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Industrial Wax Market worth $8.9 billion by 2025 - Exclusive Report by MarketsandMarkets™
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Fossil based wax such as paraffin and microcrystalline account for the majority of market share for industrial wax. The steady growth in demand from end-use industries such as candle, packaging, cosmetic, and coatings, among other supports for the growth of the market. Paraffin wax is mainly consumed across these industries due to abundant availability, low cost of the product, ease of production, suitability to several industrial application and performance characteristics. Their applications in various industries includes rubber, textiles, wood coatings, paper & printing, industrial coatings, and constructions. Moreover, microcrystalline waxes are widely used in cosmetics, food, packaging, coatings, and other industrial applications.
Candles are primarily made from microcrystalline wax, beeswax, and plant wax such as carnauba, soybean, and bayberry wax). Candles are one of the oldest applications of wax, which is still the fastest growing market owing to the increasing importance of decorative items and therapeutic uses. In terms of production, China has significant production capacities and export over half of the total production to North American and European countries. It has been observed that the import of candles in European and North American countries has increased significantly in the past five years. The growing importance of candles for religious purposes has enforced the wax manufacturers to produce wax from vegetable based materials such as soybean oil, palm oil, beeswax, and even tallow. This has triggered the demand for vegetable based waxes, globally.
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Asia-Pacific has the largest share in the market due to growing economies such as China , India , Japan and other Asian countries like South Korea and Indonesia . The Asia-Pacific has the largest market for the candle industry. Within Asia , China dominates the market for candles and packaging industry. The growth is led by rapid industrialization, growing demand from various applications and growing per capita income in these regions. The growing demand for candles is derived by decoration, religious belief and various lifestyle, and living habits. North America is the largest market for synthetic waxes. The increasing in range of application for synthetic waxes is driving the demand in the region. Due to environmental regulations in developed countries such as Europe and North America , the demand for bio-based waxes is increasing in candles and food packaging industry for these region.
ExxonMobil (US), Royal Dutch Shell PLC ( Netherlands ), Sinopec ( China ), Sasol Ltd ( South Africa ), CEPSA ( Spain ), Hollyfrontier Corporation (US), Calumet Specialty Products Partners (US), Gandhar Oil refinery ( India ), Numaligarh Refinery Limited ( India ), Petróleo Brasileiro ( Brazil ), THE PJSC Lukoil Oil Company ( Russia ) are the key players in the industrial wax market.
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Bulk Chemicals and Inorganics Market Research Reports & Consulting
Wax Emulsion Market by Material Base (Synthetic Natural), Type (Polyethylene, Paraffin, Carnauba, Polypropylene, and Others), End Use Industry (Paints & Coatings, Adhesives & Sealants, Cosmetics, Textiles, and Others), Region ( Asia-Pacific , North America , Europe , and RoW) - Global Forecast to 2021
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