RESIDUE WAX MARKET REPORT OVERVIEW
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The global residue wax market size was USD 822.3 million in 2023 and the market is projected to touch USD 1089.4 million by 2029, exhibiting a CAGR of 4.8% during the forecast period.
The byproduct that is produced when crude oil is refined is known as residue wax. This kind of slack wax is what's left behind after the oil is extracted from lubricating oil distillates. To get diverse refined products, crude oil must be processed by removing unwanted components and contaminants.The rising need for waxes for a variety of uses is one of the main reasons propelling this expansion. Additionally, the market is expanding as more people become aware of the advantages of residue wax.
COVID-19 Impact: Pandemic Led Disruptions in the Economy and Supply Chains Hampered the Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
Global supply chains were disrupted by the epidemic, which had an impact on the manufacturing and delivery of a variety of commodities, including those made of petroleum. Movement restrictions, lockdowns, and a shortage of labor may have affected residual wax manufacturing and shipment. Changes in consumer behavior and industrial operations may have altered the market for particular items, such as candles and industrial uses using leftover wax. For instance, the demand for candles used at events may have been impacted by lockdowns and prohibitions on public meetings. The pandemic's overall economic collapse may have had an impact on building and industrial endeavors, which in turn may have affected the market for residual wax in applications such as adhesives and coatings.
LATEST TRENDS
"Sustainability Measures and Product Customization to Have a Cascading Effect on the Market Growth"
Industries frequently request residual wax in grades that are suited to their needs. Manufacturers may be introducing a wider variety of residual wax products with customizable features like color, hardness, and melting point. Environmentally friendly and sustainable goods are becoming more and more popular across all industries. Manufacturers can be looking for substitute resources or investigating methods to make residual wax with less of an impact on the environment.
RESIDUE WAX MARKET SEGMENTATION
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By Type
Based on type the global market can be categorized into oil content above 25% and oil content above 40%.
- Oil Content above 25%: Residue wax is manufactured using oil that has an oil concentration of more than 25%. Its use as an antioxidant and lubricant in a variety of goods, including as polishes, motor oils, and tire dressings, is the primary driver of this market's expansion. It is also used in fertilizers as an anti-caking agent, which improves fluidity and decreases crystal formation to boost production.
- Oil Content above 40%: The residual wax industry uses oil content exceeding 40% because of its high viscosity, low molecular weight, and specific gravity. In addition, it boils at a greater temperature than paraffin wax. These attributes render it appropriate for an array of industrial uses, encompassing lubricants and cosmetics.
By Application
Based on application the global market can be categorized into rubber industries, plastic industries, match box industries, polish industries and others.
- Rubber Industries: When making tires, residue wax can be utilized, particularly when making tread compounds. It improves the physical qualities of the finished product and makes rubber composites easier to manufacture.
- Plastic Industries: There are instances where masterbatch compositions contain residue wax as a component. In the plastics industry, masterbatches concentrated blends of pigments and additives are utilized to change the color or characteristics of polymers.
- Matchbox Industries: A typical component used in the creation of matchstick heads is residue wax. It is appropriate for this application due to its flammability and flame-sustaining qualities.
- Polish Industries: Shoe polish is frequently made using residual wax. It works well as a component in shoe polish compositions because of its hardness, melting point, and ability to give a shining finish.
- Others: The candle business makes extensive use of leftover wax. It is appropriate for making premium candles because of its hardness, stability, and good aroma retention. Hot melt adhesives are made with residue wax as an ingredient. Its use in the formulation of adhesives for diverse purposes stems from its ability to melt and solidify fast at certain temperatures. Remaining wax is utilized in the textile industry during several finishing procedures to provide cloth particular properties, such water repellency. In order to improve printability and offer moisture resistance, residual wax is occasionally utilized in coatings for paper and board packing materials.
DRIVING FACTORS
"Increased Applications in Adhesive and Sealants Industry to Avalanche the Market Growth"
The characteristics of residue wax, such as its capacity to melt and solidify at particular temperatures, make it appropriate for usage in sealants and adhesives. There could be a tendency toward more residual wax being used in certain applications. Wax residue is used in the adhesives and sealants industry to make hot melt adhesives. The need for residual wax in this industry is driven by its adaptability in delivering adhesion and cohesiveness at particular temperatures.
"Pertinence in Candle Manufacturing and Packaging Industry to Intensify the Market Growth"
Remaining wax is used in the packaging sector to coat paper and board substrates, improving printability and offering moisture resistance. Such coatings may become more in demand as packaging regulations change. Remainder wax has always been driven by the need for candles, particularly scented and specialty candles. Remainder wax is used by candle makers because of its stability, hardness, and good smell retention.
RESTRAINING FACTOR
"Odor of the Wax and Its Impurities to Prove a Fatal Hazard in the Propellent of Market Growth"
For some applications, the natural smell of some residual waxes may be unwanted. While scents are frequently reduced or eliminated throughout the refining process, it is still a factor to take into account. It's possible that certain contaminants left over from the refining process are present in residue wax. These contaminants may necessitate further processing or purification procedures and can impair the wax's effectiveness in specific applications. However, the constraints with the odor and impurities may restrict the worldwide residue wax market growth.
RESIDUE WAX MARKET REGIONAL INSIGHTS
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"Asia Pacific with Large Scale Production of Plastics, Rubber and Resins to Pose as a Ruling Region in the Market Share"
The market is primarily segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
Asia Pacific is accounted to have the largest residues wax market share pertaining a share of almost half of the global market. High development is anticipated in the region due to growing demand from the polish, rubber, and plastic sectors. Due to its extensive output of plastics, rubbers, and resins—all of which are utilized in a variety of end-use sectors, including packaging, building & housing, automotive, and others—China has become a significant consumer.
KEY INDUSTRY PLAYERS
"Notable Market Players Shaping the Market and Contributing in the Market Expansion"
Due to their significant market influence, major market players are essential for understanding consumer preferences and industry dynamics. Because of these big companies' extensive retail networks and online platforms, customers may easily browse through an enormous variety of clothing selections. Due to their strong global presence and well-known brand, which have also strengthened customer loyalty and confidence, product adoption has increased.
List of Market Players Profiled
- Cepsa (Spain)
- Behran Oil Co. (Iran)
- Shell (U.K.)
- Kimia Paraffin Co. (Iran)
- PARS POLYMER Co. Ltd (Iran)
- Sepahan Oil Company (SOC) (Iran)
- Tavoil Company (U.S.)
INDUSTRIAL DEVELOPMENT
December 2022: Major oil and gas corporations have reported significant increases in their interim earnings and revenues, among them being Shell.In fact, Shell's profit increase was so dramatic that 2022 turned out to be the company's greatest year ever, with double the earnings of 2021 and the largest profit in the company's history.
REPORT COVERAGE
The research provides forecasts for future market expansion in addition to a comprehensive SWOT analysis. It examines a wide range of market classifications, potential uses, and important factors that fuel the market's expansion in order to determine how the industry develops over the next several years. By considering both historical turning points and current trends, the research offers a thorough picture of the market's components and highlights potential growth prospects.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 822.3 Million in 2023 |
Market Size Value By |
US$ 1089.4 Million by 2029 |
Growth Rate |
CAGR of 4.8% from 2023 to 2029 |
Forecast Period |
2022-2029 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the residue wax market expected to touch by 2029?
The residue wax market is expected to reach USD 1089.4 million by 2029.
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What CAGR is the residue wax market expected to exhibit by 2029?
The residue wax market is expected to exhibit a CAGR of 4.8% by 2029.
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Which are the driving factors of the residue wax market?
Pertinence in candle manufacturing, packaging industry and extended applications in adhesives and sealants are some of the driving factors of the residue wax market.
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What are the residue wax market segments?
The residue wax market segmentation that you should be aware of, which include, Based on type the market is classified as oil content above 25% and oil content above 40%. Based on application the market is classified as rubber industries, plastic industries, match box industries, polish industries and others.
