INDUSTRIAL WAX MARKET TO REACH USD 14.9 BILLION BY 2027 | CAGR 4.6% – FORENCIS RESEARCH

Global Industrial Wax Market: Key Highlights

• According to the new market research report “Industrial Wax Market by Type (Fossil based, Synthetic based, Bio-based), by Application (Packaging, Coatings & Polishes, Hot Melt Adhesives, Tires & Rubber, Cosmetics & Personal Care, Food, and Others), by Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) – Global Forecast (2020 to 2027)”, the global Industrial Wax market is estimated to reach USD 14.9 Billion by 2027 at a CAGR of around 4.6% during the review period.
• Industrial wax finds applications in adhesives, polishes, candles, textiles, cosmetics, coatings, rubber compounding, lubricants, medical products, etc. and can be used over a broad range, from commodity-type products to specialty products.
• It is solid materials that melt and convert into a liquid state at slightly higher temperatures.
•  In the last few the demand for industrial wax was increasing from pharmaceuticals, cosmetics and plastics industries, have been booming at a global level.

Global Industrial Wax Market: Key Market Dynamics

• Increasing demand for industrial waxes, especially in the production of latex and rubber is anticipated to drive the demand for mineral waxes over the forecast period
• Industrial wax is widely used in the packaging industry due to it provide good lubrication and water-resistance properties. Thus increasing packaging industry has expected to boost the industrial wax market during the assessment period
• The growing cosmetic industry is expected to drive the demand for industrial waxes, owing to the wax paper is a proficient and cost-effective wrapping that protects products from humidity, water, and grease.
• Growing demand for paraffin wax remains a major threat to the market growth

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Global Industrial Wax Market: Regional Overview

• Asia-Pacific

Asia-Pacific region is expected to account for the largest share of the industrial wax market during the forecasted period. This growth can be attributed to the growing market for candle making, packaging, coatings & polishes, and tires & rubber in emerging economies such as China, India, and Japan. China is expected to dominate the market in this region owing to raw materials availability and cheap labor. China is the largest paraffin wax exporter in the world. India is an emerging country for the industrial wax market. The growing population is expected to boost the cosmetic and personal care demand, subsequently increasing the industrial wax demand in the candle application. 

• North America

North America industrial wax market is expected to grow at a sustainable growth rate during the forecasted period. Increasing demand from multiple applications such as candles, cosmetics and personal care, tire & rubber, and hot melt adhesive are driving the market. The US accounts for the largest share of the industrial wax market in North America. Growing demand for packaging and candle applications is expected to boost the industrial wax market. 

Global Industrial Wax Market: Key Players Overview

• Exxon Mobil Corporation.:

Exxon Mobil Corporation one of the largest publicly traded energy providers and chemical manufacturers company across the globe.  The company operates through the following segments: Upstream, Downstream and Chemical. The Upstream segment produces crude oil and natural gas. The Downstream segment manufactures and trades petroleum products. The Chemical segment offers petrochemicals.

• The Royal Dutch Shell:

The Royal Dutch Shell is a Netherland based energy and petrochemical company. The company operates through following business segments,  Integrated Gas, Upstream, Downstream and Corporate. The Integrated Gas segment is engaged in the liquefaction and transportation of gas and the conversion of natural gas to liquids to provide fuels and other products. The Upstream segment engaged in the exploration for and extraction of crude oil, natural gas and natural gas liquids, The Downstream segment is engaged in oil products and chemicals manufacturing, and marketing activities. The company has a global reach with its service in around 70 countries. 

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