The industrial wax market is set for a rapid growth over the forecast period. In terms of revenue, the global automated sortation system market accounted for USD 7.3 Billion in 2019 and is expected to reach USD 9.7 Billion by 2026, growing at a CAGR of 4.6% from 2020 to 2026.
Global Industrial Wax Market: Overview
Industrial wax is an organic substance which is solid at room temperature and turns into liquid at high temperatures. Industrial wax properties make it an important element in the manufacturing process of rubber, cosmetics, additives, packaging, candles, and adhesives. There are many sources that are bio-based and thus chemical synthetic processes help in making the wax. Due to its properties such as excellent odor, resistance from microorganisms, high insulation, moisture levels, anti-caking, and UV resistance have propelled the consumption of industrial wax in numerous industries.
Global Industrial Wax Market: Growth Factors
The industrial wax market is anticipated to grow at high CAGR in the anticipated timeframe owing to the budding traction of consumer in candles and their numerous applications in the cosmetic industry. The amplification in the personal care industry has enhanced the demand for industrial wax. These are used in making of hair care, makeup and skincare products. The growth of the global industrial wax is also fueled by the rising demand for wax in other applications such as food packaging, rubber & plastic processing, pharmaceuticals, adhesives, automotive polishes and bruising boards. The healthy demand for petroleum & chemical based products is a key factor for the growth of the industrial wax globally.
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Moreover, with the surging industrialization in many countries such as India and China, the transportation of food, fruits, and other goods is rising at a tremendous pace. This is expected to boot the demand for wax in packaging industry. The rising transportation of goods is generating new avenue in packaging industries. The rising disposable income of the population is propelling the food & beverage and pharmaceutical industries which are boosting the demand for industrial wax across the globe. In addition, there is shift in preferences of people to packed foods items sequentially, propelling the growth of industrial wax market.
Global Industrial Wax Market: Segmentation
The industrial wax market is segmented into type, application, and region.
By type, the market is segmented into bio-based waxes, fossil-based waxes, and synthetic waxes. The fossil-based wax under type segment such as paraffin and microcrystalline holds a substantial share in the industrial wax market globally. Owing to its sustainability, low cost, ease of production, abundant availability Paraffin wax is used by majority of end-users. The
By applications, the market can be segmented into cosmetics & personal care, food, hot melt adhesive, candles, tire & rubber, packaging, coatings & polishing, and others. The candle segment under application will hold a significant share, owing to the rise in demand of candles and related items during the forecast time frame.
Global Industrial Wax Market: Regional Analysis
Asia Pacific will hold the largest share in the industrial wax market owing to the budding economies such as India, China, and Japan. The region has the biggest candle industry market. The growth of the market can be attributed due to the rise in disposable income of people and rapid industrialization.
North America is also anticipated to have significant growth in the industrial wax market. It holds the largest synthetic wax market. The rising applications of synthetic wax in the region are bolstering the regional market.
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Global Industrial Wax Market: Competitive Players
Some of key players in industrial wax market are:
- Mitsui Chemicals
- Royal Dutch Shell PLC
- Honeywell International Inc.
- BASF SE
- Evonik Industries AG
- International Group Inc. (IGI)
- Exxon Mobil Corp
- Baker Hughes
- Nippon Seiro Co.Ltd.
- BP PLC
- HollyFrontier Corp.
- Exxon Mobil and Dow Corning Corporation
Global Industrial Wax Market: Regional Segment Analysis
- North AmericaThe U.S.Canada
- EuropeFranceThe UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
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