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:
- Nanyang Saier
- DEUREX AG
- 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
Global Synthetic Wax Market, by Application
- Paints & Coatings
Global Synthetic Wax Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- 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.
This upcoming business intelligence report is intended to be a one-stop market research solution to guide organizations in taking timely and effective decisions for their business growth. The ongoing study is the culmination of our deep expertise on data science methods, combined with an unparalleled understanding of the external environment and analysis of the industries. Each of the reports by TMR aims at offering a detailed scrutiny of the value chain of our current and prospective customers, takes them from identifying value propositions, and subsequently assist their business executives to implement right strategies to create customer value. We believe that creating and sustaining the customer value is the key pivot on which business executives can create profits for their organizations and increase the market shares, continuously and with sustainability.
Each of our touchpoints through which we engage with the organization/enterprise during the primary research enables us to understand the internal environment it operates in and the ways in which the external environment influences its growth.
Always Evolving with Competition
Excellence is built into the DNA of TMR, and all our teams work collaboratively and committedly toward achieving that in whatever they do. From the very first interaction our teams of research analysts have with any interested market participant to the final preparation processes in each of our reports reflects a rigorous understanding of the dynamic industry environment that businesses operate in.
We relentlessly work to be a differentiator in whatever we do in the current era of hypercompetitive global environment. The result of our unceasing focus on excellence is reflected clearly in the insights and guidance we offer to our customers in order to empower them to create brand equity. Our simple yet very powerful underpinning for navigating the competition is to always keep evolving with changing business environments. Our close-kinit team of research analysts not only believe in this simple philosophy but also implement the same.
Constantly Innovating Our Research Methodologies and Models
We do not limit with any specific market research tool or one standard approach for obtaining or analyzing data. Undoubtedly, our report making process is ever-evolving to meet the customer needs and demands supported broadly by a vast knowledge of data science methods that we combine with business acumen our teams have built upon for several years. Evidently, our primary and secondary research data about customers and consumers have shown that we can go to any lengths to obtain them. This is followed by applying next-gen automation tools integrated with human judgement to clear the clutter, ascertain the most relevant and recent qualitative and quantitative insights, and package them in digestible chunks in our reports for our customers.
We Take Pride in No-One-Size-Fits-All Approach
Over the past several years, we have been conducting market intelligence studies across all industries for all types of organizations — big and small, profit and not-for-profit, and Fortune 500 and Unicorns, as we believe that a sound decision making must be based on no-one-size-fits-all approach. Without doubt, each of the organizations regardless of the industry they are in are affected differently by changes in political, economic, socio-culture, legal, ecological, and legal environments. The research models and the value chain analysis process that our analysts employ for conducting the study uphold this approach.
We look at myriad components of internal and external business environment affecting the growth strategies of organizations. Some of the broader aspects that we focus on are:
- Our team of Analysts and Support Teams always strive to see the bigger picture in life cycle stages of any industry
- The Teams focus on obtaining valuable insights into different models of competitive advantage while making an internal environment analysis
- They keep on modifying the value chain analysis processes of organizations to understand on how customer value is created
Some areas of assessing market dynamics that are used in the research models and methodologies adopted by our analysts can be summarized as:
- Corporate and business strategies underlying new brand positioning strategies
- Mapping for strategic planning for business units
- Various metrics for business portfolio analysis, including BCG matrix
- Value chain analysis
These will help create and sustain competitive advantage for our prospects and current customers.
Key focus areas and agenda that underpin and catalyze our primary and secondary research initiatives and endeavors are:
- What are some of the core competencies and distinctive competencies of new entrants and established players in the industry we are analyzing?
- What are some of the branding opportunities that are emerging at a rapid pace?
- What are the major competitive forces and elements of external environment shaping the industry life cycle stages of most organizations?
- Why some competitive strategies are popular than others among leaders in a certain market?
- What customer-based brand equity strategies companies have leveraged in a certain industry or set of related industries in a sector?
- What are some of the key pricing strategies that companies in an industry are implementing for marketing their products internationally?
- Identifying whether market-push or market-pull strategies are more relevant to a certain product or a service?
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.