Popular synthetic wax types include polyethylene wax, polypropylene wax, PTFE wax, amide wax, polymeric wax, and montan wax. The rising acceptance of synthetic wax on account of its resistance to chemicals & water, greater stability against polishing, and resistance against scratch, scuff, and metal marks are anticipated to drive the market over the predicted years. BASF SE, Hoechst AG, Mitsui Petrochemical Industries Ltd., Allied Signal Laminate Systems, Inc., Eastman Chemical Co., Creanova, Inc., Huls AG, Polioles, S.A. de C.V., International Group, Inc., and Honeywell Specialty Chemicals are the global synthetic wax manufacturers. Synthetic wax, especially polyethylene wax, has lower molecular weight compared to that of Fischer–Tropsch, microcrystalline, and paraffin wax types. This difference renders that synthetic wax is tough and its varying slip characteristics & hardness make it suitable for use as additives in coatings and inks. The manufacturing plants of low-molecular synthetic wax are mainly located in the U.S., Germany, and Japan due to the requirement for substantial plant investments.
Wax finds major applications in coating and printing formulations and can be added to a maximum level of approximately 0.25% to 2.0%. Wax is highly utilized in paint, coating, and printing ink industries owing to its features such as mark & scratch resistance, rub resistance, and water repellency. It is applied as an additive to a variety of inks including letterpress, lithographic, gravure, and flexographic. Other functions of wax in the coating and ink industries include reduction in blockage, improvement in friction, and anti-settling & anti-sagging. In recent years, the coating industry has been experiencing major developments in terms of the adoption of newer coating technologies. Solvent-less coatings have replaced low solids, waterborne paints, and solvent-based coatings owing to the stringent environmental regulations for controlling air pollution. This was a major transformation in the coating industry on account of rising solvent prices and increasing energy conservation needs.
Paraffin wax is obtained from crude oil, while producing distillate (light) lubricating oil. Therefore, the raw materials for paraffin wax, microcrystalline wax, and semi-crystalline wax are carbon compounds and petroleum. Volatility in raw material prices acts as a restraint for the utilization of wax in industrial and consumer & commercial applications. Petroleum companies such as BASF SE, The International Group, Inc., Royal Dutch Shell Plc, ExxonMobil Corp., and Sinopec supply raw materials to wax manufacturing companies. Variations in crude oil prices and fluctuations in international oil prices are the major factors that cause volatility in raw material prices. Furthermore, fluctuating crude oil prices directly hampers the production of wax as an overall industry. Crude oil has witnessed tremendous fluctuation in prices over the past few years owing to a large supply-demand gap. Several nations implemented policies to stock up crude oil to maintain its constant supply to the population. At the same time, fossil fuel deposits could not yield enough output to meet the ever-rising global demand for oil. However, technological advancements in the oil & gas sector have resulted in increasing crude oil output, thereby reducing the supply-demand gap and consequently reducing crude oil prices.
This section will provide insights into the contents included in this wax market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Market drivers and restraints
Key market opportunities prioritized
Latest strategic developments
Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance
GET A FREE SAMPLE
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
ESOMAR certified & member