“The increasing use of industrial wax in various applications to drive the market.”
The industrial wax market size is estimated at USD 9.8 billion in 2018 and is projected to reach USD 14.3 billion by 2026, at a CAGR of 4.8%. The industrial wax market is driven by the rising demand for industrial wax from applications, such as candles, tires & rubbers, and coatings & polishes, and increasing acceptance of synthetic waxes. However, the shrinking supply of paraffin wax and increasing prices of synthetic and bio-based waxes act as the restraints in the market.
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“The synthetic-based waxes type is projected to register the highest CAGR during the forecast period.”
The synthetic-based waxes type is projected to witness the highest growth rate during the forecast period. Synthetic based waxes include Fischer-Tropsch (FT) and poly-olefin waxes/alpha-olefin waxes that are obtained from natural gas or ethylene. These waxes can be easily modified to meet specific performance/characteristics required by the end-use applications. In addition, the synthetic-based waxes are a renewable option for the mineral-based waxes. This has led to the increased acceptance of synthetic waxes in several applications.
“The market in the candles application to account for the largest share during the forecast period.”
Industrial wax is mainly used in three applications, namely, candles, packaging, and coatings & polishes. The candles application is one of the oldest and major applications of industrial wax. Industrial wax is preferred for making candles due to its properties, such as moldability and extrudability. These properties of industrial wax enable the making of candles in all types of shapes and sizes. This application is growing due to the increasing demand for fragrance products, decorative items, and the use of candles for religious and therapeutic purposes.
“Asia Pacific is estimated to be fastest-growing industrial wax market during the forecast period.”
Asia-Pacific is estimated to be the fastest-growing industrial wax market, during the forecast period, due to the rising demand from countries, such as China, Japan, and India. India is projected to be the fastest-growing market of industrial wax in Asia-Pacific, followed by Vietnam and China. The Middle East & Africa is the second-fastest growing industrial wax market. The increasing demand for industrial wax from several applications, such as candles and coatings & polishing, is expected to provide growth opportunities for the industrial wax market in the region.
Extensive primary interviews were conducted to determine and verify the market sizes of several segments and subsegments and information gathered through secondary research.
The breakup of primary interviews is given below:
- By Company Type - Tier 1 – 50%, Tier 2 – 32%, and Tier 3 – 18%
- By Designation - C level – 21%, Director Level – 23%, and Others – 56%
- By Region - Asia Pacific– 32%, Europe – 28%, North America – 25%, South America – 9%, and the Middle East & Africa – 5%
The key players in the industrial wax market are Sinopec (China), Royal Dutch Shell (Netherlands), Petroleo Brasileiro (Brazil), Exxon Mobil (US), Sasol (South Africa), Oil Co. Lukoil PJSC (Russia), Numaligarh Refinery (India), HCl (China), The Blayson Group (UK) and International Group (Canada).
This research report categorizes the industrial wax market on the basis of type, application, and region. The report includes detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the market. A detailed analysis of the key industry players has been done to provide insights into business overviews, products, key strategies, and recent developments associated with the market.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the industrial wax market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand the major competitors and gain insights to enhance their positions in the business. The competitive landscape section includes developments, such as expansion, contract & agreement, joint venture, and new product development.