Industrial Wax Market worth $8.9 billion by 2025, at a CAGR of 4.0 %, says MarketsandMarkets™
Chicago, Jan. 08, 2024 (GLOBE NEWSWIRE) — The Global Industrial Wax Market size is projected to grow from USD 7.3 billion in 2020 to USD 8.9 billion by 2025, at a CAGR of 4.0% during the forecast period, as per the recent study by MarketsandMarkets™. Industrial wax is organic substances which are white/yellowish hydrophobic solid at room temperature and is free-flowing liquid at a slightly higher temperature. The melting point of the wax is dependent on its chemical composition. Waxes are insoluble in water but are soluble in nonpolar solvents. Waxes have a complex composition with its major proportion of hydrocarbons containing more than 20 carbon atoms. Industrial waxes can be broadly classified into fossil based, synthetic, and bio-based waxes.
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List of Key Players in Industrial Wax Market:
- ExxonMobil (US)
- Royal Dutch Shell PLC (Netherlands)
- Sinopec (China)
- Sasol Ltd (South Africa)
- CEPSA (Spain)
- Hollyfrontier Corporation (US)
- Calumet Specialty Products Partners (US)
- Gandhar Oil refinery (India)
- Numaligarh Refinery Limited (India)
- Petróleo Brasileiro (Brazil)
- THE PJSC Lukoil Oil Company (Russia)
Drivers, Opportunities and Challenges in Industrial Wax Market
- Drivers: Growth of the cosmetics & personal care industry supports the market growth.
- Restraint: Declining usage of paraffin wax in the packaging application.
- Opportunity: Rising demand for bio-based products in the cosmetics industry.
- Challenge: Implications of the US-China trade war for the market.
Key Findings of the Study:
- Fossil based segment is estimated for larger market share in 2019.
- Candles industry is estimated to have largest share in Industrial wax market.
- APAC projected to account for the largest share of the industrial wax market during the forecast period.
The increase in demand for waxes in candles, cosmetic and rubber industry drives the market for industrial wax. The growing concern of health and wellness has also shifted the focus of customers towards green bio-based products. The demand for paraffin and microcrystalline waxes is expected to grow from the tires and rubber applications, where these waxes are used for protection tires from ozone, ultraviolet light, and weather conditions.
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COVID-19 pandemic has severely impacted most of the North American and European countries, especially the U.S., Italy, Spain, the UK, France, and Germany. The suspension of manufacturing activities and disruption of the supply chain has resulted in a decline for industrial wax from these countries. The impact was further intensified by declining oil and gas prices. Further, declining demand for cosmetics, candles, and consumer products across the globe wherein the wax is used has resulted in slump in industrial wax demand across the globe.
The industrial wax market is segmented based on type as fossil based, synthetic based, and bio-based waxes. Fossil based wax include mineral wax and petroleum wax. Mineral waxes include waxes such as ozokerite and petroleum waxes includes paraffin and microcrystalline wax. These waxes are majorly used in various applications such as candles, cosmetics and rubber and tire industry. Synthetic waxes include Fischer-Tropsch wax and other. Fischer-Tropsch wax produced by the polymerization of carbon monoxide under high pressure. This is a technology used in the emerging natural Gas to Liquid (GTL) projects. Their applications include polishes, candles, food packaging materials etc. Bio-based waxes constitutes of waxes derived from animal (Beeswax) and from plants (Palm Tree Waxes, Candelilla Wax, Sugarcane Wax, Rice bran Wax, and many more). These waxes are environmentally friendly, sustainable resource and find their application in cosmetics, candles, and pharmaceutical industry.
Industrial wax market is segmented into seven types based on their application namely candles, packaging, coatings & polishing, hot melt adhesive, tire & rubber, cosmetics & personal care, food, and others. Candles, used for therapeutic and decorative purpose, are produced from paraffin, microcrystalline, vegetable and animal wax. The packaging industry finds applications for waxes due to their good lubricating and moisture barrier properties. The waxes such as paraffin wax, soy wax, beeswax and candelilla wax are used in food packaging materials. For coating and polishing application, these waxes are suitable additive for water-based coating, and their properties include anti-scratch, excellent shine, and waterproofing.
Apart from this, these are also used in protective coating and wood finishes. Waxes are present in several hot-melt adhesive preparations, where they regulate the viscosity of the adhesive and helps in open time, elasticity, and elongation. To protect tires and rubber applications from damage from ozone and UV light, waxes are used in the production of tires and rubber creating a thin, protective wax film, that prevent them from cracking. Cosmetic industry uses wax for various applications such as lipstick, skincare, fragrance, and moisturizers due to their structuring agents, rigidity, glossy, flexibility, stickiness, and barrier properties. Beeswax, candelilla, carnauba, and paraffin waxes are among the most used industrial wax for cosmetics applications. These waxes also find their applications in fruits and vegetable where these items are coated with waxes for shining, to prevent moisture loss and protect them from staining during shipping.
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The global industrial wax market, by region, is segmented into APAC, North America, South America, Europe, the Middle East, and Africa. APAC is projected to be the fastest-growing market followed by the Middle East and Africa. APAC led the industrial wax market followed by Europe and North America.
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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: email@example.com
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