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 4.0% from 2020. This is due to the growing demand for industrial waxes from various applications such as candles, cosmetics, and tire & rubber. The candle market is the largest application segment of industrial waxes. Colored candles and candles with fragrances are gaining more importance in home decore 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.
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Recent Developments
- 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 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.
COVID-19 pandemci and Declinign oil prices Impact on the Global Industrial Wax Market
COVID-19 pandemic has severely impacted most of the North American and European countries, especially the U.S., Italy, Spain, the UK, France, and Germany. The suspension of manufacturing activities and disruption of the supply chain has resulted in a decline for industrial wax from these countries. The impact was further intensified by declining oil and gas prices. Further, declining demand for cosmetics, candles, and consumer products across the globe wherein the wax is used has resulted in a slump in industrial wax demand across the globe.
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Drivers: Steady growth in candle production with product advancement across the globe, a key to market growth
Traditionally, the candles were used as a lightening tool only; however, now, it plays a pivotal role in the festival ceremonies, home decoration, and handicrafts. In European and North American countries, many candles are used daily and even at festival ceremonies due to their religious beliefs, lifestyle, and living habits. With the candle product advancement, such as product shape, style, color, and fragrance, customers are fascinated to buy these products.
In candle manufacturing, industrial wax, such as paraffin, microcrystalline and synthetic wax, is the main raw material. To support sustainable development, the advancement of products, and to impact aesthetic/design in the products, the traditional paraffin wax is now replaced with microcrystalline and synthetic wax in candle manufacturing.
APAC is projected to account for the largest share of the industrial wax market during the forecast period.
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 the 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 from decoration, religious belief, and various lifestyle and living habits.
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Key Market Players
Key players such as ExxonMobil (U.S.), Royal Dutch Shell PLC (Netherlands), Sinopec (China), Sasol Ltd (South Africa), CEPSA (Spain), Hollyfrontier Corporation (U.S.),Calumet Specialty Products Partners (US),Gandhar Oil refinery (India), Numaligarh Refinery Limited (India), Petróleo Brasileiro (Brazil), The PJSC Lukoil Oil Company (Russia). are the top 10 manufacturers are covered in the industrial wax market. They have adopted various strategies to expand their market presence and enhance their growth prospects for the industrial wax market.
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According to market growth analysis, the Global Industrial Wax Market is accounted for $8.98 billion in 2017 and is expected to reach $15.12 billion by 2026 growing at a CAGR of 6.0% during the forecast period.
Some of the key factors influencing the market growth include increasing demand for acceptance of synthetic waxes and high growth in emerging countries.
However, the high price of synthetic and bio-based waxes are restraining the market growth.Wax is used in a wide range of applications and is a significant constituent of the diversity of industrial products.
It finds its applications in adhesives, polishes, candles, textiles, etc., can be used over a broad variety from service type products to specialty products.Request a Report Sample with Toc and figures to click here: http://marketgrowthanalysis.com/reports/sample/400Application, the Packaging segment is expected to remain attractive during the forecast period owing to the industrial waxes have good lubricate and moisture barricade properties, and are hence mainly used in food packaging materials.
By Geography, Asia Pacific is expected to grow at the largest market share during the forecast period.
The region has emerged as the main consumer of manufacturing wax, owing to the growth in the manufacture and use of candles, packaging products, and coatings.Some of the key players profiled in the Industrial Wax Market include Asian Oil Company, BP South Africa (Pty) Ltd., Calumet Specialty Products Partners, L.P., CEPSA, Cirebelle Fine Chemicals (Pty) Limited, H & R South Africa (Pty), HollyFrontier Refining & Marketing LLC, Iberceras Specialties S.L.U., Indian Oil Corporation Ltd, Kerax Limited, Koster Keunen, MOL Group, Nippon Seiro Co., Ltd., Royal Dutch Shell plc., Sasol and Sonneborn LLC.Request for enquiry on This Report at: http://marketgrowthanalysis.com/reports/enquiry/400Types Covered:• Bio-Based Waxes• Synthetic Based Wax• Fossil Based WaxesApplications Covered:• Tires & Rubber• Packaging• Hot Melt Adhesives• Food & Beverages• Cosmetics & Personal Care• Coatings & Polishes• Candles• Adhesives & Sealants• Pharmaceutical• Other ApplicationsRegions Covered:• North Americao USo Canadao Mexico• Europeo Germanyo UKo Italyo Franceo Spaino Rest of Europe• Asia Pacifico Japan o China o India o Australia o New Zealando South Koreao Rest of Asia Pacific • South Americao Argentinao Brazilo Chileo Rest of South America• Middle East & Africao Saudi Arabiao UAEo Qataro South Africao Rest of Middle East & AfricaWhat our report offers:- Market share assessments for the regional and country level segments- Market share analysis of the top industry players- Strategic recommendations for the new entrants- Market forecasts for a minimum of 9 years of all the mentioned segments, sub-segments, and the regional markets- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)- Strategic recommendations in key business segments based on the market estimations- Competitive landscaping mapping the key common trends- Company profiling with detailed strategies, financials, and recent developments- Supply chain trends mapping the latest technological advancementsFree Customization Offerings:All the customers of this report will be entitled to receive one of the following free customization options:• Company Profilingo Comprehensive profiling of additional market players (up to 3)o SWOT Analysis of key players (up to 3)• Regional Segmentationo Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)• Competitive Benchmarkingo Benchmarking of key players based on product portfolio, geographical presence, and strategic alliancesBrowse more detail information about this report visit at: http://marketgrowthanalysis.com/industrial-wax-marketAbout Us:Market Growth Analysis is one of the leading digital services provider and a result-oriented company based in Canada.
Global Industrial Wax Market presents information on the current and future industry speculations, enabling the users of this report to identify the products and services, which drive revenue growth and profitability.
Moreover, the report depicts the present market scenario and the downstream and upstream industry chain.The report includes the latest coverage of the impact of COVID-19 on the Industrial Wax industry.
This study evaluates the current scenario and predicts future outcomes of the pandemic on the global economy.View Exhaustive Market Research Report @ https://www.reportsanddata.com/report-detail/industrial-wax-marketThe Industrial Wax market report intends to give all the potential investors and participants an overview of all the details related to growth factors, restraints, threats, and the upcoming opportunities that the market will have.
The report encompasses the revenue trends, consumer requirements, market forecasts, cost-effective methods of production for an increased understanding of the competitive landscape of the market.Top Key Players in the Industrial Wax Market:The Blayson Group Ltd, HCI Wax, The PJSC Lukoil Oil Company, Exxon Mobil Corporation, The International Group, Inc., Numaligarh Refinery Limited., Sasol Limited, Royal Dutch Shell Plc, Petróleo Brasileiro S.A., and China Petroleum & Chemical Corporation.Competitive landscapeThe Industrial Wax Industry is booming owing to the varied established players in this market who are constantly attempting to increase their market share.
The present supplier’s primary focus is achieving a better customer customization technique, providing the customers with a product, which is more to their liking.Industrial Wax Market segment by Regions/Countries:North AmericaU.S.EuropeFranceUKAsia PacificChinaIndiaJapanLatin AmericaBrazilMiddle East & AfricaSegmentation by Types:Fossil basedSynthetic basedBio basedSegmentation by Application:CandlesCosmetics & Personal CarePackagingCoatings & PolishesOthersFeatures of the Industrial Wax market report:The report include the competitive landscape of the Industrial Wax market.proper profiling of the major participants is carried out in the report.The future strategies, production, manufacture, sales and the technological capabilities of the influential market players is encompassed by the reportThe drivers of the Industrial Wax market are explained in detail for the user to optimize his chances of benefittingThe report also talks about the key application areas of the global market, thereby providing an accurate description of the market to the readers/users.The study conducted a SWOT analysis of the market.
In the concluding chapters, the report focuses on the predictions and opinions given by our expert analysts.
Reports and Data's Global Industrial Wax Market research report is an in-depth investigation that provides an industry-wide overview of existing and emerging growth patterns, end-user analysis, and other key data that has been tested and validated by industry experts and professionals.
The report examines the market in terms of importance, share, size, demand and supply, patterns, competitive landscape, industrial chain analysis, and other important factors.
The report also provides a detailed outlook for the industry's driving and restraining forces, as well as micro and macroeconomic factors that are expected to influence its development.The industrial wax market is expected to reach USD 9,719.4 Million by 2028, according to a new report by Reports and Data.
Various types of waxes are available in the market, such as bio-based, fossil-based, and synthetic waxes.
These segments are thoroughly examined in order to provide a more accurate outlook for the global and regional markets.
Furthermore, increased adoption of artificial intelligence (AI), machine learning (ML), and data management strategies encourages scientists to investigate and develop novel materials considerably more quickly, reducing time-to-market from decades to only a few years.Get a discount on the report @ https://www.reportsanddata.com/discount-enquiry-form/2096The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions.
Global Industrial Wax Market Forecast to 2028The industrial wax market is expected to reach USD 9,719.4 Million by 2028, according to a new report by Reports and Data.
Industrial wax display excellent properties and thus, find a broad range of applications in pharmaceutical, packaging, plastics, cosmetics, candles, and other sectors.Enhanced demand from the personal care industry, cosmetics, and personal care industries are observing visible growth worldwide because of the rise in consumer interest for personal hygiene and beautification products.
The North America industrial wax market is expected to rise with a CAGR of 3.9% during the forecast period.Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/2096Top Players Analyzed in the Report are:The Blayson Group Ltd, HCI Wax, The PJSC Lukoil Oil Company, Exxon Mobil Corporation, The International Group, Inc., Numaligarh Refinery Limited., Sasol Limited, Royal Dutch Shell Plc, Petróleo Brasileiro S.A., and China Petroleum & Chemical Corporation.Further key findings from the report suggestThe Industrial Wax Market is estimated to reach USD 9,719.4 Million by 2028, at a CAGR of 3.7% during the forecast period.The application in candles accounted for the largest share of 25.3% of the market in 2018.The online sales channel segment accounted for a larger share of 62.8% of the market in 2018.The synthetic based type is expected to witness the highest CAGR of 4.1% during the forecast period.The largest share is accounted by the Asia Pacific region with the share of 29.3% of the market in 2018 due to the generation and consumption of packaging products, candles, and coatings.
Countries such as India, China, and Japan are among the principal markets for packaging, coatings & polishes, candle making, and tires & rubber.
The growth led to accelerated industrialization, growing demand from various applications, and increasing government spending.Various players are developing strategies to mark their presence in the industry.Rising per capita income has observed more consumption of the product, which has encouraged the growth of the market.
The accelerated increase in demand for color candles is also impacting the growth of the market.The increasing needs for colored and scented candles are broadly considered among the most significant factors when buying candles.Request a discount on the report @ https://www.reportsanddata.com/discount-enquiry-form/2096For the purpose of this study, Reports and Data have segmented the market on the basis of Application, Type, Sales Channel, and region:Application Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2018-2028) CandlesCosmetics & Personal CarePackagingCoatings & PolishesOthersType Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2018-2028)Fossil basedSynthetic basedBio basedSales Channel Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2018-2028)OfflineOnlineRegional Analysis Covers:North America (U.S., Canada)Europe (U.K., Italy, Germany, France, Rest of EU)Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)Latin America (Chile, Brazil, Argentina, Rest of Latin America)Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)To know more about the report, visit @ https://www.reportsanddata.com/report-detail/industrial-wax-marketBenefits of Global Industrial Wax Market Report:Comprehensive analysis of the changing market dynamicsA futuristic outlook on different factors influencing the marketAn 8-year forecast of the market growth and expected revenue growthEase of understanding of the market, key segments, and their future growthIn-depth analysis of the competitive landscape to give an advantageous edge for the companiesExtensive insight into the market with in-depth analysis of the segmentationBrowse Related Reports –Decabromodiphenyl Ethane Market DemandGastrointestinal Stents Market AnalysisThank you for reading our report.
