Growth Factors of Industrial Wax Market
The industrial wax market size was valued at USD 9,539.7 million in 2019, and the market is now projected tgrow from USD 14,509.5 million by 2027, exhibiting a CAGR of 5.9% during the forecast period of 2023-2030.
The outbreak of COVID-19 affected the industrial wax market growth as there was the closure of manufacturers and reduced the demand for candles and soaps during the pandemic period. However, with advancement, new applications have found wax used in laminating films for packaged, fresh food, vitamins and minerals, disinfectants and medicines due tits efficiency in resisting microorganisms. This shift is driving significant market growth despite initial setbacks. The wax market is poised for recovery as packaging needs rise. The industry's adaptation tnew consumer priorities underscores its resilience.
Rising demand for scented and decorative candles as luxury items is boosting the industrial wax market share. Increased imports from countries such as China and India support high wax consumption for cosmetics, packaging and coatings applications. Wax’s properties, including water-proofing and anti-scratch features, drive its use in automotive and infrastructure industries. Growth in food packaging and insulation further fuels demand. These trends create opportunities for exporters and contribute tmarket expansion.
Also, the increasing use of bio-based wax in food packaging and cosmetic industries is expected tfuel the demand for this market. Biodegradable waxes include soy-based wax, similar tparaffin wax but is from natural renewable sources. This trend can be attributed tan increasing demand for bio-based candles and sustainable packaging. The food packaging industry's expansion offers further growth opportunities. This shift tsustainable wax applications highlights the market's focus on eco-conscious solutions.
Comprehensive Analysis of Industrial Wax Market
The industrial wax market and advanced materials industry is rising at an exponential rate due ttheir market segmentation. This market expansion effectively provides detailed regional assessments considering the dominant supply and demand forces that impact the advanced materials benefit management industry. These segmentations are methodically segregated by types and by applications. The type includes, Fossil Based Wax, Synthetic Wax and Bio-based Wax. The application include, Candles, Coatings & Polishes, Packaging, Food, Tires & Rubber, Cosmetics & Personal Care, Hot-melt Adhesives, and Others.
North America is expected thold a significant share of the global industrial wax market, driven by rapid industrialization and rising disposable income. The growing production of bio-based wax for personal care applications supports regional market growth. The pandemic increased demand for industrial wax, especially in food packaging for virus protection. Rising consumer lifestyles further boost wax used in cosmetics. These factors collectively contribute tNorth America's market dominance.
The top players in the market play a crucial role in the advanced materials industry assuring industrial prospectus growth and setting market standards. These players include, Sinopec (China), Exxon Mobil (U.S.), Oil Co. Lukoil PJSC (Russia), Sasol (South Africa), Royal Dutch Shell (Netherlands), Numaligarh Refinery (India), The Blayson Group (UK), International Group (Canada), HCI Wax (U.S.), Petrobras (Brazil), Calumet Specialty Products Partners L.P. (U.S.), Gandhar Oil (India) and Other Key Players. These market players provide a level-playing competitive landscape.
In March 2020, Calumet Specialty Products Partners L.P., through its subsidiary, acquired Paralogics LLC, a manufacturer of candle and industrial wax in the United States. This acquisition will provide the company with a direct route thigher-margin end markets and stretch the value chain tpackaging and blends.
Segmentation Table
Global Industrial Wax Market Scope
Study Period 2016-2027
Base Year 2019
Forecast Period 2020-2027
Growth Rate CAGR of 5.9% from 2020 t2027
Historical Period 2016-2018
Unit Value (USD Million); Volume (KilTons)
Segmentation By Type, Application, and Geography
By Type
Fossil-Based Wax
Synthetic Wax
Bio-based Wax
By Application
Candles
Coatings & Polishes
Packaging
Food
Tires & Rubber
Cosmetics & Personal Care
Hot-melt Adhesives
Others
By Region
North America
By Type
By Application
By Country
U.S
By Application
Canada
By Application
Europe
By Type
By Application
By Country
Germany
By Application
France
By Application
UK
By Application
Netherlands
By Application
Belgium
By Application
Russia
By Application
Rest of Europe
By Application
Asia Pacific
By Type
By Application
By Country
China
By Application
India
By Application
Japan
By Application
South Korea
By Application
Vietnam
By Application
Rest of Thailand
By Application
Rest of Asia Pacific
By Application
Latin America
By Type
By Application
By Country
Brazil
By Application
Argentina
By Application
Rest of Latin America
By Application
Middle East & Africa
By Type
By Application
By Country
Saudi Arabia
By Application
Egypt
By Application
Rest of Middle East & Africa
By Application
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