A new report highlighting critical aspects of the global wax blends market has projected a strong five years for the industry.
The report, titled Wax Blends Market 2018: Global Industry Insights by Global Players, Regional Segmentation, Growth, Applications, Major Drivers, Value and Foreseen till 2024, considers key elements of the market such as vendor landscape, competitive strategies, market drivers and challenges along with the regional analysis.
It is hoped that the report will act as a means for industry players to understand the future scenario and trends of the global market and help them define their strategies to keep themselves ahead of competitors.
As well as the methodology and scope of the global wax blends market, the report provides an executive summary of business trends, regional trends, product trends and end-use trends, alongside industry insights.
The study also profiles leading companies of the global wax blends market along with emerging new ventures who are having an impact with the latest innovations and technologies, along with details about their respective market shares and growth rates. The report also details the global revenue of successful manufacturers, as well as details of their production in the period of 2015 to 2019, which was used to forecast the movements of the market over the next five years.
Bridgend-based manufacturer Abril Industrial Waxes is named in the report as one of the major players and success stories within the industry, alongside other leading names such as Sonneborn, Brenntag, Koster Keunen, Paramold Manufacturing LLC, Wooden Wick, Poth Hille, Holland Chemicals, Industrial Raw Materials LLC, PMC Crystal and others.
In 2018, the industrial wax market was valued at $9.8 billion and is projected to reach $14.3 billion by 2026, registering a CAGR of 4.8 per cent during 2018-2026. The main drivers of the market are increasing applications of industrial waxes and growing demand from candle application, while restraining factors include a decline in the global supply of paraffin wax and increasing prices of industrial waxes.
The fossil-based waxes arm of the industry is estimated to be the largest area of the market, where waxes are largely used in candle making, packaging and commercial product coatings, as well as in the cosmetics industry. Meanwhile, tire & rubber application is projected to witness the highest growth rate during the forecast period in the report.
Abril Industrial Waxes is a global leader in innovative wax and wax compositions and provides a wide range of products to a diverse set of industries. As a manufacturer, it has a solid base in amide wax technology and years of experience in product development and process manipulation.
Elaborating on Abril’s work, in conversation with the Leaders Council of Great Britain & Northern Ireland, managing director Hugh McAuley said: “Abril Industrial Waxes was founded way back in 1945 as a producer of wax that could go into a shoe or boot polish to waterproof them, because this was needed toward the end of the Second World War for allied troops to stop their feet getting wet and leading to all manner of health problems.
“Through the years, Abril has continued operating on the basis that we make industrial waxes. Nowadays, they’re mainly used as lubricants for mould release agents, either for making powder or plastics, or as sealants in bathrooms for waterproofing and similar applications. We don’t make candle waxes or wax for cosmetic applications; our work is exclusively for industrial purposes.”
Since McAuley became managing director in 2016, the Swedish owned firm has grown significantly, equating to 20 per cent expansion year on year, until 2019 when the business began to see a slowdown.
McAuley said: “Abril enjoyed something of a boom year in 2018 and then more of a slackening off in demand in 2019 as Brexit-related panic set in.”
However, despite all of the uncertainty surrounding the future state of UK-EU trade, which will become fully known by the end of the year, McAuley is optimistic. Indeed, it was the Asia-Pacific region that was estimated to account for the largest share of the industrial wax market in the year 2017.
McAuley said: “As a nation, we have to open up trade deals with other nations but importantly, conclude one with the EU. Failure to do so will set us and the industry back because export is 70 per cent of what we do. 65 per cent is to the EU, mainly to Sweden and Germany.
“We are, therefore, counting on getting a good deal, but expanding into the US and Far East is of course something we would like to pursue, so striking new trade deals with those countries is something I would like to see happen quickly.”