Industrial Wax Market | Key players: Key players operating in the industrial wax market include Sinopec, Royal Dutch Shell, Petroleo Brasileiro, Exxon Mobil, Sasol, Oil Co. Lukoil PJSC, Numaligarh Refinery, HCl, The Blayson Group, and International Group

According to recent market research "Industrial Wax Market by Type (Fossil based, Synthetic based, Bio based), Application (Candles, Packaging, Coatings & Polishes, Hot-melt Adhesives, Tires & Rubber, Cosmetics & Personal Care, Food), and Region - Global Forecast to 2026", The industrial wax market size was estimated to be USD 9.8 billion in 2018 and is projected to reach USD 14.3 billion by 2026, at a CAGR of 4.8%.
The increasing demand for industrial wax from applications, such as candles, packaging, and coating & polishes and growing acceptance of synthetic waxes are expected to drive the industrial wax market.

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Industrial wax is an organic substance, which is white/yellowish solid at room temperature and is free-flowing liquid at a slightly higher temperature. The melting point of industrial waxes depends on its chemical composition. Industrial waxes have a complex composition with its major proportion of hydrocarbons containing more than 20 carbon atoms. The rising demand from several applications along with the rising acceptance of synthetic waxes is expected to drive the industrial wax market. MarketsandMarkets expects the global industrial wax market size to grow from USD 9.8 billion in 2018 to USD 14.3 billion by 2026, at a compound annual growth rate (CAGR) of 4.8%.

Viscosity regulation, moisture control, and lubrication properties offered by industrial wax find usage in applications, such as candles, packaging, coatings & polishing, hot-melt adhesives, tires & rubber, cosmetics & personal care, and food. The industrial wax provides longer lifespans to products and performs better than its substitutes. The growing popularity of the industrial wax in candles, packaging, and coatings & polishes applications has led to its increased demand.

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The global industrial wax market size is projected to grow from USD 9.8 in 2018 to USD 14.3 billion by 2026, at a compound annual growth rate (CAGR) of 4.8% between 2018 and 2026. Industrial wax is an organic substance, which is a white/yellowish hydrophobic solid at room temperature and free-flowing liquid at a slightly higher temperature. The drivers of the market are increasing applications of industrial waxes and growing demand from the candle application. The restraining factors in the market are shrinking supply of paraffin wax, globally, and increasing prices of industrial waxes.

The key players in the industrial wax market are Sinopec (China), Royal Dutch Shell (Netherlands), Petroleo Brasileiro (Brazil), Exxon Mobil (US), Sasol (South Africa), Oil Co. Lukoil PJSC (Russia), Numaligarh Refinery (India), HCl (China), The Blayson Group (UK), and International Group (Canada). These players adopted the strategies of expansion, collaboration, and new product development, between 2015 and 2018, which helped them to increase their regional presence and product offerings.

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Sinopec used expansion and new product development as its key strategies to increase its regional presence and strengthen its business. In January 2016, it commenced constructing its R&D Centre in Saudi Arabia. The Centre is expected to focus on technology research and serve as a technology promotion center. This will enhance the technological and innovation capabilities of the company. In September 2015, Sinopec, through its subsidiary Jinan Company, has made a technological breakthrough by manufacturing No: 62 and No: 66 refined paraffin waxes. The breakthrough helps the company to gain significant share in the global wax market.

Sasol followed expansion and agreement as its major strategies to increase its global footprint. In March 2017, Sasol inaugurated the full completion of its FT Wax Expansion Project (FTWEP). The Phase 2 began operation in March 2017. In May 2016, the Imperial Logistics Group company, Goldfields Logistics, was awarded a three-year contract for warehousing and distribution services of Sasol Wax.

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