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Industrial Wax Market Segmented By Fossil based, Synthetic, Bio-based Type in Candle, Cosmetics, Packaging, Rubber, Pharmaceutical, Adhesive and Sealant, Inks and coating
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.
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.
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, 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.
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.
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.