The global industrial wax market is booming right now. Much of this growth can be ascribed to the increased user and regulatory focus on sustainability and cost-efficiency, as well as the diversity of raw material sourcing in industrial wax market. The broad application of wax across a variety of sectors, spurred by wax’s natural qualities such as UV and water resistance, has fueled growth in the industrial wax industry. Polishing, water repellency, antifouling, mould release, and dispersion are all benefits of wax. It is used in everything from cosmetics to everyday items like crayons, candles, and automobile waxes, as well as industrial products like paints, inks, adhesives, and tyres.
Candles accounted for 31.4 percent of the wax business in 2019. Growing demand in consumer markets and the growing number of distribution channels, candles are projected to maintain a leading position in the worldwide industrial wax market. Wax is used in the production of food containers, flexible packaging, paper cups, and other packaging materials. It is a highly valued resource because of its resistance to water and moisture vapour. Natural waxes, such as beeswax, are increasingly being used in personal care and cosmetic goods, such as lipsticks and eyeshadow, as well as skin treatments.
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The Key players in the Industrial Wax Market include:
The Blayson Group Ltd, HCI Wax, The PJSC Lukoil Oil Company, Exxon Mobil Corporation, The International Group, Inc., Numaligarh Refinery Limited., Sasol Limited, Royal Dutch Shell Plc, Petróleo Brasileiro S.A., and China Petroleum & Chemical Corporation.
Further key findings from the report suggest
- The Industrial Wax Market is estimated to reach USD 9,719.4 Million by 2028, at a CAGR of 3.7% during the forecast period.
- The application in candles accounted for the largest share of 25.3% of the market in 2018.
- The online sales channel segment accounted for a larger share of 62.8% of the market in 2018.
- The synthetic based type is expected to witness the highest CAGR of 4.1% during the forecast period.
- The largest share is accounted by the Asia Pacific region with the share of 29.3% of the market in 2018 due to the generation and consumption of packaging products, candles, and coatings. Countries such as India, China, and Japan are among the principal markets for packaging, coatings & polishes, candle making, and tires & rubber. The growth led to accelerated industrialization, growing demand from various applications, and increasing government spending.
- Various players are developing strategies to mark their presence in the industry.
- Rising per capita income has observed more consumption of the product, which has encouraged the growth of the market. The accelerated increase in demand for color candles is also impacting the growth of the market.
- The increasing needs for colored and scented candles are broadly considered among the most significant factors when buying candles.
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For the purpose of this study, Reports and Data have segmented the market on the basis of Application, Type, Sales Channel, and region:
Application Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2018-2028)
- Candles
- Cosmetics & Personal Care
- Packaging
- Coatings & Polishes
- Others
Type Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2018-2028)
- Fossil based
- Synthetic based
- Bio based
Sales Channel Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2018-2028)
- Offline
- Online
Regional Outlook (Volume, Square Meters; and Revenue, USD Billion ; 2018-2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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