The Industrial wax market was USD 7.3 billion in 2020 and is projected to reach USD 8.9 billion by 2025, at a CAGR of 4% from 2020. This is due to the growing demand for industrial waxes from various applications. The candle market is the largest application segment of industrial waxes. Colored candles and candles with fragrances are gaining more importance in Homedecore industries for ambiance improvement and other purposes. Bio-based wax demand is growing in food, packaging, cosmetics & personal care, and other applications, due to environmental regulations in developed regions such as North America and Europe. Growing population and faster GDP growth rates in countries such as China, India, and other Asian countries boost the industrial wax market growth.
The leading players in the Industrial wax market include ExxonMobil (U.S.), Royal Dutch Shell PLC (Netherlands), Sinopec (China), Sasol Ltd (South Africa), CEPSA (Spain), and Hollyfrontier Corporation (U.S.).The key industry players are adopting strategies to expand their presence in the global market.
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Asia-Pacific has the largest share in the market due to growing economies such as China, India, Japan and other Asian countries like South Korea and Indonesia. The Asia-Pacific has the largest market for the candle industry. Within Asia, China dominates the market for candles and packaging industry. The growth is led by rapid industrialization, growing demand from various applications and growing per capita income in these regions. The growing demand for candles is derived by decoration, religious belief and various lifestyle, and living habits. North America is the largest market for synthetic waxes. The increasing in range of application for synthetic waxes is driving the demand in the region. Due to environmental regulations in developed countries such as Europe and North America, the demand for bio-based waxes is increasing in candles and food packaging industry for these region.
COVID-19 impacted the global economy as it has restricted the movement of people and industrial operations, decreased the local demand, and destabilized the international financial markets. The pandemic and decrease in crude oil prices had a significant impact on companies revenue in 2020. This led to disruption in demand, and companies have reduced their production of oil and gas, impacting sales volume and utilization of refining and chemical plants.
Companies have initiated the following developments:
- In August 2020, Sasol Ltd entered into a distribution agreement with DKSH Management Ltd (Switzerland) for marketing, distribution, and logistics for Sasols chemicals and wax products in the European market.
- In March 2020, Calumet Specialty Products Partners acquired Paralogics, LLC (U.S), a producer of the candle and industrial wax blends, and has added 20 million pounds of annual blending and formulating capabilities.
- In May 2019, ExxonMobil announced an expansion of three-project with a total investment of USD 2 billion to expand the US-based chemical plant at Baytown, Texas.
- In January 2019, Royal Dutch Shell announced the expansion of the fourth alpha olefins (A.O.) unit at Louisiana, the U.S., with a 425,000-tonne-per-year capacity.
- In April 2019, Sasol Ltd opened a new wax warehouse in Sasolburg, South Africa, to improve the supply chain cost base, quality of product, service experience, and to improve export business.
In February 2019, HollyFrontier acquired Sonneborn (U.S.) for USD 655 million. The company is a producer of specialty hydrocarbon chemicals such as white oils, petrolatums, and waxes with manufacturing facilities in Pennsylvania and the Netherlands.
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