Wax is typically a solid sticky and greasy substance which when melts gets transformed to liquid form as & when exposed to a minute higher temperature. Wax can be acquired from three key segments like animals, oils, minerals and plants. Though crude oil is expected to be one of the most significant source of wax, several market players are focused on the extraction of natural wax from animals and plants as well. In addition to this, due to the rising number of demands for crude oil in several other applications, mineral based waxes are obtaining considerable acceptance over the last few years and the overall demand for mineral waxes is projected to witness a rapid surge around the world. Furthermore, lignite is the most commonly used mineral which is generally deployed for the production of mineral waxes and this trend is projected to continue for a considerate period of time over the forecast period.
Owing to the presence of toxic environmental hazards associated with the processing and refining of crude oil coupled with highly volatile nature of crude oil prices are some of the major elements which have led to a considerable decline in the demand for waxes which are based on crude oil. Increasing growth in the global cosmetics sector as well as constraints related supply of key mineral resources such as lignite is anticipated to hinder the growth of the global market over the forecast period. Furthermore, availability of several other types of sources of waxes such as plants, animals and insects are some of the other key aspects projected to hamper the growth of the global market during the forecast period.
The global industrial wax market can be categorized on application, type and geography.
Based on application, global market can be bifurcated into coatings, tires, candles, packaging, polishing, hot melt adhesive, rubber, cosmetics, personal care, food and others. Based on type, the global market can be divided into fossil based, synthetic based and bio based. Based on region, the global market can be classified into North America, Latin America, Europe, Middle East & Africa and Asia-Pacific.
The robust demand especially in the Asia Pacific region is anticipated to be one of the key driving factors for the overall growth of the global market. Moreover, China is further projected to account for the highest share in the global market and is predicted to uphold its lead in the total demand during the forecast period. This can be attributed to rapid industrialization and increasing urbanization during the past few years. The markets in various other developing economies such as Russia, Brazil, Indonesia, Poland, Argentina, New Zealand, Korea and India among others are also expected to witness a fast growth throughout the forecast period. In addition to this, rising per capita disposable income and surge in the global economy is another key factor which is expected to bring impetus in the growth of the global market during the forecast period.
Key players operating in the global market are concentrating on some of the major market strategies such as mergers, collaborations, partnerships, and acquisitions in view to keep grip in the always competitive global market. Furthermore, they are aiming on gaining grip on the local players to reinforce their goodwill as well as to improve their market reach in the global market. Some of the key players tangled in the manufacture and supply of industrial wax include Calumet Specialty Products Partners LP, Limited Archer Daniels Midland Company, American Refining Group Incorporated and Honeywell International Inc., International Flora Technologies among others.
The global industrial wax market can be segmented
• Hot melt adhesive
• Personal care
• Fossil based
• Synthetic based
• Bio based
• North America
• Latin America
• Middle East & Africa