Market Research Report
Global Industrial Wax Market 2019-2023
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||886906|
|Published||Content info||129 Pages
Delivery time: 1-2 business days
|Global Industrial Wax Market 2019-2023|
|Published: July 8, 2019||Content info: 129 Pages||
Industrial wax refers to hydrocarbon compounds that are primarily synthesized from crude petroleum for its use in various industrial applications. Technavio's industrial wax market analysis considers sales from various applications including candle manufacturing, packaging, coatings and polishes, and others. Our analysis also considers the sales of industrial wax in APAC, Europe, MEA, North America, and South America. In 2018, the candle manufacturing segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as premiumization will play a significant role in the candle manufacturing segment to maintain its market position. Also, our global industrial wax market report looks at factors such as increased demand for industrial wax in coating applications, increasing demand for industrial wax from the personal care industry, and increasing industrial wax production capacity. However, uncertainties such as a decline in demand of group 1 base oil, equipment damage and negative impact of industrial wax on the environment, growing preference for fiberboard packaging may hamper the growth of the industrial wax industry over the forecast period.
The cosmetics and personal care industry is witnessing substantial growth worldwide because of the increase in consumer demand for beautification and personal hygiene products. Industrial wax is used in cosmetic and personal care product formulations to enhance the viscosity and consistency of these products. Different types of wax are used in different cosmetic products. With the increase in demand for personal care products, many companies are coming forward to supply wax to cater to the needs of the personal care and cosmetics industry.
This demand for industrial wax will lead to the expansion of the global industrial wax market at a CAGR of over 3% during the forecast period.
The growing applications for industrial wax have spurred the R&D activities in the global industrial wax industry. Several researchers are collaborating with companies that have hands-on experience in offering quality waxes and are developing new technologies to extend the areas of applications further. One such R&D effort aims at creating high-performance wax for use in wax 3D printers. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global industrial wax market during the forecast period 2019-2023, view our report.
With the presence of several major players, the global industrial wax market is fragmented. Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading industrial wax manufacturers, that include BASF SE, Exxon Mobil Corp., Numaligarh Refinery Ltd., PJSC LUKOIL and Sasol Ltd.
Also, the industrial wax market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.