Global Industrial Wax Market: Snapshot
The usage of paraffin wax has been quite common over the years after its discovery and the ability to be synthesized at large scales. Waxes have been used in the manufacture of candles, as coatings on structural surfaces, as additives in packaging materials, and even in the food and beverages industry. Paraffin wax can be derived from coal, shale, or petroleum and is an assortment of hydrocarbons. Wax is generally solid at room temperature and on average, starts to melt above 99 degrees Fahrenheit. The discovery of wax was advantageous to the manufacturers of candles, who previously used tallow which was less reliable as well as expensive.
The industrial applications of wax are already diverse and increasing at a slow rate over time. The most common applications of wax are created through the alteration of the crystals of wax, usually through the addition of branches to their current chains. The use of additives such as specific types of polyethylene can improve the functional properties, viscosity, and even the crystalline structure of wax. In the food industry, food-grade wax can be used to produce shiny coatings on top of candies. Food-grade wax is non-digestible, but is classified as edible and harmless and cannot be broken down in the body. Wax is also used as a protective coating for several types of cheese, which helps maintain their qualities.
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From the manufacture of candles to its use in coatings, packaging, polishing, food, and a vast variety of application areas and industrial products, the wax industry plays a key role in the smooth functioning of many industries. In the past few years, the rising application of candles manufacturing along with the increased use of wax across the packaging and personal care industries have significantly driven the global industrial wax market.
This report on the global industrial wax market presents a thorough overview of the present state of the market’s growth dynamics and the future growth prospects over the period between 2017 and 2025.
Global Industrial Wax Market: Scope of the Report
The report analyzes the key indicators expected to have a notable impact on the market’s growth prospects, including growth restraints, challenges, growth opportunities, and trends. Forward-looking statements in the report have been backed with vast qualitative and quantitative details about the market and its key segments.
To provide a comprehensive analysis of the market, the report examines notable players in the market with the help of SWOT analysis, value chain analysis, and Porter’s five forces analysis. Analysis of key market vendors with the help of value chain and Porter’s five forces model allows the reader to gauge the state of competitiveness in the global modified bitumen market.
The study also includes a thorough section covering the market attractiveness analysis, wherein key regional markets, product varieties, applications, and end-use segments have been analyzed on the basis of attractiveness of each key region analyzed in the report. Details related to aspects such as the availability of raw materials, growth rate, profit margin, market size, technological advancements, and environmental and legal liabilities have been examined so as to derive the general attractiveness of the global industrial wax market.
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Global Industrial Wax Market: Trends and Opportunities
The market for industrial waxes is largely dependent on the growth dynamics of the global oil and gas market as paraffin waxes, the most common variety of wax used across industrial applications, are derived from petroleum. Since the beginning of 2015, the global oil and gas industry has witnessed significant slowdown owing to overproduction, reduced global demand, and the consecutive reduction in prices. The resultant volatility in raw material prices, in addition to the stringent environment protection laws, has compelled companies to focus on sustainable raw materials such as polyethylene wax and beeswax.
The trend is expected to have a moderate impact on the overall development of the industrial wax market in the next few years as the global oil and gas industry is expected to achieve stabilization in terms of prices in the near term. The application of candles is expected to remain the leading consumers of industrial wax over the report’s forecast period as well. The packaging industry is also expected to be one of the leading consumers of industrial wax in the next few years.
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Global Industrial Wax Market: Geographical and Competitive Landscape
The report provides a detailed overview of the industrial wax market across regions such as North America, Asia Pacific, Europe, and Middle East and Africa. Of these, the Asia Pacific market is presently the leading contributor of revenue to the global industrial wax market and is also the region with the most promising future growth prospects. China accounts for a significant share in the Asia Pacific industrial wax market owing to the presence of some of the leading companies in the global industrial wax market. India is also steadily becoming one of the leading markets for industrial wax. The country is expected to emerge as one of the prominent consumers of the industrial wax over the report’s forecast period.
Some of the leading companies operating in the global industrial wax market are Royal Dutch Shell Plc., Sinopec Corp., Sasol Limited., OJSC Lukoil, and ExxonMobil Corp.