The global industrial wax market is projected to reach USD 10.07 billion by 2021, at a CAGR of 4.5% from 2016 to 2021 and USD 12.84 billion by 2026, at a CAGR of 4.7% from 2016 to 2026. With the expected stabilization of global oil prices by 2020-2021, advances in synthetic wax manufacturing, and the increased use of wax in corrugated packaging, it is estimated that industrial wax would depict slightly higher growth rates in the long term forecast.
Some of the major players in the industrial wax market include Sinopec Corp. (China), Royal Dutch Shell Plc (Netherlands), Petroleo Brasileiro S.A. (Petrobras) (Brazil), Exxon Mobil Corp. (U.S.), Sasol Limited (South Africa), OJSC Lukoil (Russia), Numaligarh Refinery Limited (India), HCl WAX (China), The Blayson Group Ltd (UK) and International Group, Inc. (Canada). Besides expansions, companies also adopted contracts & agreements as a key strategy to enhance their distribution networks.
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Industrial wax is preferred due to its viscosity regulation, extrudability, moisture control, water resistance, and lubrication properties offered in applications such as candles, packaging, coatings & polishing, hot melt adhesives, tires & rubber, cosmetics & personal care, food, and other applications. Industrial wax products provide a longer lifespan and superior performance. The growing popularity of industrial wax in candles, packaging and coatings & polishing applications has increased the global demand. Expansion is the key strategy adopted by the major players to achieve growth in the global industrial wax market between 2014 and 2016. This strategy accounted for a major share of all the strategies adopted from 2014 to 2016.
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Sinopec Corp., through its subsidiary Jinan Company, made a new technological breakthrough on paraffin production and successfully produced No. 62 and No. 66 fully refined paraffin wax. New product developments, expansions and joint ventures are the key strategies adopted by Sinopec Corp. to strengthen its market share. In 2016, the company began the construction of its R&D center in Saudi Arabia. With this center, the company will enhance its technological and innovation capabilities. The company has also entered into a joint venture agreement with Sinopec Asset Management Company, in 2015. Through this joint venture, a new subsidiary will be formed named Gaoqiao Petrochemical Co.
In June 2015, phase I of Sasol’s Fischer-Tropsch Wax Expansion Project (FTWEP) has been successfully commissioned at its Sasolburg Operations in South Africa. This will contribute to a considerable share of the FT wax market, in South Africa.
In March 2015, Numaligarh Refinery Limited has commissioned its wax manufacturing plant in Assam, which will be the country’s largest wax producing unit. The company is expanding its refining capacity to meet the growing industrial wax demand from the local as well as global market.
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