Industrial Wax Market to Witness Progressive Growth Rate Owing to Rise in Demand from Medical and Candle Making Industries: Fortune Business Insights™
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Some of the key industrial wax manufacturers include:
• Hexion Inc.
• Petroleo Brasileiro
• Evonik Industries
• Oil Co. Lukoil PJSC
• Arch Chemicals
• Momentive Performance Materials
• Akzo Nobel N.V.
• Lubrizol Corporation
• Numaligarh Refinery
• The Blayson Group and International Group
• The Clorox Company
• Dow Corning
• Honeywell International
• BASF SE
• Royal Dutch Shell
The report presents both qualitative and quantitative industrial wax market analysis. It focuses primarily on growth trajectories such as growth drivers, restraints, opportunities, and challenges that the market may face in the forecast duration. All information presented in the report is gathered from primary and secondary research methods.
Key segments of the market are listed in the report along with the names of key players and their key strategies. Key strategies include mergers and acquisitions, company collaborations, contracts, investments in research and development, and other industrial wax market trends. The report is available for sale on the company website.
Rise in Demand for Unconventional Waxes Will Help Market Exhibit High Growth Rate
An important factor promoting the industrial wax market growth include the rise in acceptance of synthetic waxes in various parts of the world. Besides this, the advent of technology in wax industries is expected to attract high industrial wax market revenues in the forecast period.
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Additionally, the increasing population and the surge in per capita income of people in developing nations such as China, India, and other countries in Asia are further expected to help increase the industrial wax market share in the near future.
On the contrary, the decline in the production of paraffin wax may cause hindrance to major industries such as candle making, cosmetics, medical and the food industry. This may ultimately disparage the industrial wax market share in the forecast period. This, coupled with the rise in prices of bio-based and synthetic waxes, is further anticipated to cause hindrance to the industrial wax market size in the coming years.
Nevertheless, the augmenting demand for unconventional waxes and the rise in import activities for industrial wax are expected to create lucrative industrial wax market growth opportunities for the market in the forecast period.
Asia Pacific to Dominate Market Owing to Rise in demand from Cosmetic Industry
From a geographical perspective, the global industrial wax market is categorized into five major regions, namely North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Among these, the region contributing the largest industrial wax market share in Asia Pacific.
This is attributable to the increasing demand for candles, coatings, and food packaging. On account of the rising population and industrialization, China has emerged as the major consumer of industrial wax. This is closely followed by India and Japan. Besides this, the surging popularity of cosmetics is further expected to help gain high industrial wax market revenues in the years to come.
Company Collaborations and Setting up of New Bases to Help Players Earn Large Revenue
Industrial wax market manufacturers are entering into strategic collaborations, setting up of new wax plants, product launches, and others. Such strategies are anticipated to help the players attract high revenue on one hand and maintain a strong foothold on the other.
Key industry developments in the industrial wax market include:
August 2016 – An agreement was signed between Koster Keunen and Brenntag for distributing synthetic and natural waxes for cosmetic applications. This agreement will help the company serve its customers in the DACH region (Germany, Austria, and Switzerland comprising of the DACH region).
September 2016 - Bharat Dyes Agency was appointed by Blayson for distributing and representing wax to offer a high-quality alternative service of technical support and wax supply in India.
April 2019 – A food-grade paraffin wax brand called “pristine” was launched by Numaligarh Refinery Limited in April this year. This aim focuses on bridging the demand-supply gap and improve the brand equity of NRL, thus allowing the company to have a strong foothold in the market and grow remarkably at the same time.
Major Segments Includes:
• Fossil based Wax
• Synthetic based wax
• Bio-based wax
• Coatings & Polishing
• Tire & Rubber
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