Industrial Wax Market

Market Leader - Industrial Wax Market

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.

Related Reports:

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

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Report Code
CH 4728
Published ON
Apr, 2019
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