Industrial Wax Market Global Industrial Wax Market is anticipated to value over US $12 Billion by 2026 end and grow at a CAGR of over 4.5% during the forecast period of 2019 to 2026.
Industrial wax is an essential industrial component. Industrial wax has characteristics like moldability and extrudability. Three major industries use industrial wax extensively. They are candle, coating & polishes and packaging. The different types of industrial wax are fossil-based, synthetic based and bio-based. Bio-based are environmentally friendly and can be recycled. They can be used as fire logs since they do not emit carbon dioxide. Synthetic waxes are manufactured waxes that are used in cosmetic and personal care products. Fossil wax is naturally occurring waxes.
Fossil-based waxes such as petroleum wax and mineral wax are extensively used in the coating industry. A gradual increase in demand for coating of commercial products has accelerated the growth of the market. Robust demand for transportation and packaging of food has fueled the growth of the market. Increasing per capita income has witnessed more consumption of the product which has driven the growth of the market. The rapid increase in demand for color candles is also influencing the growth of the market.
However, fluctuating rates of raw materials may hamper the growth of the market.
Asia-Pacific region is expected to dominate the market in the coming years. Rise in per capita income of developing economies like India, Japan and China have accelerated the growth of the market.
Some of the established players of the market are The Blayson Group Ltd, Sasol Ltd, Exxon Mobil Corp, Royal Dutch Shell, International Group and Numaligarh Refinery
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Industrial Wax Market Segmentation
By Type• Fossil based
• Synthetic based
• Bio based
By Application • Candles
• Coatings & Polishes
• Hot-melt Adhesives
• Tires & Rubber
• Cosmetics & Personal Care
By Region: • Europe
• North America
• Latin America
• Rest of World
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Competitive Landscape: • Tier 1 players- established companies in the market with a major market share
• Tier 2 players
• Emerging players which are growing rapidly
• New Entrants
FutureWise Takeaways: • Growth prospects
• SWOT analysis
• Key trends
• Key data points affecting market growth
Objectives of the Study: • To provide with an exhaustive analysis of industrial wax market on basis of type, application and region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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