New York, United States , Nov. 08, 2023 (GLOBE NEWSWIRE) -- The Global Industrial Wax Market Size to Grow from USD 9.6 Billion in 2022 to USD 15.1 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period.
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Instead of being used for personal or cosmetic purposes, industrial wax is a type of wax created exclusively for industrial applications. It is a versatile compound with a wide range of uses in numerous sectors due to its advantageous properties. For the production of industrial wax, petroleum or organic substances like plants, animals, and minerals are frequently used. Industrial wax may have a unique composition and set of properties depending on the intended use and the used source material. Common industrial wax types include paraffin wax, microcrystalline wax, beeswax, carnauba wax, and synthetic waxes. Industrial wax is often used as a mould release agent in several casting and moulding processes.
COVID 19 Impact
The epidemic's lockdowns, travel restrictions, and reduced manufacturing production caused disruptions in the world's supply networks. This had an impact on the distribution and supply of industrial wax, which caused delays in production and delivery. The economic slowdown brought on by the pandemic decreased demand for industrial wax in a number of different businesses. The automobile, aerospace, and construction industries—three major consumers of industrial wax—saw significant decreases. The industrial wax market as a whole suffers from this decline in demand. The pandemic caused an increase in attention to safety and health precautions in industrial settings. Industrial waxes with antibacterial properties or those that serve as surface protectors to prevent the virus from spreading.
Industrial wax is used in a variety of fields, including packaging, adhesives, rubber, cosmetics, and candles. The market has grown as a result of the establishment of these companies and the increase of industrial wax's applications. The packaging industry is one of the main consumers of industrial wax. E-commerce has boosted demand for packing supplies, which has also boosted demand for industrial wax for coatings, laminations, and sealing applications. Due to continual advancements in wax production techniques such product compositions and refining techniques, industrial wax now performs better. These advancements have expanded the possible uses for industrial wax and accelerated market growth. The need for industrial wax has increased as a result of the rapid urbanisation and industrialization of developing countries, particularly in the Asia-Pacific region and Latin America.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Industrial Wax Market Size, Share, and COVID-19 Impact, By Type (fossil based wax, synthetic wax, bio based wax), By Application (candles, coatings and polishes, packaging, food, tires and rubber, cosmetics and personal care, hot melt adhesives, and others), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032".
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Fossil based wax segment is dominating the market with the largest market share
On the basis of type, the global industrial wax market is segmented into fossil based wax, synthetic wax, bio based wax. Among these, fossil based wax segment is dominating the market with the largest market share over the forecast period. Fossil-based waxes have consistently held a significant market share because of their wide availability, diversity of properties, and cost. They have been widely used in rubber processing, packaging, coating, adhesive, and candlemaking operations. Due to growing environmental consciousness and the demand for sustainable alternatives, the market for fossil-based wax may soon run into some problems. Growing interest in bio-based and renewable waxes across the industry is a result of consumer preferences and regulatory frameworks that favour environmentally friendly alternatives.
Candles segment holds the highest market share over the forecast period
Based on the application, the global industrial wax market is segmented into candles, coatings and polishes, packaging, food, tires and rubber, cosmetics and personal care, hot melt adhesives, and others. Among these, candles segment holds the highest market share over the forecast period. Consumers are growing more conscious of the environmental impact of products, especially candles. The demand for natural and eco-friendly candle options is rising as a result. In response, producers are increasingly offering candles composed of soy wax, beeswax, coconut wax, and other environmentally friendly and renewable materials. These candles are viewed as more environmentally friendly alternatives to typical paraffin wax candles. The emergence of e-commerce has had a significant impact on the candle market.
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North America is dominating the market over the forecast period
Among all other regions, North America is dominating the market over the forecast period. Industrial wax is utilised in a wide range of businesses across North America. Some of the key industries in the region generating demand for industrial wax are packaging, adhesives, cosmetics, rubber, and the car industry. Coatings, adhesives, mould release agents, and sealants are just a few of the uses for industrial wax in these sectors. Industrial wax is utilised in a wide range of businesses across North America. Some of the key industries in the region generating demand for industrial wax are packaging, adhesives, cosmetics, rubber, and the car industry. Coatings, adhesives, mould release agents, and sealants are just a few of the uses for industrial wax in these sectors.
Asia Pacific is witnessing the fastest market growth over the forecast period. Many end-use sectors, including textiles, automotive, construction, personal care, and building materials, have grown significantly in the Asia Pacific area. Surface coatings and wax emulsions are just two of the applications for industrial wax in these industries. The need for industrial wax in the region has increased dramatically as a result of the growth of these industries.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global Industrial Wax Market include Gandhar Oil refinery, Numaligarh Refinery Limited, Petróleo Brasileiro, THE PJSC Lukoil Oil Company, HCI Wax (China), Lukoil PJSC Oil Co. (Russia), Royal Dutch Shell (Netherlands), International Group (Canada), Numaligarh Refinery (India), Exxon Mobil (USA), Sasol (South Africa), Petroleo Brasileiro (Brazil) and Others.
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Recent Market Developments
In March 2020, acqusition of Paralogics, LLC by Calumet Specialty Products Partners, L.P., expanding speciality wax business
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Industrial Wax Market based on the below-mentioned segments
Industrial Wax Market, Type Analysis
- Fossil based wax
- Synthetic wax
- Bio based wax
Industrial Wax Market, Application Analysis
- Candles
- Coatings and polishes
- Packaging
- Food
- Tires and rubber
- Cosmetics and personal care
- Hot melt adhesives
- Others
Industrial Wax Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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