Global Players Dominate the Market Holding ~40% Share Despite the Presence of about ~350 Competitors Comprising a Large Number of Country-Niche Players and Global Players, finds a recent market study on the Global Wax Market.
Wax is a broad category of organic compounds that are lipophilic and bendable solids at room temperature that tend to melt at a higher temperature. It includes lipids and higher alkanes that are insoluble in water but soluble in nonpolar, organic solvents. Wax is generally derived from petroleum and bio-based resources which are extracted from crude oil refining. These materials include base oil, natural gas, compounds like polyethylene, plants, and the skin of animals. Wax has applications across paints, bundling, hardware, electrical, ink and coatings, elastic, pharmaceuticals, and beautifying agents.
Ken Research shares 3 key insights on the competitive landscape of this dynamic market from its latest research study.
Global Players Constitute ~10% of the Total Number of Competitors, While Country Niche Players Dominate Representing ~65% of Total Competitors.
A comprehensive competitive analysis conducted during The Research Study found that the Global Wax Market is highly competitive with ~350 players, including globally diversified players, regional players, and a large number of country-niche players with their niche in advancement in wax solutions for multiple end-user industries like candle manufacturer, cosmetics and pharmaceutical manufacturers. The majority of the global wax solution companies, including Sasol Ltd., HollyFrontier Corporation, Royal Dutch PLC, Mitsui Chemicals Inc., and Sinopec Corporation., maintained their leading positions in the forecast period.
The majority of the country’s players offer end-to-end solutions to the customer and industries to refining, manufacture cosmetics, pharmaceutical, and polishing. Country Niche players seeking to grow and diversify quickly.
Acquisition and Strategic Investments Drive the Major Players in Formulating their Key Strategy
Detailed comparative analysis of key competitors available within The Research Study shows that numerous specialist companies such as Sasol Ltd., HollyFrontier, and Royal Dutch PLC more are highly focused on providing a significant number of wax solutions and advanced techniques that can be used across end-user industries. In addition, numerous companies and organizations are aggressively investing in advanced technology, and mergers and acquisitions to have a strong foothold in the market.
- In November 2021, HollyFrontier acquired Puget Sound Refinery for approx. US$ 600 million. With this acquisition, the company is expecting to enhance its business, particularly in the Pacific Northwestern region.
- In July 2022, Royal Dutch PLC USA and Midstream Partners L.P. both agreed to a acquisition to acquire all of the common units representing limited partner interests. Midstream Partner assets include crude oil and refined product pipelines.
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Increasing Government Regulation, and Investments propelling the growth of Wax Market
- According to the European Union, the importing and manufacturing of candles requires various safety standards, labeling, and documentation. It also describes the test methods for fire safety of indoor candles. The European Union also states the documentation of the product stating that the manufacturers and importers is required to keep records demonstrating the compliance of the products in order for the authorities to hold accountability on the relevant parties and avoid potential risks.
- In India CSIR-IIP and EIL fine-tuned the technology based on Numaligarh Refinery Limited (NRL) incorporated several technological advances such as application of ‘Pinch Analysis’ in the Solvent Recovery Section, substantially reduced capital costs and made the process more energy-efficient. The NRL wax plant is designed to produce 45,000 MTPA of ‘Paraffin Wax’ and 4,500 MTPA of ‘Microcrystalline Wax’. This is likely to boost the production of the NRL plant.
For more information on the research report, refer to the below link:
Global Wax Industry: Ken Research
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5 Key Insights on US$ 15 Bn Opportunity in Global Wax Market: Ken Research
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