The
industrial
wax market is expected to grow at a sizable CAGR over the forecast
period. Key drivers for this market are the disruptive innovations in wax
products, prevalence of synthetic waxes, globally growing population, rising
disposable income in emerging markets like China, India, and other Asian
countries, and the growing demand for coating & polishes, rubber, tires,
candles, and other products using wax. Rising demand for synthetic waxes and
prolific imports of industrial wax in North America will open new avenues for
this market on the forecast horizon. On the other hand, high prices of raw
materials for synthetic and bio based waxes and decline in the supply of
Paraffin wax are restraining market growth. Insufficient supply of Paraffin wax
and steady replacement of fossil based wax by its alternatives in the packaging
industry pose to be the greatest challenges for this market. The market
ecosystem consists of raw material suppliers (slack wax and natural gas),
intermediate product manufacturers, distributors and suppliers, and the end
user industries like adhesives, coatings and polishing, cosmetics, and food.
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Industrial
waxes can be fossil based waxes, synthetic waxes, and bio based waxes. Fossil
based waxes are further classified as mineral waxes (Montan Wax – Lignite/Brown
Coal, and Ozokerite) and petroleum waxes (“Paraffin wax” are long chain alkanes
and microcrystalline wax). Synthetic waxes can be Fischer-Topsch waxes (GTL,
CTL, BTL) or Poly-Olefin/Alpha-Olefin waxes. Bio based waxes can be animal
waxes (Lanolin, Chinese Wax, Tallow, Beeswax) or vegetable waxes (Carnauba wax,
Candelilla wax)
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| Industrial Wax Market |
The
industrial wax market is segmented on the basis of type, application, and the
geographical region. The segments based on type are synthetic based, fossil
based, and bio based. Applications of industrial wax are hot melt adhesives,
packaging, candles, coatings and polishing, food, cosmetics and personal care.
The geographical regions for this market are Asia Pacific, Europe, North
America, South America, and Middle East & Africa.
The
industrial wax market region in Asia Pacific region is currently on the
forefront and is expected to reach the high water mark in terms of CAGR in the
forecast period. The increasing demand from end user industries in the emerging
markets of Asia Pacific region is driving market growth. Japan currently holds
the largest number of patents for industrial wax. China leads the market
globally, while India is projected to grow exponentially in foreseeable future.
North America witnessed a shrinking supply of Paraffin wax due to decrease in
local production. This has resulted in a steady decline in the packaging
application in this region and rise in the number of imports of wax. European markets
have high demand for natural waxes due to regulations regarding the use of
Paraffin waxes in food packaging industry. Both, Europe and North America have
huge demand for Paraffin wax in the candle making process.Key players in the
industrial wax market are Exxon Mobil Corp, HCL, International Group Inc, Sasol
Ltd, Numaligarh Refinery Ltd, The Blayson Group Ltd, Oil Co Lucoil PJSC,
Petroleo Brasileiro SA, Sinopec Corp, Royal Dutch Shell PLC, and International
Group Inc.
Market Segment:
Geographically, this report is segmented
into several key Regions, with production, consumption, revenue (million USD),
market share and growth rate of Industrial Wax in these regions, from 2013 to
2025 (forecast), covering
•
North America
•
Europe
•
China
•
Japan
•
Southeast Asia
•
India
Global Industrial Wax market competition
by top manufacturers, with production, price, revenue (value) and market share
for each manufacturer; the top players including
•
Sinopec
•
Royal Dutch Shell
•
Petroleo Brasileiro S.A
•
Exxon Mobil
•
Sasol
•
Oil Co. Lukoil PJSC
•
Numaligarh Refinery
•
HCI
•
The Blayson Group
On the basis of product, this report
displays the production, revenue, price, market share and growth rate of each
type, primarily split into
•
Fossil Based Wax
•
Synthetic Based Wax
•
Bio Based Wax
On the basis of the end
users/applications, this report focuses on the status and outlook for major
applications/end users, consumption (sales), market share and growth rate for
each application, including
•
Candles
•
Packaging
•
Coatings & Polishing
•
Tires & Rubber
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