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)
The industrial wax market is
segmented based on 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.
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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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