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.
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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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.
Fossil based waxes currently ace the market are deemed to dominate over the forecast period too. This can be attributed to the prolific use of mineral wax and petroleum wax for coating commercial products. Fossil based waxes are derivatives of crude oil refining processes. They are clinically proven to be safe for use in cosmetics. Glossy characteristic of petroleum waxes makes them suitable as a constituent for polishes. Candles application accounts for the largest market share due to the use of industrial wax for making candles. Due to characteristics like extrudability and moldability, industrial wax can be used for making candles of various shapes and sizes.
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.
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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 2012 to 2022 (forecast), covering
• North America
• Southeast Asia
Global Industrial Wax market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including
• Royal Dutch Shell
• Petroleo Brasileiro S.A
• Exxon Mobil
• Oil Co. Lukoil PJSC
• Numaligarh Refinery
• 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 on the end users/applications, this report focuses on the status and outlook for major applications/end users, consumption (sales), market share and growth rate of Industrial Wax for each application, including
• Coatings & Polishing
• Tires & Rubber
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