According to Fortune Business Insights the global industrial wax market size was USD 9,539.7 million in 2019 and is projected to reach USD 14,509.5 million by 2027, exhibiting a CAGR of 5.9% during the forecast period. Industrial wax is an organic compound that remains solid at room temperature and becomes a free-flowing liquid when slightly heated. These characteristics make it a vital component in the production of candles, adhesives, additives, packaging materials, rubber products, cosmetics, and home care items. Industrial waxes can be derived from both bio-based sources and synthetic chemical processes.
The widespread use of industrial waxes is driven by their beneficial properties, including anti-caking, UV resistance, excellent insulation, moisture and odor control, and resistance to microbial growth. These attributes are expected to play a key role in driving market growth over the forecast period. Additionally, the expanding candles, food, packaging, and personal care industries are further fueling global demand for industrial wax.
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Industrial Wax Market Segmentation Analysis:
By Type:
The fossil-based wax segment holds the largest market share, driven by high demand for paraffin and microcrystalline waxes in candles, skincare, and cosmetics. Synthetic waxes, including fully and partially synthetic types, are gaining traction in applications like polishing, rubber, and adhesives. Bio-based waxes are also rising in demand due to their eco-friendly nature and suitability for food applications, fueled by growing global food demand.
By Application:
The candles segment dominates the market, supported by rising consumer demand for both scented and unscented candles, especially during festive seasons and as gift items. Coatings and polishes are also a key application, with wax used to protect food like cheese and fruits from spoilage due to its antimicrobial properties—further boosted by heightened quality food demand during the pandemic.
Rising Construction Sector in Asia-Pacific to Surge Demand
Among all the regions, Asia-Pacific is expected to hold the highest position in the global industrial wax market during the forecast period. This is attributable to the rising construction sector that propels the demand for industrial wax for hot-melt adhesives application. The region stood at USD 2,872.3 million in 2019.
The market in Europe is expected to experience significant growth owing to the increasing demand for industrial wax across candle manufacturing and automotive application in the region between 2020 and 2027.
Driving Factors:
Increasing Demand for Waxes by Food Packaging Sector to Augment Growth
The increasing population rate is propelling the consumption of food across the globe. This is leading to the rapid growth of the food packaging industry that is driving the demand for industrial wax as food additives and insulation packaging. In addition to this, the rising cosmetic industry is expected to boost the demand for waxes owing to their cost-effective wrapping methods that protect the products from humidity, greasing, and water. These factors are expected to boost the growth of the global industrial wax market in the forthcoming years.
Competitive Landscape:
Major Companies Focus on Facility Expansion to Strengthen Their Market Positions
The global industrial wax market is fragmented by the presence of major companies that are leveraging the opportunities to cater to the increasing demand for industrial wax by focusing on expanding their facilities. Adoption of strategies such as merger and acquisition, the introduction of new products, and collaboration to strengthen their market positions during the forecast period.
Industry Development:
- October 2020 – Wax Lyrical has requested the Barrow Council to allow them to install two new tanks to produce hand sanitizer products. The expansion strategy by the company is aimed at boosting the manufacturing of the product to cater to the increasing demand globally.
List of the Companies Profiled in the Global Market for Industrial Wax:
- Sinopec (China)
- Exxon Mobil (U.S.)
- Oil Co. Lukoil PJSC (Russia)
- Sasol (South Africa)
- Royal Dutch Shell (Netherlands)
- Numaligarh Refinery (India)
- The Blayson Group (UK)
- International Group (Canada)
- HCI Wax (U.S.)
- Petrobras (Brazil)
- Calumet Specialty Products Partners L.P. (U.S.)
- Gandhar Oil (India)
- Other Key Players
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