The global industrial wax market is anticipated to grow at a CAGR of 4.64% during the projected period of 2020-2028
NEW YORK, Feb. 18, 2020 /PRNewswire/ --
KEY FINDINGS
The global industrial wax market is anticipated to grow at a CAGR of 4.64% during the projected period of 2020-2028. The major factors boosting the market growth are rising demand from multiple applications, technology changes in the wax market, increasing population and per capita income, and growing acceptance of synthetic waxes.
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MARKET INSIGHTS
Industrial wax is white or yellowish organic substances hydrophobic solid at room temperature and free-flowing liquid at a slightly higher temperature.Industrial wax can be broadly categorized into fossil-based, synthetic, and bio-based.
With the declining supply from manufacturers of paraffin wax, the industry is growing consistently towards the use of bio-based waxes and synthetic waxes.Bio-based waxes have specific demand from certain applications like cosmetics, food, and personal care.
Synthetic wax is a better option to bridge the demand-supply gap in the industrial wax market.Multiple applications like rising demand for scented and colored candles, growing cosmetic industry, and increase in demand from the coating and polishes application, tires and rubber, hot melt adhesives, and wax paper are propelling the market growth.
There are market challenges like the increasing prices of synthetic and bio-based waxes, decreasing usage of fossil-based wax in the packaging industry, and declining supply of paraffin wax. Base oil manufacturers are shifting focus from waxes to comparatively profitable base oils restraining market growth. There are top four or five players in the market, along with a number of small companies that have led to intense competitive rivalry in the market.
REGIONAL INSIGHTS
Geographically, the global industrial wax market is analyzed on the basis of markets present in North America, Europe, Asia Pacific, and the Rest of the World.As of 2019, the region of North America holds the largest market share in terms of revenue, and continues the trend towards the end of the forecast period.
This is attributed to the rising demand for industrial wax from various applications.
COMPETITIVE INSIGHTS
Exxon Mobil Corporation, Sinopec Corp., Evonik Industries AG, Numaligarh Refinery Ltd., Royal Dutch Shell Plc., etc. are among the various leading players operating in the market.
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Companies mentioned
1. SINOPEC CORP.
2. ROYAL DUTCH SHELL PLC
3. EVONIK INDUSTRIES
4. EXXON MOBIL CORP
5. SASOL LTD.
6. LUKOIL
7. NUMALIGARH REFINERY LTD.
8. HONG CHANG INTERNATIONAL
9. THE BLAYSON GROUP LTD.
10. INTERNATIONAL GROUP INC.
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