Industrial Wax Market worth $8.9 billion by 2025 | Key players ExxonMobil, Royal Dutch Shell PLC, Sinopec, Hollyfrontier Corporation, CEPSA.

According to recent market research the " Industrial Wax Market by Type (Fossil-based wax, Synthetic wax, Bio-Based wax), Application(Candles, Packaging, Coatings & Polishes, Hot-melt Adhesives, Tires & Rubber, Cosmetics & Personal Care, Food), and Region - Global Forecast to 2025", 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. The growing market for various application industry such as cosmetics and personal care, tire and rubber and candles are expected to drive the demand for industrial wax market. The demand for bio-based wax in food, packaging, cosmetics & personal care, and other applications is growing in developed region such as North America and Europe due to environmental regulations. Moreover, growing population, the GDP growth, increase in per capita and disposable income in countries such as China, India and other Asian countries is boosting the market for industrial wax.

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Fossil based wax such as paraffin and microcrystalline account for the majority of market share for industrial wax. The steady growth in demand from end-use industries such as candle, packaging, cosmetic, and coatings, among other supports for the growth of the market. Paraffin wax is mainly consumed across these industries due to abundant availability, low cost of the product, ease of production, suitability to several industrial application and performance characteristics. Their application in various industries includes rubber, textiles, wood coatings, paper & printing, industrial coatings, and constructions. Moreover, microcrystalline waxes are widely used in cosmetics, food, packaging, coatings, and other industrial applications.

Candles are primarily made from microcrystalline wax, beeswax, and plant wax such as carnauba, soybean, and bayberry wax). Candles are one of the oldest applications of wax, which is still the fastest growing market owing to the increasing importance of decorative items and therapeutic uses. In terms of production, China has significant production capacities and export over half of the total production to North American and European countries. It has been observed that the import of candles in European and North American countries has increased significantly in the past five years. The growing importance of candles for religious purposes has enforced the wax manufacturers to produce wax from vegetable-based materials such as soybean oil, palm oil, beeswax, and even tallow. This has triggered the demand for vegetable-based waxes, globally.

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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 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 by decoration, religious belief, and various lifestyle, and living habits. North America is the largest market for synthetic waxes. The increasing in range of application for synthetic waxes is driving the demand in the region. Due to environmental regulations in developed countries such as Europe and North America, the demand for bio-based waxes is increasing in candles and food packaging industry for these regions.

ExxonMobil (US), Royal Dutch Shell PLC (Netherlands), Sinopec (China), Sasol Ltd (South Africa), CEPSA (Spain), Hollyfrontier Corporation (US), Calumet Specialty Products Partners (US), Gandhar Oil refinery (India), Numaligarh Refinery Limited (India), Petróleo Brasileiro (Brazil), THE PJSC Lukoil Oil Company (Russia). are the key players in the industrial wax market.

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COVID-19 impacted the global economy as it has restricted the movement of people and industrial operations, decreased the local demand, and destabilized the international financial markets. The pandemic and decrease in crude oil prices had a significant impact on companies' revenue in 2020. This led to disruption in demand, and companies have reduced their production of oil and gas, impacting sales volume and utilization of refining and chemical plants.

Companies have initiated the following developments:
• In August 2020, Sasol Ltd entered into a distribution agreement with DKSH Management Ltd (Switzerland) for marketing, distribution, and logistics for Sasols 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.
• In May 2019, ExxonMobil announced an expansion of three-project with a total investment of USD 2 billion to expand the US-based chemical plant at Baytown, Texas.
• 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 April 2019, Sasol Ltd opened a new wax warehouse in Sasolburg, South Africa, to improve the supply chain cost base, quality of product, service experience, and to improve export business.

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.

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