic wax market during the forecast period. This wax is in high demand in various applications such as lotions, creams, gels, make-up and decorative cosmetics, and other products. Furthermore, changing lifestyles and fashion trends, as well as people's proclivity for self-grooming, are likely to drive the synthetic wax market throughout the forecast period.
  • Synthetic wax is important part of different industries such as paints & coatings, plastic, and adhesive. Demand for paints and adhesives is expected to rise due to the expansion of the building & construction industry. Growth of various end-use industries is also likely to drive the synthetic wax market. Rise in demand for synthetic wax in packaging and automobile industries is also anticipated to boost the market.

Restraints of Synthetic Wax Market

  • Availability of alternatives is the major restraining factor for the market. Industries such as cosmetics and packaging are striving to implement natural and sustainable options. The food packaging industry is concerned with hazards of synthetic wax in packaging. Therefore, it is striving to switch to natural wax. This is likely to hamper the market.

Asia Pacific to Constitute Significant Share of Global Synthetic Wax Market

  • In terms of region, the global synthetic wax market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • Asia Pacific dominated the global market during last few years. Asia Pacific is the largest market for synthetic wax due to the significant rise in demand for male and female grooming products in the cosmetic industry in the region. Rise in demand for wax-based products such as paints, coatings, and lubricants in construction and automobile industries also resulted in higher consumption of synthetic wax in the region.
  • North America and Europe are also key consumers of synthetic wax. The market in North America and Europe is anticipated to expand at a considerable pace in the near future.

Competitive Landscape of Global Synthetic Wax Market

Major players operating in the synthetic wax market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The synthetic wax market is currently witnessing fierce competition among several leading players. Key players operating in the synthetic wax market include:

  • Sasol
  • Shell
  • Nippon
  • Nanyang Saier
  • Evonik Industries AG
  • Liaoning Fushun Tongyi Special Paraffin Products Co.

Global Synthetic Wax Market: Research Scope

Global Synthetic Wax Market, by Product Type

  • Fischer-Tropsh Wax
  • Polyolefin Wax
  • Others

Global Synthetic Wax Market, by Application

  • Cosmetics
  • Paints & Coatings
  • Rubber
  • Lubricants
  • Polishing
  • Others

Global Synthetic Wax Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • 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

Synthetic Wax Market Introduction

  • Synthetic wax is an artificially prepared wax for specific industrial applications. Synthetic wax plays an increasing role in industrial products such as adhesives, paints and coatings, plastic processing, lubricants, and cosmetics & ointments.
  • Synthetic wax, in most cases, offers the same type of properties as that of natural wax and petroleum wax. The main difference is the production processes. Synthetic wax offers higher resistance to heat and high setting time. It is harder than natural wax. Therefore, synthetic wax is widely used in industrial applications.

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Synthetic Wax Market