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Waxes to 2019

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Date: 31-May-2015
No. of pages: 265
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US demand to rise 4% annually through 2019

Overall demand for wax in the US market is forecast to grow nearly four percent annually in value terms through 2019, supported by continued growth in manufacturing activity and rising residential construction expenditures. However, advances will be limited by a challenging environment for waxes in the packaging industry, as well as weak growth in most consumer and commercial applications. The supply and market share of wax types will remain dynamic as changes in the global petroleum refining industry impact the supply and pricing of petroleum derived waxes, and crude oil and agricultural commodity prices impact investment in new capacity for synthetic and natural waxes.

Industrial wax demand to outpace other markets

Ongoing strengthening of the economy will support advances in the US manufacturing sector, which in turn will continue to drive industrial wax demand, particularly in coatings and inks, adhesives, and plastic and rubber processing. While these applications typically employ the most cost-effective waxes, greater demand is expected for waxes that raise production efficiency and lower inputs costs. The most rapid increases in wax demand will be in the manufacture of building boards, stimulated by robust gains in residential construction activity. In contrast, rising interest in sustain-ability and demand for recyclable alter-natives will cause the consumption of waxes in paper and paperboard packaging to continue to decline in volume. Though growth in industrial wax demand will be quite healthy, increases in consumer and commercial wax consumption will be much weaker, held back by the general maturity of wax use in most consumer and commercial applications. Long term trends away from candle and polish use will further limit growth.

Petroleum waxes to be affected by refining industry

Developments in the worldwide refining industry will have a significant impact on the composition of the wax market. Supply issues are expected for petroleum waxes, as major refiners move forward with plans to shift away from the lower quality base oils from which petroleum waxes are derived. Additionally, refiners are increasingly turning to catalytic dewaxing technology that does not produce wax as a byproduct. The limited supply will continue to support above average growth in petroleum wax prices, and increase the competitiveness of synthetic and natural wax alternatives. The usage of synthetic waxes as additives to create high-performance, low-cost wax blends is expected to be a major area of focus for product development. While synthetic waxes will generally benefit from the shift toward higher quality base oils by refiners, synthetic Fisher-Tropsch waxes will face their own supply shortages due to the delay or cancellation of new gas-to-liquids (GTL) projects in the US following the collapse of crude oil prices in 2014.

Natural waxes will remain the smallest segment of the market, with growth expected for some consumer applications. Consumer preference for environmentally friendly brands will be the main reason for this growth, as the price of natural waxes is expected to remain flat through 2019. Soy wax, while remaining the least costly type of natural wax, will account for most of this growth. Volatility in the supply and cost of natural waxes will remain the most significant difficulty for these products.

Company Profiles

Profiles for 39 US industry players including Baker Petrolite, Calumet, Exxon Mobil, Strahl & Pitsch, The International Group & Honeywell

Additional Information

This study examines the US market for waxes including petroleum and mineral derivatives (e.g., paraffin and micro crystalline waxes), synthetic waxes (e.g., polymer and Fischer-Tropsch products), and natural waxes (e.g., soy, carnauba, lanolin, and beeswax) derived from vegetable, animal, and insect sources. The outlook for major markets is also discussed, with a focus on industrial markets (plastic and rubber processing, paper and paperboard, adhesives and coatings), consumer markets (candles and decorative products, cosmetics and toiletries, polishes, and firelogs), and commercial markets.

For the purposes of this study, waxes (with the exception of jojoba oil) are defined as substances that exist as plastic-like solids at ambient temperatures and melt into low viscosity liquids upon exposure to moderately elevated levels of heat. Many waxes contain esters of fatty acids and fatty alcohols, but numerous substances of other constituents (such as hydrocarbons, glycerides, and even certain silicones) exhibit wax-like intrinsic and performance properties. As such, waxes generally cannot be classified according to composition.

Waxes to 2019

Table of Contents

Introduction X

I. Executive Summary 1

II. Market Environment 4
General 4
Macroeconomic Outlook 4
Consumer Income & Spending 9
Manufacturing Outlook 11
Petroleum Industry Overview 15
Historical Market Trends 18
Pricing Trends 21
Environmental & Regulatory Considerations 23

III. Product Overview 26
Demand by Type 26
Foreign Trade 31
Imports 32
Exports 36
Production 39

IV. Petroleum & Mineral Waxes 41
Types 41
Paraffin Waxes 43
Refined 45
Other 48
Microcrystalline Waxes 51
Petrolatum 53
Other 55
Other Mineral Waxes 57
Foreign Trade 60
Imports 61
Exports 63
Producers & Capacity 64
Market Share 66

V. Synthetic Waxes 68
Types 68
Polymer Waxes 71
Polyethylene 72
Other 75
Fischer-Tropsch Waxes 78
Other Synthetic Waxes 81
Foreign Trade 84
Imports 85
Exports 86
Market Share 88

VI. Natural Waxes 91
Types 91
Vegetable Waxes 93
Soy 95
Carnauba 97
Other 100
Animal & Insect Waxes 107
Beeswax 108
Lanolin 110
Other 113
Foreign Trade 115
Imports 117
Exports 118
Market Share 119

VII. Markets 121
General 121
Industrial 122
Plastic & Rubber 124
Plastic & Rubber Production Outlook 125
Wax Demand 127
Adhesives 129
Adhesives & Sealants Industry Outlook 130
Wax Demand 131
Paper & Paperboard 133
Paper & Paperboard Production Outlook 134
Wax Demand 136
Building Boards 141
Building Board Industry Outlook 141
Wax Demand 143
Inks & Coatings 145
Inks & Coatings Production Outlook 145
Wax Demand 147
Other Industrial Markets 150
Consumer & Commercial 154
Candles & Decorative Products 156
Candle Production Outlook 157
Wax Demand 158
Cosmetics & Toiletries 160
Cosmetics & Toiletries Industry Outlook 161
Wax Demand 164
Firelogs 167
Firelog Industry Outlook 167
Wax Demand 169
Household & Automotive Polishes 171
Household & Automotive Polish Industry Outlook 171
Wax Demand 172
Pharmaceuticals 174
Pharmaceutical Industry Outlook 175
Wax Demand 178
Commercial 180
Other Consumer Markets 182

VIII. Industry Structure 185
General 185
Market Share 187
Industry Restructuring 191
Competitive Strategies 193
Manufacturing 196
Marketing & Distribution 198
Company Profiles 200
Akzo Nobel NV 201
ALTANA AG 202
American Refining Group Incorporated 205
Archer-Daniels-Midland Company 206
Armored AutoGroup Incorporated 207
Baker Hughes Incorporated 208
BASF SE 210
Berkshire Hathaway Incorporated 212
Bunge Limited 214
BYK USA, see ALTANA
Calumet Specialty Products Partners LP 215
Clariant International Limited 217
Clorox Company 219
Croda International plc 220
Desert Whale Jojoba, see Vantage Specialty Chemicals Dow Corning Corporation 222
Elementis plc 223
Elevance Renewable Sciences Incorporated 225
Ergon Incorporated 226
Evonik Industries AG 227
Exxon Mobil Corporation 229
Genesee Polymers Corporation 231
Hexion Incorporated 232
HollyFrontier Corporation 233
Honeywell International Incorporated 235
International Group Incorporated 236
Koster Keunen LLC 238
Lambent Technologies, see Vantage Specialty Chemicals Lipo Chemicals, see Vantage Specialty Chemicals
Lubrizol Advanced Materials, see Berkshire Hathaway Marcus Oil & Chemical 240
Michelman Incorporated 241
Micro Powders Incorporated 243
Momentive Performance Materials Incorporated 245
Multiceras SA de CV 246
Petroferm, see Vantage Specialty Chemicals Pilot Travel Centers LLC 248
RITA Corporation 249
Ross (Frank B.) Company Incorporated 250
Royal Dutch Shell plc 252
Sasol NA Limited 253
Sonneborn LLC 256
Strahl & Pitsch Incorporated 257
Vantage Specialty Chemicals Incorporated 259
Westlake Chemical Corporation 261
Other Companies Mentioned in the Study 263

List of Tables

Section I -- Executive Summary
Summary Table 3

Section II -- Market Environment
1 Macroeconomic Indicators 8
2 Personal Consumption Expenditures 11
3 Manufacturers’ Shipments 15
4 Crude Oil & Refined Petroleum Products Supply & Demand 18
5 Wax Demand, 2004-2014 20
6 Wax Prices 23

Section III -- Product Overview
1 Wax Demand by Type 29
2 Foreign Trade in Waxes 32
3 Wax Imports by Type & Source, 2009-2014 34
4 Wax Exports by Type & Destination, 2009-2014 37
5 Wax Production by Type 40

Section IV -- Petroleum & Mineral Waxes
1 Petroleum & Mineral Wax Demand by Type 42
2 Paraffin Wax Demand 45
3 Refined Paraffin Wax Demand 48
4 Other Paraffin Wax Demand 50
5 Microcrystalline Wax Demand 53
6 Petrolatum Demand 55
7 Other Microcrystalline Wax Demand 57
8 Montan & Other Mineral Wax Demand 60
9 Foreign Trade in Petroleum & Mineral Waxes 61
10 Petroleum & Mineral Wax Imports by Source, 2009-2014 62
11 Petroleum & Mineral Wax Exports by Destination, 2009-2014 63
12 US Petroleum Wax Production Capacity by Company, 2014 65

Section V -- Synthetic Waxes
1 Synthetic Wax Demand 70
2 Polymer Wax Demand 72
3 Polyethylene Wax Demand 75
4 Other Polymer Wax Demand 78
5 Fischer-Tropsch Wax Demand 81
6 Other Synthetic Wax Demand 83
7 Foreign Trade in Synthetic Waxes 84
8 Synthetic Wax Imports by Source, 2009-2014 86
9 Synthetic Wax Exports by Destination, 2009-2014 87

Section VI -- Natural Waxes
1 Natural Wax Demand 92
2 Vegetable Wax Demand 95
3 Soy Wax Demand 97
4 Carnauba Wax Demand 100
5 Other Vegetable Wax Demand 101
6 Animal & Insect Wax Demand 108
7 Beeswax Demand 110
8 Lanolin Demand 113
9 Other Animal & Insect Wax Demand 115
10 Foreign Trade in Natural Waxes 116
11 Natural Wax Imports by Source, 2009-2014 118
12 Natural Wax Exports by Destination, 2009-2014 119

Section VII -- Markets
1 Wax Demand by Market 122
2 Industrial Wax Market 124
3 Plastic Resin & Rubber Production 127
4 Plastics & Rubber Market for Waxes 129
5 Adhesives & Sealants Shipments 131
6 Adhesive Market for Waxes 133
7 Paper & Paperboard Supply & Demand 136
8 Paper & Paperboard Market for Waxes 138
9 Reconstituted Wood Product Shipments 143
10 Building Board Market for Waxes 144
11 Inks & Coatings Production 147
12 Inks & Coatings Market for Waxes 150
13 Other Industrial Markets for Waxes 154
14 Consumer & Commercial Markets for Waxes 156
15 Candle Shipments 158
16 Candles & Decorative Products Market for Waxes 160
17 Cosmetic & Toiletry Supply & Demand 164
18 Cosmetic & Toiletry Market for Waxes 167
19 Firelog Supply & Demand 169
20 Firelog Market for Waxes 170
21 Polish Shipments 172
22 Household Polish Market for Waxes 174
23 Pharmaceutical Supply & Demand 177
24 Pharmaceutical Market for Waxes 179
25 Commercial Markets for Waxes 182
26 Other Consumer Markets for Wax 184

Section VIII -- Industry Structure
1 US Wax Sales by Company, 2014 186
2 Selected Acquisitions & Divestitures 193
3 Selected Cooperative Agreements 195

List of Charts

Section II -- Market Environment
1 Wax Demand, 2004-2014 21

Section III -- Product Overview
1 Wax Demand by Type, 2014: Volume & Value 30
2 Wax Imports by Type & Source, 2014 35
3 Wax Exports by Type & Destination, 2014 38

Section IV -- Petroleum & Mineral Waxes
1 Petroleum & Mineral Wax Demand by Type, 2014 43
2 Petroleum & Mineral Wax Market Share, 2014 67

Section V -- Synthetic Waxes
1 Synthetic Wax Demand by Type, 2014 71
2 Synthetic Wax Market Share, 2014 90

Section VI -- Natural Waxes
1 Natural Wax Demand, 2004-2024 93

Section VIII -- Industry Structure
1 Wax Market Share by Company, 2014 188

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