Waxes are defined as organic compounds that are malleable at ambient temperature and become free-flowing or low viscosity fluid at slightly higher temperatures. Waxes have a complex chemical composition, as these are mixtures of heavy hydrocarbons and fatty acids combined with esters. Waxes are categorized on the basis of their properties, such as hardness, viscosity, colour, melting point, and several others. Major portion of wax is derived from crude petroleum, whereas several other sources include lignite, natural gas, vegetables, animals and insects. Waxes can be broadly defined as organic compounds with following properties:
- low melting viscosity
- malleable at ambient temperatures
- melting points ranging from 400C to 140 0C
- soft and tacky to hard and brittle at 20 0C
The global wax market is witnessing sluggish growth, owing to the closure of Group I refineries. Although the factor is restraining the growth of the petroleum based waxes, it does not have any negative impact on synthetic or natural waxes. Instead high growth is witnessed in the synthetic and natural wax market, as compared to the petroleum and mineral waxes.
The major factors driving the growth of the global wax market are growing base of end-user industries and increasing demand of natural waxes. Recent advances in GTL technology are creating abundant opportunities for wax manufacturers to produce GTL waxes. However, increasing blenders’ compliance for Group II and Group III base oil refineries and shut down of Group I plants hampers the growth of the global wax market.
Some of the major players in the wax market include China National Petroleum Corporation, Exxon Mobil Corporation, Royal Dutch Shell PLC, Sasol Limited, The Lubrizol Corporation, Petróleo Brasileiro S.A., Honeywell International Inc., Akzo Nobel N.V., Evonik Industries AG, and Hexion Inc.
