Market Research Report
Industrial Wax Market by Type (Fossil based, Synthetic based, Bio based), Application (Candles, Packaging, Coatings & Polishes, Hot-melt Adhesives, Tires & Rubber, Cosmetics & Personal Care, Food), and Region - Global Forecast to 2026
|Published by||MarketsandMarkets||Product code||392558|
|Published||Content info||172 Pages
Delivery time: 1-2 business days
|Industrial Wax Market by Type (Fossil based, Synthetic based, Bio based), Application (Candles, Packaging, Coatings & Polishes, Hot-melt Adhesives, Tires & Rubber, Cosmetics & Personal Care, Food), and Region - Global Forecast to 2026|
|Published: April 18, 2019||Content info: 172 Pages||
"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.
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.
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 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:
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.
The report will help market leaders/new entrants in this market in the following ways:
DURING FORECAST PERIOD 34
DURING FORECAST PERIOD, (2018-2026) 34
tire & rubber, and coating & polishes, 39
industry in North America 41
demand in candle making 42
towards the natural waxes 43
the imports in Europe 43
AND INNOVATIVE SOLUTIONS FOR EXISTING AND NEW APPLICATIONS
OF WAX TO DRIVE THE INDUSTRY FORWARD 44
ADHESIVES MARKET GROWTH 52
PARAFFIN AND INVESTMENT CASTING) 77
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.