What is Global Residue Wax Market?
The Global Residue Wax Market is a significant segment of the global wax industry. Residue wax, also known as foots oil, is a byproduct of the refining process of lubricating oils. This market is characterized by its diverse applications across various industries, including rubber, plastic, matchbox, and polish industries. The market's value was estimated at US$ 779.3 million in 2022, and it is projected to reach US$ 1089.4 million by 2029, growing at a Compound Annual Growth Rate (CAGR) of 4.8% from 2023 to 2029. This growth is driven by the increasing demand for residue wax in various applications due to its unique properties such as high oil content, low cost, and versatility.
Oil Content above 25%, Oil Content above 40% in the Global Residue Wax Market:
The Global Residue Wax Market is segmented based on oil content, with two major segments being Oil Content above 25% and Oil Content above 40%. The oil content in residue wax determines its suitability for different applications. For instance, residue wax with oil content above 25% is commonly used in industries that require lower purity levels, such as the rubber and plastic industries. On the other hand, residue wax with oil content above 40% is preferred in industries that require higher purity levels, such as the matchbox and polish industries. The demand for these segments varies across regions and industries, depending on the specific requirements of each application.
Rubber Industries, Plastic Industries, Match Box Industries, Polish Industries in the Global Residue Wax Market:
Residue wax is extensively used in the rubber industry, plastic industry, matchbox industry, and polish industry. In the rubber industry, it is used as a processing aid and as a component in rubber compounds to improve their properties. In the plastic industry, residue wax is used as a lubricant and as a release agent in the molding process. In the matchbox industry, it is used as a waterproofing agent and as a fuel source. In the polish industry, residue wax is used as a base material in the formulation of polishes for furniture, shoes, and automobiles. These diverse applications of residue wax contribute to the growth of the Global Residue Wax Market.
Global Residue Wax Market Outlook:
The future outlook of the Global Residue Wax Market is promising, with a projected growth rate of 4.8% from 2023 to 2029. The market was valued at US$ 779.3 million in 2022 and is expected to reach US$ 1089.4 million by 2029. This growth is primarily driven by the increasing demand for residue wax in various industries. The market is dominated by major players such as Exxon Mobil, CNPC, Shell, Imanol Oil, Pertamina, and Thai Oil, which collectively account for approximately 40% of the total market. These companies have a strong presence in the market and are known for their high-quality products.
| Report Metric | Details |
| Report Name | Residue Wax Market |
| Accounted market size in 2023 | US$ 822.3 million |
| Forecasted market size in 2029 | US$ 1089.4 million |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Sales by Region |
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| By Company | Cepsa, Behran Oil Co., Shell, Kimia Paraffin Co., PARS POLYMER Co. ltd, Sepahan Oil Company (SOC), Tavoil Company |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
