Global Industrial Wax
Market Report
2024
Delivery Includes:- Market Timeline 2019 till 2031, Market Size, Revenue/Volume Share, Forecast and CAGR, Competitor Analysis, Regional Analysis, Country Analysis, Segment Analysis, Market Trends, Drivers, Opportunities, Restraints, ESG Analysis, Porters Analysis, PESTEL Analysis, Market Attractiveness, Patent Analysis, Technological Trend, SWOT Analysis, COVID-19 Analysis, Consumer Behavior Analysis, etc.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global Industrial Wax market size is USD XX million in 2024 and will expand at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Market Size | 121212 |
Country Market Size | 121212 |
North Americ Market Size | 121212 |
Europe Market Size | 121212 |
Asia Pacific Market Size | 121212 |
South America Market Size | 121212 |
Middle East and Africa Market Size | 121212 |
Market Split by Type |
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Market Split by Application |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Report scope is customizable as we have a huge database of Industrial Wax industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Industrial Wax Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Industrial wax is a solid, flexible organic material used in various industries, including rubber, packaging, glue, candles, cosmetics, and home care items. It is made using chemically synthesized techniques and bio-based sources. Wax is moldable and extrudable, making it crucial in textiles, cosmetics, adhesives, polishes, candles, and medicinal items. The global pharmaceutical, cosmetic, and plastics industries have experienced significant growth, driven by strong domestic demand for chemicals and petroleum-derived goods.
Due to their many benefits, including resistance to microbes, great moisture and odor control, anti-caking, UV resistance, and superior insulation, the high usage of industrial waxes is anticipated to have a major impact on market expansion throughout the projected period. The need for wax is rising globally due to the expansion of the food, personal care, packaging, and candle industries.
The market for industrial wax is being driven by the rising demand for different varieties of candles, like scented and colored ones.
Candles are gradually becoming opulent and ornamental gift products. One trend propelling the market's expansion is the growing affluence of candles as a source of soft light and perfumes as a means of boosting the room's atmosphere. It is anticipated that the growing popularity of scented candles as gifts will propel the candle business, which is fueling the expansion of the market. The strong demand for waxes for industrial applications is a result of rising imports from developing nations like China and India. For instance, according to the United States International Trade Commission, 604.2 million pounds of candles were exported by the Chinese industry in 2020. Throughout the review period, China emerged as the world's leading exporter of candles in terms of value, contributing 21.1 percent of the worldwide export value in 2020.
It is anticipated that this will increase and bolster economic expansion, further opening doors for exporters in the marketplace. The market expansion is also anticipated to be driven by the expanding cosmetics industry. It is applied to paper to provide economical moisture, humidity, and grease resistance. Furthermore, the coating sector uses qualities like slip resistance, waterproofing, and anti-scratch for infrastructure, cars, and other things, which raises the demand for waxes even more. Thus, the market is expanding as a result of the rising demand for waxes for other uses, including food and additive packaging, insulation, and other uses.
Nowadays, the world's transportation of goods—including fruits and food products—is expanding quickly, which is causing the need for packaged food to decline. People's changing eating habits and preferences are largely responsible for this rising demand for packaged food.Consequently, over the projection period, the food packaging business will have a plethora of opportunities due to the increased transportation of packaged foods. Hard paraffin, microcrystalline wax, resins, and polymers are combined to create impregnations, coatings, and contact adhesives that extend the shelf life of fruits and foods in food packaging. Fruits kept in wax are shielded from moisture and kept safe for an extended period. Due to this, there will be a greater need for industrial wax in the upcoming years as the food packaging sector is predicted to rise.
Consumer awareness of aesthetics and physical appearance has significantly grown along with the increase in health and wellness concerns. Due to this, there is a growing global demand for skincare and makeup products that are effective. The primary drivers of the cosmetics and personal care industry's expansion include shifting consumer preferences, rising living standards, rising per capita income, the need for green cosmetics, and the global need for skin and hair care products. Wax is widely used in the production of beauty goods in the fields of cosmetics and personal hygiene. Wax is used in product formulations, such as those for lotions and lipsticks.
The demand for industrial wax is largely driven by the growing preference for natural products. Its higher melting point and glossy properties are making manufacturers of cosmetics like lip balms, lipsticks, and mascara more and more interested in it. For example, According to Foncepi Comercial Exportadora Ltda, carnauba wax is a common ingredient in cosmetics as of May 2022. utilized in a variety of lip liners, lipstick, mascara, face powder, and cream formulations.
Source- https://foncepi.com/
Thus, increasing application in the cosmetics industry aids market expansion.
Changes in the process of producing crude oil have resulted in a decline in the availability of paraffin wax over time. In the global market for industrial wax made from petroleum sources, paraffin wax holds a significant market share. The manufacturers are moving towards more cost-effective and profitable solutions, such as synthetic processes, as a result of the rising price of crude oil. Another important contributor to the supply-demand imbalance and a barrier to market expansion is the ongoing reduction in the supply of fossil waxes. Moreover, producers are moving away from wax derived from fossil fuels because of strict laws governing resource protection.
As a result, these issues may limit market expansion.
Demand for bio-based wax is rising for products like makeup and food packaging. The food and cosmetics industries use a lot of naturally occurring waxes, which has led to a demand for bio-based waxes. There are lots of prospects for market expansion due to the expanding food packaging sector. Epoxides of fatty acid esters and non-hydrogenated vegetable oils make up bio-based wax. Consumer demand for bio-based candles and packaging applications as environmentally benign substitutes for petroleum-based paraffin candles is driving up demand for bio-based wax. As an alternative to paraffin wax products, bio-based waxes are more dependable soy candles made from derived soybean oil. The industry is expanding because of this movement in wax applications towards more environmentally friendly choices.
The Market May Be Affected by Lower Demand for Wax-Based Products and Manufacturing Facility Closures. All industry sectors have been severely affected by the coronavirus's rapid spread. Sales and consumption of a range of goods, including uses for wax-based products, have fluctuated as a result. A temporary suspension of manufacturing facilities brought about by the global pandemic disrupted the supply and demand chain. Diminished consumer interest in wax-derived goods, such as candles and soaps, is impeding industry expansion.
Nonetheless, the market for goods like premium packaged food, antiseptics, medications, and other items is driving up demand for wax. Due to the requirement for packaging for all of the aforementioned products and their increased consumption as a result of their microbial resistance, the wax industry is predicted to develop significantly. This will result in a sharp increase in the demand for wax and significant market expansion.
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The Industrial Wax market is highly fragmented. Businesses engage in joint ventures, acquisitions, capacity expansion, and new product development in an effort to obtain a competitive advantage in the global market.
Recent Developments in the Market
Source- https://procudan.com/procera-natural-2
Source- https://blendedwaxes.com/
Top Companies Market Share in Industrial Wax Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
According to Cognitive Market Research, this market was dominated by Asia Pacific. Increased demand from key markets like packaging, candle manufacturing, tires and rubber, and coatings and polishes are responsible for this rise. China, Japan, and India are examples of developing nations with high demand from the aforementioned industries. The region's growing construction industry has raised demand for waxes, which are utilized in hot-melt adhesive applications. Strong economic growth in developing nations is giving customers more disposable income, which is driving up the use of wax in cosmetics and home décor products.
North America is anticipated to grow at the fastest CAGR in the world market. This is explained by the area's fast industrialization and growing disposable wealth. The expansion of bio-based wax producers for use in the personal care industry is also anticipated to bolster the expansion of the regional market. Due to the pandemic, there is a growing need for industrial wax to properly package food to keep the virus at bay. In addition, wax is being used more often for cosmetic purposes due to the expanding consumer lifestyle.
The current report Scope analyzes Industrial Wax Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only.
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Global Industrial Wax Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Industrial Wax Industry growth. Industrial Wax market has been segmented with the help of its Type, Application , and others. Industrial Wax market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
The Market Will Be Led by the Fossil Based Wax Segment. The market was dominated by the fossil-based wax segment because of the rising demand for candles used in consumer products. Petroleum wax is the source of paraffin and microcrystalline wax, which make up the majority of waxes obtained from fossil fuels. They can be used in skincare, cosmetic, and candle-making products. Strong consumer demand for candles is anticipated to fuel market expansion.
The market for synthetic wax is anticipated to increase significantly. There are two types of synthetic waxes: totally synthetic and partially synthetic. These waxes can be used for hot-melt adhesives, tyre and rubber, polishing and castings, among other things. The market is anticipated to increase as a result of the rising demand for wax for the aforementioned applications. Demand for bio-based wax is rising because it's efficient for food applications and environmentally friendly. One explanation for the rise in food demand and subsequent market expansion is the growing population rate.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Industrial Wax Industry. Request a Free Sample PDF!
Due to rising customer demand, the candles category dominated the market. Candles can be divided into two categories: scented and unscented. The market will expand due to the rising demand for candles in domestic applications, where they are utilized as gifts on various occasions and as illumination throughout the holiday season. Fruits and cheese, among other food items, are coated to keep them fresh and shield them from external microorganisms. Wax has qualities that prevent food from spoiling, like resistance to microbes. The need for wax is being driven by the rising consumer demand for high-quality food during the pandemic.
The increasing production of cars and the expansion of the construction industry are driving growth in the coating and polishing market. Both the population growth and the improving lifestyles of consumers are responsible for the industry's growth. The aforementioned industries are experiencing a surge in demand for wax due to its use in coating and polishing applications. Wax is used in packaging applications on paper and packaging surfaces, including food boxes and wax paper for covering cosmetics and wrapping. To safeguard the contents within, the container is scuff and water-resistant. The packaging sector is expanding as a result of the rising demand for convenience food, which is predicted to result in increasing product consumption.
The above Graph is for representation purposes only. This chart does not depict actual Market share.
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Senior Research Analyst at Cognitive Market Research
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Manoj Phagare is a dynamic and results-driven research analyst with a passion for transforming raw data into actionable insights. Armed with a solid foundation in market research and data analysis and working in various domains including chemical & materials and paints & coatings. He thrive on the challenge of uncovering patterns, trends, and opportunities that drive strategic decision-making.His analytical mindset, coupled with effective communication skills, allows him to bridge the gap between data analysis and practical business applications.
In his current role, Manoj is a key player in market research and competitive analysis. He have a proven track record of synthesizing disparate data sources, employing statistical models, and delivering comprehensive insights. He have played a pivotal role in shaping evidence-based strategies that fueled the success of key business initiatives and Collaborating with cross-functional teams.Manoj remains an invaluable asset in the dynamic landscape of market research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Industrial Wax Market is witnessing significant growth in the near future.
In 2023, the Fossil-Based Wax segment accounted for noticeable share of global Industrial Wax Market and is projected to experience significant growth in the near future.
The Candles segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Sinopec , Oil Co. Lukoil PJSC and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Type | Fossil-Based Wax, Synthetic Wax, Bio-based Wax |
Application | Candles, Coatings & Polishes, Packaging, Food, Tires & Rubber, Cosmetics & Personal Care, Hot-melt Adhesives, Others |
List of Competitors | Sinopec, Exxon Mobil, Oil Co. Lukoil PJSC, Sasol, Royal Dutch Shell, Numaligarh Refinery, The Blayson Group, International Group, HCI Wax, Petrobras, Calumet Specialty Products Partners L.P., Gandhar Oil |
This chapter will help you gain GLOBAL Market Analysis of Industrial Wax. Further deep in this chapter, you will be able to review Global Industrial Wax Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Application Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Industrial Wax market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Fossil-Based Wax have a significant impact on Industrial Wax market? |
What are the key factors affecting the Fossil-Based Wax and Synthetic Wax of Industrial Wax Market? |
What is the CAGR/Growth Rate of Candles during the forecast period? |
By type, which segment accounted for largest share of the global Industrial Wax Market? |
Which region is expected to dominate the global Industrial Wax Market within the forecast period? |
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