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[176 + Pages Research Report] Global Industrial Wax Market to surpass USD 9.5 billion by 2030 from USD 7.2 billion in 2020 at a CAGR of 4.15 % in the coming years, i.e., 2021-30.
Product Overview
Waxes are a wide category of organic compounds that are lipophilic and malleable solids at room temperature. High alkanes and lipids, with melting points usually above 40 °C (104 °F), melt to produce low viscosity liquids. Waxes are dissolved in organic, nonpolar solvents but not in water. Plants and animals contain various forms of natural waxes, which are found in petroleum. Owing to such properties, wax find their application in manufacturing candles, adhesive, packaging, beauty products, and home care products.
Market Highlights
Global Industrial Wax market is expected to project a notable CAGR of 4.45% in 2030.
This is due to an increase in the demand for industrial waxes from a variety of industries, including candles, cosmetics, and tyre, and rubber. The candle industry is the most common application for industrial waxes. Colored and scented candles are becoming more common in the home decor industry for ambiance enhancement and other purposes. Due to environmental regulations in advanced regions such as North America and Europe, demand for bio-based wax is increasing in food, packaging, cosmetics, and personal care, and other applications.
Global Industrial Wax: Segments
Fossil-based wax segment to grow with the highest CAGR during 2020-30
Global Industrial Wax market is segmented by type into fossil-based wax, Synthetic wax, Bio-Based wax. The significant proportion of the market share in industrial wax is represented by fossil-based wax such as paraffin and microcrystalline. The market's growth is supported by strong competition from end-use industries such as candle, packaging, cosmetics, and coatings, among others. Because of its widespread availability, low cost, ease of processing, suitability for a variety of industrial applications, and functionality, paraffin wax is primarily used in these industries. Rubber, textiles, wood coatings, paper & printing, automotive coatings, and constructions are only a few of the industries where they're used.
Candles segment to grow with the highest CAGR during 2020-30
Global Industrial Wax is divided by application into Candles, Packaging, Coatings & Polishes, Hot-melt Adhesives, Tires & Rubber, Cosmetics & Personal Care, Food. In terms of demand, the candled segment is a major part of the world's industrial wax market. The candle is mainly made up of wax. In order to attract clients, the major fabricators focus on the evolving consumer preference, lifestyles, and habits. Around one-third of total candle is sold during the Christmas/Holiday season, according to the National Candle Association, while two-third is sold the remainder of the year. There are on the market more than 10,000 various varieties of candles. In a range of shapes and sizes, candles are available on the market, including floating, tapers, pillars, pottery candles and birthday candles.
Market Dynamics
Drivers
Rising craft and decorating activities
It plays a key role now in festival celebrations, home decor, and crafts, but the candles are typically only a lightning instrument. Many candles are used every day in European and North American countries and even at festivals because of their religious beliefs, way of life, and habits. Customers are fascinated by the progress of the product candle, such as product shape, style, color, and aroma. Altering consumer attitudes and rising popularity of craft materials and the decoration and interior design associated with candles has transcribed the traditional candle industry into a developed, innovative and brand-conscious industry.
Eco-Friendly products
With expanding health and well-being concerns, people have altered their inclination from synthetic products to green or bio-based products in developed countries. As a result, several products based on bio-based products have been developed, as well as manufacturers of personal care products. As a result, demand for bio-based wax, including carnauba wax, beeswax and candelilla wax, has increased in the production and replacement of synthetic wax and paraffin wax in cosmetic and personal care products.
Restraint
Declining popularity of paraffin wax
In North America and Europe, demand for industrial wax is substantial in packaging applications. Nevertheless, the trend is towards decreasing packaging demand. Today, the food packaging industry is more concerned about the health risks in food packaging of paraffin wax. In the food packaging industry in North America and Europe, the use of natural waxes is thus increasing. Additionally, regulations concerning the use of industrial waxes had been imposed by government officials such as the FDA and the European Union. The increasing demand for natural waxes is also attributable to the growing meat packaging sector.
Global Industrial Wax: Key Players
ExxonMobil (US)
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
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).
Other Prominent Players
Global Industrial Wax: Regions
Global Industrial Wax market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Global Industrial Wax in Asia pacific held the largest market share of XX% in the year 2020. In 2020, In Asia-Pacific, countries such as China, India, Japan, and other Asian nations such as South Korea and Indonesia have the largest market share. The Asia-Pacific region has the greatest candle industry market. The market for candles and packaging industry is dominated by China in Asia. Growth is driven by rapid industrialization, increased demand from diverse applications, and increasing per capita income in those areas. Decoration, religious belief, and various lifestyles and habits are the basis for the increasing demand for the candles. The largest synthetic wax market was in North America. The growing range of synthetic wax applications drives the demand in the region. In the candles and food packaging industry in that region, the demand for bio-based waxes increases as a consequence of environmental standards in advanced nations such as Europe and North America.
Global Industrial Wax is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Industrial Wax report also contains analysis on:
Industrial Wax Segments:
By Type
Fossil-based wax
Synthetic wax
Bio-Based wax
By Application
Candles
Packaging
Coatings & Polishes
Hot-melt Adhesives
Tires & Rubber
Cosmetics & Personal Care
Food
Industrial Wax Dynamics
Industrial Wax Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Industrial Wax Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 7.2 billion
Revenue forecast in 2030 USD 9.5 billion
Growth Rate CAGR of 4.15% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Type, Application and Region
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled 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). , Other Prominent Players