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Petroleum waxes are soft colorless solids obtained from petroleum. Petroleum waxes are of three types, namely paraffin wax, microcrystalline wax, and petroleum jelly. Although these waxes are slightly translucent, addition of some chemicals can impart color to these waxes. It is tasteless and odorless. Also, it is insoluble in water, slightly soluble in ethanol, and sparingly soluble in solvents such as diethyl ether and hexane. Petroleum waxes are formed as a byproduct when lubricating oil is sent for refining process. Purity or grade of petroleum wax is based on the amount oil content present in the wax.

Market Dynamics

Increasing application of petroleum waxes in industrial coatings, candles, defoaming agent, surface finishing agents, cosmetics, plastic & rubber processing aids, pharmaceuticals, and electrical insulations is expected to drive the demand for petroleum waxes. This in turn is expected to fuel growth of the petroleum waxes market over the forecast period. It is also used in lubricants, preservatives for histology (tissue) samples, friction reducers on surfaces, and in solid-propellant for hybrid rocket-motors.

In 2015, 41.5% of the market revenue was generated by sales of candles, which is one of the major applications of petroleum waxes. This is owing to its increasing use for aromatherapy in spa, hotels, and other commercial buildings. However, volatile prices of crude oil and harmful emissions are major factors that are expected to restrain the petroleum waxes market growth.

Market Outlook

On the basis of region, the global petroleum waxes market is segmented into North America, Latin America, Asia Pacific, Middle East, and Africa. Asia Pacific holds dominant position in the petroleum waxes market, owing to increasing demand for products such as candles, lubricants, and cosmetics in the region. China, India, Japan, South Korea, Singapore, Taiwan, and Thailand are the major consumers of petroleum waxes, as it has wide range of applications in a variety of industries including automotive, chemicals, and construction. Moreover, increasing population and rising disposable income in emerging economies such as China and India in the region is expected to increase demand for consumer goods using petroleum waxes. This in turn is expected to fuel growth of the petroleum waxes market over the forecast period.

North America is another major consumer for petroleum waxes, especially in rubber latex for automotive industry and coatings for construction and furniture industry. Due to economic meltdown, Europe is expected to witness comparatively slower growth than other regions.

Key Players

Some of the major players operating the global petroleum waxes market include BASF SE, Clariant International Ltd., Evonik Industries AG, Exxon Mobil Fuels & Lubricants, Honeywell International, Lubrizol Corp., Dow Corning, and Blended Waxes Inc. among others.

Key Developments-

Key players are introducing in-organic growth strategies such as new product launches, product development, business expansion in-order to gain market share in the global petroleum waxes market.

For instance, in 2015, Cepsa, a multinational oil and gas company started its paraffin molding plant in the Gibraltar-San Roque refinery, an oil refinery in Spain. Paraffin is a wax which is extracted from crude oil and used in the production of a different variety of products in the food, cosmetic and pharmaceutical industry. In food industry, it is used to coat cheese, in cosmetics industry it is used as a component for lipstick, creams and ointments, and in the pharmaceutical industry it is used for the coating of tablets.

In April 2019, Numaligarh Refinery Limited (NRL) launched its new food grade wax named as Pristene in the Indian market. The launch of Pristene will help company to strengthen its position the Indian wax market. This new product is the purest form of paraffin wax which passes through very stringent quality tests by Bureau of Indian Standards (BIS) to make it safe for use in food packaging, pharmaceutical and cosmetic industries.


Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users