About Industrial Wax
Industrial wax is differenced into Paraffinic wax, micro crystalline wax and emulsifying wax. Industrial wax is a purified mixture of solid hydrocarbons derived from petroleum and it is used in fields of pharmaceuticals, cosmetics, food applications, candle formulations and crayons. It is particularly used for activities like packaging, manufacturing, and adhesives in number of industries. Coloured and candle having fragrances used in home decoration. Thus, it has huge demand from home decor industry. Increasing food, packaging, cosmetics & personal care market providing huge opportunities for industrial vax. Bio based vax is witnessing demand on continue basis doe to environmental regulations in North America and Europe. Furthermore, the preference of industrial waxes in the manufacturing of equipment, rubber & tires, metal castings, electrical insulation, etc. are propelling the need for industrial waxes. Healthy domestic demand for chemicals and petroleum-based products is also responsible for the growth of the industrial wax market. However, increasing cost of transportation and fluctuation in availability and price of raw material may restrain the growth. Geographically, Asia pacific region is expected to grow with highest growth rate. Increasing GDP growth rates, developing transporting infrastructure, growing food and beverages industry and increased strategic associations between market leaders across region is impacting on the market growth across the Asia-pacific region in positive manner.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 4.7% |
There are various companies are operating in the market to provides industrial vax. Increased demand for industrial vax in food packaging industry due to effective transportation, storage is impacting on the demand for industrial vax in positive manner. Hence to grab the opportunity associated with the market, many new market players are entering to the market. The market leaders are investing on organic and non-organic strategic growth initiatives to become dominant in this industry. Analyst at AMA Research estimates that North America Vendors will contribute the maximum growth to Global Industrial Wax market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ExxonMobil (United States), The International Group, Inc. (Canada), Royal Dutch Shell PLC (Netherlands), Koster Keunen(United States), Sinopec (China), Kerax Limited(United Kingdom), Sasol Ltd (South Africa), Grupo Siwax(Spain), Cepsa (Spain), Calumet Specialty Products Partners (United States), Hollyfrontier Corporation (United States), Gandhar Oil refinery (India), Petróleo Brasileiro (Brazil), THE PJSC Lukoil Oil Company (Russia) and Numaligarh Refinery Limited (India) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Numaligarh Refinery (India) and HCI Wax (China).
Segmentation Overview
AMA Research has segmented the market of Global Industrial Wax market by Type (Fossil Wax(Mineral Wax, Paraffin Wax, and Microcrystalline Wax), Synthetic Wax (Fischer-Topsch Wax and Other) and Bio Based Wax), Application (Candles, Packaging, Polishing, Adhesive & Sealant, Inks & coating, Tires & Rubber and Others) and Region.
On the basis of geography, the market of Industrial Wax has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End Use, the sub-segment i.e. Food and Beverages will boost the Industrial Wax market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing preference for synthetic wax for food packaging
Market Growth Drivers:
Rising food packaging industry, Augmenting demand for packaged RTE food during pandemic and Growing end use industries such as food and beverages, personal care, consumer goods, pharmaceutical and transportation industry
Challenges:
Fluctuation raw material pricing
Restraints:
Restriction on transportation activities owing to covid-19 has created negative impact on the demand for food packaging industry
Opportunities:
Rising transportation of packaged foods has created opportunities and Increased used of industrial wax due to its features like anti-caking properties, UV resistance, insulation, protection from microorganisms, and odour
Market Leaders and their expansionary development strategies
In March 2020, Calumet Specialty Products Partners completed the acquisition of Paralogics, LLC (U.S). Paralogics, LLC is one of the prominent producer of industrial wax blends. Owing to this acquisition, the company has strengthen its product portfolio.
In August 2020, Sasol Ltd has signed a distribution agreement with DKSH Management Ltd. This document is mainly for marketing and distribution for Sasol's chemicals and wax products in the European market.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Industrial Wax Manufacturers, Suppliers and Distributors, Government Regulatory, Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.