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.
Persistence Market Research has released a new market research report on “Industrial Wax Market: Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026”. Based on the PMR analysis, ever-expanding end-use industries will give a push to the industrial wax market. Further, strategic developments across regions will influence the global market between 2018 and 2026.
The estimated value of the industrial wax market in 2018 is US$ 8,860.8 Mn, which is expected to expand at a CAGR of 4.5% and reach US$ 12,556.8 Mn by the end of 2026. In addition, the industrial wax market is projected to create incremental $ opportunity worth US$ 3,696.0 Mn during the forecast period.
Industrial Wax Market: Dynamics
Huge demand from end-use sectors will create favorable macroeconomic environment for the global industrial wax market. In the last couple of years, there is a significant growth in the end use industries such as, in petrochemical industry, including pharmaceuticals, cosmetics and plastics industries across the world, this growth is expected to create key driver for the industrial wax market in the coming future.
Significant growth in the global economy, acquisitions and joint ventures are likely to become a more frequent industry phenomenon in the region. Key players from end use industries are looking forward to gain increasing incremental $ opportunity from the business portfolios and also to gain market share in terms of volume and value by entering into strategic partnerships. As a result, the global industrial wax market is estimated to witness healthy growth over the forecast period
Industrial Wax Market: Forecast
The global industrial wax market is estimated to grow and become 1.4X during the forecast period due to the expected growth in packaging, adhesive & sealant sectors.
By region, Western Europe, followed by North America, is projected to dominate the global industrial wax market over the forecast period. Moreover, China is estimated to remain the most opportunistic region in South East Asia industrial wax market. In terms of value, China is projected to create incremental $ opportunity worth US$ 800 Mn in the global industrial wax market during the forecast period.
By application, the packaging segment is expected to dominate the industrial wax market, with a value of US$ 1,500 Mn in 2018. The adhesive & sealant segment is projected to account for 15.4% of the market value share in the global industrial wax market during the forecast period. In terms of growth, the pharmaceutical segment is projected to grow at a sluggish growth rate as compared to the packaging segment in the global industrial wax market during the latter half of the forecast period.
By type, the fossil based segment is projected to dominate the global industrial wax market over the forecast period. In terms of volume, the fossil based segment is expected to hold approximately two-third of the market share in 2018 and is expected to dominate the industrial wax market throughout the forecast period. In terms of incremental $ opportunity, the segment is expected to create opportunity worth US$ 2,200 Mn between 2018 and 2026. In addition, synthetic based segment, is estimated to hold more than one tenth of market share in terms of value and volume in the global industrial wax market.
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