A Preview of the Report on the Global Industrial Wax Market
The industrial wax report covers comprehensive information about the trends, volume (KT), & value (US$ Mn) projections as well as market dynamics competition and recent developments in the global industrial wax market for the study period 2018 to 2026.
The global industrial wax market is estimated to reach US$ 12,600 Mn by the end of the forecast period while registering a CAGR of 4.5% for the period 2018–2026. Growing demand from the packaging industry, rising disposable income, favorable socioeconomic trends and increasing acceptance among end-user industries are some of the key factors expected to augment the growth of the industrial wax market over the forecast period.
Huge Demand from End-Use Sectors Will Create a Favorable Macroeconomic Environment for the Global Industrial Wax Market
In recent years, end markets for industrial wax, including pharmaceuticals, cosmetics and plastics industries, have been booming at a global level. Robust domestic demand for chemicals and petroleum-based products has been a key factor responsible for the growth of the industrial wax market
These industries are vesting in new policies to tackle challenges, such as increasing costs, lack of experience and technological gaps. As the global economy continues to recover, acquisitions and joint ventures are likely to become a more frequent industry phenomenon. Industry leaders, such as pharmaceutical manufacturers, cosmetics manufacturers, etc., are looking forward to increasing their business portfolios and market share by entering into strategic partnerships. Increased strategic associations among end-users will create healthy demand for raw materials, such as petroleum waxes, bio-based waxes or synthetic waxes. As a result, the global industrial wax market is estimated to witness healthy growth over the forecast period.
Increased Transportation Activities Across the World Will Boost the Demand for Industrial Wax
Nowadays, transportation of goods, fruits and food products, across the world is rapidly growing, which is leading to growing demand for packaged food. This increasing demand for packaged food can majorly be attributed to changing food habits and preferences of people.
Thus, growing transportation of packaged foods will create immense opportunities for the food packaging industry throughout the forecast period. Mixtures of hard paraffin, microcrystalline wax with resins and plastics are used for impregnations, coatings and contact adhesives used in food packaging to ensure longer life of fruits/foods. Wax protects fruits from moisture, thereby keeping them safe for a longer duration. Thus, the demand for industrial wax will increase due to the expected growth of the food packaging industry in the coming years.
Population Growth and Increase in Per Capita Income Will Give a Boost to the Industrial Wax Market
Population growth, increasing per capita consumption of products and demographic changes are some of the factors that will drive the growth of the pharmaceutical and food & beverage industries across the world.
Aging population translates into high demand for the pharmaceutical sector and thus, positively impacts the consumption of industrial wax.
That apart, household consumption and per capita expenditure on numerous products, such as automotive, electronics & home appliances, food products and other goods, have been rising across the region.
Industrial wax is a raw material used in all these industries and thus, growth in these industries will directly contribute to the growth of the industrial waxes market throughout the forecast period.
Strategic Developments Across Regions Are Influencing the Global Industrial Wax Market
Over the past few years, an increase in the number of consolidation and expansion activities in the refinery market has been witnessed. This can primarily be attributed to efforts being made by companies to meet the rising demand for industrial wax and achieve high growth across numerous regions. For instance, Sasol announced that it will expand its production capacity for industrial wax.
Also, consolidation and expansion among end-users, such as candle manufacturing industry, cosmetic industry, packaging industry, etc. will boost the demand for industrial wax during the forecast period.
Industrial Wax Market – Competitive Landscape
The global industrial wax market is highly fragmented. Tier 1 players in the industrial wax market are estimated to hold almost two third of the market value share by the end of 2018.
In the recent past, the industrial wax market has witnessed significant developments from a competition perspective. Capacity expansions, acquisitions and collaborations are some of the preferred strategies opted by key players to expand and sustain in the global industrial wax market.
Some of the prominent players covered in this study of the industrial wax market are Sasol, The Blayson Group Ltd, Indian Oil Corporation Ltd, Calumet Specialty Products Partners, L.P., Sonneborn LLC, The International Group, Inc., Koster Keunen, Kerax Limited, Iberceras Specialties S.L.U., H & R South Africa (Pty) Ltd, Cirebelle Fine Chemicals (Pty) Limited, Matchem – Specialty Waxes & Inspired Blends, The Darent Wax Company Ltd., Royal Dutch Shell plc., Asian Oil Company, CEPSA, BP South Africa (Pty) Ltd, Nippon Seiro Co., Ltd., MOL Group, HollyFrontier Refining & Marketing LLC, and HollyFrontier Refining & Marketing LLC., among others.
Key Questions Answered in the Global Industrial Wax Market Report
Industrial Wax Market: Report Description
This PMR study offers eight-year analysis and forecast for the global industrial wax market between 2018 and 2026. The study considers 2017 as the base year with industrial wax market values estimated for the year 2018 and forecast developed for the duration between 2018 and 2026. The Compound Average Growth Rate (CAGR) has been represented from 2018 to 2026. The study covers various perspectives of the industrial wax market, including dynamics, value chain, pricing analysis, competition analysis, regional and segmental growth comparison and macro-economic and industry growth analysis, along with segment level projections in a comprehensive manner. As per the findings of the industrial wax study and perspectives of industry participants, the global industrial wax market is projected to grow at a CAGR of 4.5% between 2018 and 2026, in terms of value.
This Persistence Market Research report analyses the industrial wax market at a global and regional level through market segmentation on the basis of key parameters, such as type and application. The primary objective of the report is to offer key insights on the market updates, competition positioning, current trends, market potential, growth rate and other relevant information and statistics in a suitable manner to the readers or stakeholders in the industrial wax market.
Industrial waxes are solid materials that melt and convert into a liquid state at slightly higher temperatures. Numerous types of waxes are available in the market, such as fossil-based, bio-based and synthetic waxes. Industrial wax exhibit superior properties and thus, find a wide range of applications in packaging, pharmaceutical, plastics, rubber, cosmetics, candles, sealants & adhesives and other sectors.
The report is structured to allow the readers to develop a thorough understanding of the industrial wax market. The report begins with market definitions, which are followed by the market background, market dynamics and market analysis by key segments, regional analysis and competition landscape. Each section covers a qualitative and quantitative assessment of the industrial wax market on the basis of facts, historical developments and key opinions collected from the industry participants through dedicated interviews and trends in the market.
Industrial Wax Market: Segmentation
Adhesive & Sealant
Inks & coating
South East Asia
Industrial Wax Market: Report Methodology
For the industrial wax market data analysis, we have considered 2017 as the base year, with market numbers estimated for 2018 and a forecast made for 2018–2026. To calculate the market size, the report considers the weighted average price of industrial wax based on type such as Fossil based, Synthetic and Bio-based across key geographies on a country basis. The forecast assesses the total revenue (US$ Mn) and volume (KT) of the global industrial wax market. To deduce market value size, the cost of each type has been considered. In order to provide an accurate forecast, we have started by sizing up the current market, which forms the basis of how the global industrial wax market is expected to develop in the future. The critical market data, including the base number and segment splits, has been devised through in-depth secondary and primary research. This data is then triangulated on the basis of different verticals, considering both supply side and demand side drivers and other dynamics of the various regional markets along with the primary interviews of manufacturers and industry experts operating in the global industrial wax market. Moreover, the industrial wax market has been analyzed and validated with reference to the global as well as regional markets. The forecast presented in the report evaluates the actual type cost of industrial wax and the cost by types in the global industrial wax market over the forecast period.
We have also analyzed the different segments of the global industrial wax market in terms of basis point share (BPS) to understand every individual segments’ relative contribution to market growth. This detailed level of information is important for identifying the various key trends governing the global industrial wax market. The report also analyses the global industrial wax market on the basis of the absolute dollar opportunity. This usually overlooked while estimating the market forecast. However, from a sales perspective, it is essential to identify the potential resources in the industrial wax market.
PMR has developed a market attractiveness index to understand the key segments in terms of their performance and growth in the global industrial wax market. This market attractiveness index would help clients identify real market opportunities in the global industrial wax market.
Industrial Wax Market: Key Players
Some of the key manufacturers in the global industrial wax market are Sasol, The Blayson Group Ltd, Indian Oil Corporation Ltd, Calumet Specialty Products Partners, L.P., Sonneborn LLC, The International Group, Inc., Koster Keunen, Kerax Limited, Iberceras Specialties S.L.U., H & R South Africa (Pty) Ltd, Cirebelle Fine Chemicals (Pty) Limited, Matchem – Specialty Waxes & Inspired Blends, The Darent Wax Company Ltd., Royal Dutch Shell plc., Asian Oil Company, CEPSA, BP South Africa (Pty) Ltd, Nippon Seiro Co., Ltd., MOL Group, HollyFrontier Refining & Marketing LLC, and HollyFrontier Refining & Marketing LLC., among others.