Industrial Wax Market Size, Trends & Growth Opportunity, by Type (Fossil-based waxes, Synthetic waxes, Bio-based waxes), by Application (Candles, Packaging, Coatings & Polishing, Food, Hot Melt Adhesive), and by geography (North America, Latin America, Europe, APAC, Middle East & Africa) and forecast till 2027
Type of organic substance that is usually solid at room temperature and liquid at slightly high temperature is an Industrial wax. Hence, it is used in the manufacture process of candles, additives, packaging products, cosmetics, rubber, adhesives, and home care products. Demand for industrial wax is increasing at a rapid pace across the globe.
Wax coating offers durability to packaging throughout transit and handling. Hence, the global industrial wax market is projected to expand at a significant pace during the forecast period. Wax coated paper offers adept and cost-effective wrapping solutions to guard the goods from moisture, humidity, and greasing. Some industries like cosmetics are entering into partnership with leaders in the market. Such strategic collaborations are anticipated to boost the demand for wax like bio-based wax, synthetic wax, and petroleum wax. This is likely to drive the global industrial wax market during the forecast period. Expansion of the refinery market is also likely to augment the demand for industrial wax to meet the ever-growing demand from consumers.
The demand for industrial wax in packaging applications is substantial in North America and Europe. Though, the trend is going towards decreasing demand for packaging. Nowadays Food packaging industries are more concerned about the health hazards of paraffin wax used in food packaging.
The industrial wax market can be segmented based on type, application, and region. Based on type, the global industrial wax market can be divided into synthetic wax, fossil-based wax, and bio-based wax. Based on application, the global industrial wax market can be segregated into packaging, candles, coating & polishes, hot-melt additives, cosmetics & personal care, tire & rubber, and food.
In geography, the global industrial wax market is segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific is anticipated to emerge as a dominant region of the global industrial wax market throughout the forecast period. China is anticipated to account for large share of the market in the region due to high consumption of coatings, packaging, and candles in the country. After China, India is anticipated to be fast-growing market for industrial wax. North America and Europe are also projected to account for vital share of the global industrial wax market during the forecast period.
Key players in Industrial Wax Market are ExxonMobil, Royal Dutch Shell PLC, Sinopec, Sasol Ltd, CEPSA, Hollyfrontier Corporation, Calumet Specialty Products Partners, Gandhar Oil refinery, Numaligarh Refinery Limited, Petróleo Brasileiro
In August 2020, Sasol Ltd entered into a distribution agreement with DKSH Management Ltd (Switzerland) for marketing, distribution, and logistics for Sasol's chemicals and wax products in the European market.
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 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.
Industrial Wax Market
Type of organic substance that is usually solid at room temperature and liquid at slightly high temperature is an Industrial wax. Hence, it is used in the manufacture process of candles, additives, packaging products, cosmetics, rubber, adhesives, and home care products. Demand for industrial wax is increasing at a rapid pace across the globe.
Market Drivers
Wax coating offers durability to packaging throughout transit and handling. Hence, the global industrial wax market is projected to expand at a significant pace during the forecast period. Wax coated paper offers adept and cost-effective wrapping solutions to guard the goods from moisture, humidity, and greasing. Some industries like cosmetics are entering into partnership with leaders in the market. Such strategic collaborations are anticipated to boost the demand for wax like bio-based wax, synthetic wax, and petroleum wax. This is likely to drive the global industrial wax market during the forecast period. Expansion of the refinery market is also likely to augment the demand for industrial wax to meet the ever-growing demand from consumers.
Market Restraints
The demand for industrial wax in packaging applications is substantial in North America and Europe. Though, the trend is going towards decreasing demand for packaging. Nowadays Food packaging industries are more concerned about the health hazards of paraffin wax used in food packaging.
Market Segmentation
The industrial wax market can be segmented based on type, application, and region. Based on type, the global industrial wax market can be divided into synthetic wax, fossil-based wax, and bio-based wax. Based on application, the global industrial wax market can be segregated into packaging, candles, coating & polishes, hot-melt additives, cosmetics & personal care, tire & rubber, and food.
Regional Analysis
In geography, the global industrial wax market is segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific is anticipated to emerge as a dominant region of the global industrial wax market throughout the forecast period. China is anticipated to account for large share of the market in the region due to high consumption of coatings, packaging, and candles in the country. After China, India is anticipated to be fast-growing market for industrial wax. North America and Europe are also projected to account for vital share of the global industrial wax market during the forecast period.
Market Key Players
Key players in Industrial Wax Market are ExxonMobil, Royal Dutch Shell PLC, Sinopec, Sasol Ltd, CEPSA, Hollyfrontier Corporation, Calumet Specialty Products Partners, Gandhar Oil refinery, Numaligarh Refinery Limited, Petróleo Brasileiro
Industry Development
In August 2020, Sasol Ltd entered into a distribution agreement with DKSH Management Ltd (Switzerland) for marketing, distribution, and logistics for Sasol's chemicals and wax products in the European market.
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 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.
Frequently Asked Questions about the Industrial Wax Market
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| Report Attribute | Details |
|---|---|
| No. of Pages | 150 |
| Published | January 2022 |
| Forecast Period | 2017 - 2027 |
| Estimated Market Value ( USD | $ 9539.7 million |
| Forecasted Market Value ( USD | $ 14509.5 million |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
Table of Contents
1 Introduction
2 Research Methodology
4 Industrial Wax Market Outlook
5 Industrial Wax Market, By Applications
6 Industrial Wax Market, Types
7 Industrial Wax Market, By Region
8 North America Industrial Wax Market Analysis and Forecast (2021-2027)
9 Europe Industrial Wax Market Analysis and Forecast (2021-2027)
10 Asia Pacific Industrial Wax Market Analysis and Forecast (2021-2027)
11 Latin America Industrial Wax Market Analysis and Forecast (2021-2027)
12 Middle East Industrial Wax Market Analysis and Forecast (2021-2027)
13 Competitive Analysis
14 Company Profiles
Companies Mentioned
- ExxonMobil
- Royal Dutch Shell PLC
- Sinopec
- Sasol Ltd
- CEPSA
- Hollyfrontier Corporation
- Calumet Specialty Products Partners
- Gandhar Oil refinery
- Numaligarh Refinery Limited
- Petróleo Brasileiro
