The global industrial wax market is expected to grow at a CAGR of 4% during the forecast period (2022-2029).
Wax is a simple lipid, it is a long chain alcohol fatty acid ester found as a coating on leaves and stems. Waxes can be obtained from many resources, such as vegetation, animals, and oil. Many organic compound statements are lipophilic and malleable at room temperature. The wax is not soluble in water but soluble in natural and non-polar solvents. Mineral, natural and synthetic waxes can be produced using totally petroleum-based substances as well as base oil, natural fuel, polyethylene, plants and animals.
In coating and printing compounds, wax is frequently used. It is highly valued in the paint, coatings and printing ink industries due to its properties, such as mark and scratch resistance, rub resistance and water repellency. It is used in many inks, such as flexography, gravure, letterpress and lithography. The coating and printing industries also use wax for its anti-blocking, friction-enhancing, anti-binding and anti-sag properties.
Industrial wax has important properties, including lipophilicity and malleability at room temperature, which makes it widely used in pharmaceuticals and beauty products. Additionally, it has excessive viscosity, moisture management and lubricating properties, making it suitable for candle, wrap, coating and spruce wrappers. All of these companies want commercial wax as an uncooked rag; hence, the growth of these sectors will directly increase the market for industrial waxes at some stage in the projected duration.
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Steady growth in candle production with worldwide product development is key to market growth
Candles had been used as the most practical lighting tool; however, now it plays a central role in festival ceremonies, household ornament, and handicrafts. In European and North American countries, many candles are used in day-to-day or even festival ceremonies due to their non-secular ideals, way of life and home conduct.
With the advancement of candle products including the shape, style, tint and fragrance of the product, customers are fascinated to purchase these products. Changing consumer behavior and the growing reputation of craft candle substances and associated decoration and home decor have transformed the traditional candle industry into an advanced, revolutionary and logo-conscious industry.
In the production of candles, commercial wax, which includes paraffin, microcrystalline wax and synthetic wax, is the main raw material. To guide sustainable improvement, product development and to impact product aesthetics/design, traditional paraffin wax is now being replaced by microcrystalline and artificial wax in candle production.
- fossil wax
- Synthetic wax
- Biobased wax
The global industrial wax market is highly fragmented. In recent years, there has been an increase in refinery consolidation and expansion activities. It can be mainly attributed to companies’ efforts to meet the growing demand for industrial wax and achieve high growth in various regions.
Sasol, for example, announced its intention to increase its industrial wax production capacity. Consolidation and expansion among end users, such as candle manufacturing, cosmetics, and packaging industries, will also drive the demand for industrial wax during the forecast period. The expansion of the fourth alpha-olefins (AO) plant in Louisiana, USA, with a capacity of 425,000 tonnes, was announced by Royal Dutch Shell in January 2019.
The major global companies in the industrial wax market are China Petroleum and Chemical Corporation, Royal Dutch Shell PLC, Exxon Mobil Corporation, Sasol Limited, Numaligarh Refinery Limited, Petroleo Brasilerio SA, NK Lukoil PAO, The Blayson Group, BP Plc and HCI Wax .
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