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. The industrial wax market is experiencing significant growth, driven by rising demand across packaging, cosmetics, automotive, and rubber industries. Industrial waxes, including synthetic, natural, and petroleum-based variants, are used for their lubrication, insulation, waterproofing, and coating properties. With advancements in eco-friendly waxes and increasing industrial applications, the market is poised for steady expansion through 2032.
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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.
SEGMENTATION
Coatings & Polishes Segment Held 5.91% Market Share in 2019
The coatings & polishes segment, based on application, held a market share of about 5.91% in 2019 and is likely to gain momentum owing to the increasing demand for industrial was for coatings across automotive.
REGIONAL INSIGHTS
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.
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.
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.
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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