Global refined wax market is expected to register a steady CAGR of 4.9% in the forecast period. The years considered for study are as mentioned below.
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The Refined Wax market is a highly concentrated market which includes key players and local players. The market has witnessed increased strategic developments owing to favourable market scenario. The market has a prominent growth in upcoming years due to the demand of healthcare, industrial, cosmetics/personal care, buildings and constructions which is one of the factors boosting the growth of the market. The Refined Wax serves great importance in the pharmaceutical industry. It is widely used in crayons and many building materials used for construction purposes.
The market has witness developments in terms of merger and acquisitions or product launches to enhance the product portfolio in order to meet the rising demand of innovative technology. For instance, In May 2017, Esso Italiana & ExxonMobil Corporation will enter together into multi-year and technological agreements with SONATARCH for refinery products, group I base stocks and waxes. Base stocks and waxes from Augusta will be continued to be marketed and sold by ExxonMobil Corporation.
ExxonMobil Corporation dominated the global refined wax market. The other key players existing in the market includes BASF SE and Mitsui Chemicals, Inc. The other key players existing in the market includes The International Group, Inc., Calumet Specialty Products Partners, L.P., Sage Oil LLC, Tannin Corporation and among others.
Exxon Mobil Corporation:
Exxon Mobil Corporation is headquartered in Texas, U.S. and was founded in 1859. The company is engaged in the production of petrochemicals and chemical products. The company has three operating divisions namely, Upstream, Downstream, Chemicals.
Upstream segment deals in oil and natural gas and maximize recovery from existing reservoirs. Through Downstream segment, company invests to increase the production of higher-value products. This includes upgrading nearly 200,000 barrels per day of fuel oil into higher-quality Group II lube basestocks, chemicals, and lower-sulfur distillates.
- In May 2017, Esso Italiana & ExxonMobil Corporation entered together into multi-year and technological agreements with SONATARCH for refinery products, group I base stocks and waxes. Base stocks and waxes from Augusta will be continued to be marketed and sold by ExxonMobil Corporation.
It has its global networks in North America, South America, Europe, Middle East – North Africa, Sub-Saharan Africa and Asia Pacific. The company has various subsidiaries such as Kemya (Saudi Arabia), Imperial Oil Limited (Canada), XTO Energy, Inc. (USA), Mobil Producing Nigeria Unlimited (Nigeria), RasGas Company Ltd. (Qatar) and others.
BASF SE:
BASF SE headquartered in Ludwigshafen, Germany was founded in 1865. The company is engaged in the manufacturing and distribution of chemicals, plastics, performance products, crop protection products and products regarding oil and gas. The company operates through five business segments which include functional materials & solutions, chemicals, performance products, agricultural solutions and others.
Functional materials & solutions segment provides the Catalysts, Construction Chemicals, Coatings, and Performance Materials divisions. Agricultural Solutions segments deals in providing high quality agricultural nutrients to various countries. The Performance Products segment consists of the dispersions & pigments, care chemicals, nutrition & health and performance chemicals divisions. The Chemicals segment consists of the Petrochemicals, Monomers and Intermediates divisions.
- In March 2019, BASF SE announced that it is expanding its regional innovation capabilities with new facilities an automotive center and a R&D catalysis centre offering new product launches into the market which will help the company to increase its shares.
It has its global networks in the North America, Asia-Pacific, Europe , South America, Africa, Middle East. It operates through its subsidiaries such as BASF Coatings (Germany), Wintershall (Germany), Cognis (Germany), Engelhard (U.S.), PCI Augsburg GmbH (Germany), BASF Japan (Japan), BASF India Ltd (India)
Mitsui Chemicals, Inc.:
Mitsui Chemicals, Inc. is headquartered in Tokyo, Japan was founded in 1997. The company is engaged in development of new products designing and manufacturing new industrial models and all types of tooling. The company operates through five business segments which include Mobility, Healthcare, Food & Packaging, Basic Materials and Others.
The Mobility segment deals in functional polymeric materials that can provide solutions to meet needs for lighter automobiles and more electric vehicles. Healthcare segment deals with products such as vision care materials and high performance non-woven used in premium disposable diapers. Food & Packaging segment deals in wide variety of films and sheets.
- In September 2017, Microwave Chemical Co., Ltd. and Mitsui Chemicals, Inc. entered into a partnership for the next generation of chemical processes and technologies. Through this partnership, both the companies can lead themselves in strategic innovations with the development of new products and businesses using microwave technology assigning new researcher in the chemical systems.
The company has its global networks in Europe, Southeast Asia, South Asia, East Asia, Japan, North America, Latin America. It operates through its subsidiaries such as Mitsui Chemicals Tohcello.Inc. (Japan), Prime Polymer Co., Ltd. (Japan), MITSUI CHEMICALS AMERICA, INC. (U.S.), ARRK Corporation (U.K.), Kulzer GmbH (Japan) among others.
