Global Industrial Wax Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Industrial Wax Market 2021 (Includes Business Impact of COVID-19)
Global Industrial Wax Marketis the title of a report in the process of production at Trusted Business Insights. In-depth insights, revenue details, and other vital information related to the market, along with various trends, drivers, restraints, opportunities, and threats have been included in the respective sections of the report. The key players operating in the target market have been profiled and competitive landscaper provided. Their respective revenue and financials, key developments, strategies, acquisitions & mergers, and market footprint are other factors that have been included. The global industrial wax market report has been segmented on the basis of type, application, and region.
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The global Industrial Wax market size was valued at USD $10.41 billion in 2020 and is projected to reach $16.60 billion by 2030, and is anticipated to expand at a CAGR of 4.73% over the forecast period from 2020 to 2030.


Global Industrial Wax Market: Overview


Industrial wax is an organic compound that consists of long alkyl chains and are malleable, lipophilic solids at normal ambient temperature. These waxes are used in various industrial applications such as formulation of colorants for plastics, matting effects, and imparts wear-resistance to paints, act as slip agents in furniture, etc. Natural industrial waxes consist of unsaturated bonds including functional groups; whereas synthetic industrial waxes consist of homologous series of long chain aliphatic hydrocarbons.


Global Industrial Wax Market: Dynamics


Increasing demand for industrial wax for a range of applications such as candles, packaging materials, tires & rubber, cosmetics & personal care, food, and others, is a major factor expected to drive growth of the global industrial wax market. Increasing uses of synthetic wax, especially paraffin wax in cosmetics, medical products, food, and other applications owing to it being highly moisture resistant, and for its malleability, lubrication, and therapeutic properties. Moreover, rising demand for bio-based waxes in various applications for sustainable and degradable end products is projected to support market growth.

However, increasing raw material prices, coupled with rising crude oil prices are expected to be major factors that can restrain growth of the target market. In addition, declining use of fossil-based wax in the packaging industry is expected to hamper growth of the target market.

Increasing adoption of unconventional waxes among various end-use industries in developing countries and development of new and cost-effective products are among some other factors anticipated to create lucrative opportunities for prominent players, and is expected to positively augment growth of the target market.


Global Industrial Wax Market: Segment Analysis


By Type:

Among the type segments, the synthetic-based waxes segment is projected to register significantly high revenue share in the global market, owing to increasing demand for these waxes in cosmetics & personal care applications.

By Application:

Among the application segments, the candles segment is expected to account for highest revenue share in the target market, owing to its good calorific value.


Global Industrial Wax Market: Regional Analysis


The market in Asia Pacific is expected to account for significantly high revenue share, and projected to dominate among other regions in the global industrial wax market over the forecast period. This projected dominance is attributable to rapid industrialization, coupled with increasing cosmetics & personal care product demand, and growing and expanding automotive, construction, and other industries in countries in this region. Revenue from the Asia Pacific market is expected to register a significant growth rate, owing to increasing R&D activities and increasing investments by governments and manufacturers in various industries. The North America industrial wax market is projected to register moderate revenue share in the global market, followed by Europe. This can be attributed to rising demand for industrial wax in various applications such as cosmetics, coatings & polishing, and others in countries in the region.


Below are the active patents related to Industrial Wax Market.


Patent Number: US20060100117A1

Wax composition, method for manufacturing, and method for waxing

Abstract

A wax composition is provided according to the invention. The wax composition includes a wax component, a double tail surfactant component, and water. The weight ratio of the wax component to the double tail surfactant component, on a solids basis, is about 0.1 to about 1.25. A foam wax composition and a method for waxing are provided.

Application filed Date: 2005-08-31

Application granted Date: 2013-05-28

Current Assignee: ZEP IP Holding LLC

Patent Number: US20100024281A1

Wax compositions and methods of preparing wax compositions

Abstract

Described are morphology stable wax compositions comprising the (trans)esterification product of a wax-forming composition comprising: (a) a triglyceride stock, a fatty acid stock, or a mixture thereof; and (b) a glycerol-based composition comprising glycerol, polyglycerol, or a mixture thereof. Methods of making the waxes are also described. The wax compositions may be used in candles, stack waxes, jell candles, cosmetics, food coatings, adhesives, board manufacturing (e.g., particle board and oriented strand board), urethane foams or coatings, alkyd coatings, coating formulation additives, printing additives, polymer processing agents, extrusion processing aids, polymer plasticizers, mold releases, polishes, and stick markers.

Application filed Date: 2009-08-12

Application granted Date: 2013-12-10

Current Assignee: Cargill Inc

Patent Number: Wax and wax-based products

Abstract

The present lipid-based wax compositions commonly include a polyol fatty acid ester component (made up of partial and/or completely esterified polyols). Generally, at least a portion of the polyol fatty acid ester has been subjected to a transesterification reaction. Lipid-based wax compositions having a melting point of about 48° C. to about 75° C. can be particularly advantageous for use in forming candles. The wax may contain other components such as mineral wax, plant wax, insect wax, and/or other components. The polyol fatty acid ester component can include triacylglycerols such as those derived from plant oils (soybean oil, palm oil, etc.). The polyol ester component may be characterized based on one or more of its physical characteristics, such as SFI-40, SFI-10, typical crystal structure, IV, melting curve, and/or other properties.

Application filed Date: 2010-10-13

Application granted Date:2012-04-17

Current Assignee: Cargill Inc

Global Industrial Wax Market Segmentation:

Segmentation by Type:

  
Fossil-based Waxes
  
Synthetic-based Waxes
  
Bio-based Waxes

Segmentation by Application:

  
Candles
  
Packaging
  
Coatings & Polishing
  
Hot Melt Adhesive
  
Tires & Rubber
  
Cosmetics & Personal Care
  
Food
  
Others (Agriculture and Printing Inks)


Key Market Players included in the report:


  
Baker Hughes,
  
BP PLC
  
Calumet Specialty Products Partners (US)
  
CEPSA
  
China National Petroleum Corporation (CNPC)
  
Exxon Mobil Corp
  
Gandhar Oil refinery (India)
  
Hollyfrontier Corporation (US)
  
Nippon Seiro Co., Ltd
  
Numaligarh Refinery Limited (India)
  
Petróleo Brasileiro (Brazil)
  
Royal Dutch Shell PLC (Netherlands)
  
Sasol Ltd (South Africa),CEPSA (Spain)
  
Sinopec (China)
  
THE PJSC Lukoil Oil Company (Russia)


Below are the key development related to Industrial Wax Market in 2020 and 2021.


September 2020: Evonik Presents EXP 8018-1, a New Silica Finer Grade Matting Agent Capable of Improving Coatings Formulations. Part of Evoniks product line of silica-based ACEMATT® matting agents, EXP 8018-1 boasts a highly efficient matting effect and has been developed for applications where super-fine surface haptics combined with high transparency are targeted. Evonik has launched a new wax-treated, precipitated silica matting agent in the portfolio of the Coating Additives business line. Source

March 2020: Calumet Specialty Products Partners, L.P. Acquires Paralogics, LLC, Expands Specialty Wax Business. Paralogics, LLC acquisition strengthens wax blending, packaging and distribution capability. Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership" or "Calumet"), a leading independent producer of specialty hydrocarbon and fuels products, announced the Partnership completed the acquisition of Paralogics, LLC, a producer of candle and industrial wax blends. Paralogics expands Calumets presence in the specialty wax blending and packaging market, and upon integrating the new capabilities into Calumets existing wax business value chain, will add 20 million pounds of annual blending and formulating capabilities. Source