The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
The report by Persistence Market Research (PMR) expects the global wax market to witness sluggish growth. It is also anticipated to register CAGR of 2.9% during the forecast period between 2017 and 2026. The global wax market is also expected to bring in US$ 11,017.7 million revenue towards the end of 2026.
There are different types of waxes being used for various applications. For instance, the fossil-based wax is being largely used for making candles, coatings and polishing, and in packaging. Meanwhile, paraffin wax which is derived from various processes of crude oil refining is being used in beauty and cosmetic care industry as it is safe to use. However, the demand for paraffin wax is declining as the demand for bio-based wax is growing, especially in the various countries in Asia-Pacific. The fully refined waxes are also widely used for candle making and as wax coatings for paper, film and foil substrates used in the packaging. The global wax market has also become highly volatile in the recent years owing to the price volatility of crude oil.
Increasing Application of Wax in Various Industries to Impact the Market Growth
Strengthening economy in the developed nations is supporting the manufacturing sector. Hence, the industrial wax is witnessing a rise in demand for adhesives, inks and coatings, and plastic and rubber processing. Meanwhile, these processing mostly uses cost-effective wax. The wax is expected to witness strong demand in the manufacturing sector and in construction activity. However, owing to the closure of some wax producing plants in North America and Europe is resulting in the decline in the wax market. Meanwhile, the demand for vegetable and synthetic wax has increased. Moreover, it is also becoming inevitable for wax producing companies to shift from petroleum wax to natural vegetable and synthetic wax. These companies are therefore adopting innovative technologies in their production facilities.
Global Wax Market: Segment-Wise Analysis
The global wax market is segmented into the industry, application, product type, and region. Based on the product type, paraffin wax is expected to emerge as the largest product in the market. By the end of 2026, paraffin wax is estimated to surpass US$ 3,700 million revenue.
Based on the industry, plastic & rubber industry is expected to witness the highest growth during the forecast period 2017-2026. By the end of 2026, plastic & rubber industry is estimated to bring in more than US$ 2,400 million revenue.
Based on the application, the global wax market is segmented into rheology/surface applications, candles, polish, rubber, cosmetics, hot-melt adhesive, soap wax, and other. Among these, candles are expected to emerge as the largest application segment in the wax market. Candles are estimated to create an incremental opportunity of more than US$ 900 million between 2017 and 2026.
Geographically, the global wax market is segmented into Latin America, Europe, North America, Asia Pacific Excluding Japan (APEJ), Japan, and the Middle East and Africa (MEA). Among these, APEJ is expected to emerge as the most attractive market in the global wax market during the forecast period 2017-2026.
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