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The global industrial wax market size is anticipated to expand at a substantial CAGR during the forecast period from 2020 to 2026. Expansion of the market is directly associated with the growing demand for industrial wax in diverse applications such as candles, packaging, coatings & polishing, tire & rubber, and cosmetics & personal care. Industrial wax is obtained from various sources such as secretions of animals & insects, plants, petroleum, and minerals.
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Industrial Wax Market Size, Growth & Trends | Industry Report, 2026 The global industrial wax market size is anticipated to expand at a substantial CAGR during the forecast period from 2020 to 2026. Expansion of the market is directly associated with the growing demand for industrial wax in diverse applications such as candles, packaging, coatings & polishing, tire & rubber, and cosmetics & personal care. Industrial wax is obtained from various sources such as secretions of animals & insects, plants, petroleum, and minerals.
Market Trends, Drivers, Restraints, and Opportunities: Surge in the demand for automotive tires due to the increase in automobiles sell across the globe is likely to drive the market. Strong economic growth and increasing disposable incomes have brought a global retail boom. Factors such as increasing globalization and urbanization have resulted in a transformation in lifestyles of people, resulting in the rising expenditure on packaged foods and beverages. This, in turn, is likely to propel the demand for the industrial wax for packaging purposes. Greater acceptance of industrial wax in various applications is a major factor that is anticipated to drive the industrial wax market.
Scope of the Report: The report on the industrial wax market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Industrial Wax Market Segment Insights: Use of bio-based wax is expected to increase during the forecast period On the basis of types, the market has been segmented into fossil-based wax, synthetic-based wax, and bio-based wax. The bio-based wax segment is expected to dominate the market, as these are eco-friendly and renewable. Bio-based wax is extensively employed in numerous applications, such as cosmetics, polishes, pharmaceuticals, and cheese coatings, as it provides superior protection against mechanical stress, water-loss, parasites, and UV-radiation. Rising environmental concerns among people across the globe is expected to boost demand for bio-based wax. High utilization of industrial waxes in the packaging industry to drive the segment growth Based on applications, the market has been divided into candles, packaging, coatings & polishing, tires & rubber, and others. Industrial wax packaging offers the best packaging solutions due to their low cost and recyclability. They possess excellent moisture barrier and lubricating properties. Moreover, industrial wax can preserve food by acting as barrier against moisture and humidity. This, in turn, is expected to fuel the demand for industrial wax in packaging applications. Industrial wax is extensively used to manufacture candles owing to its excellent extrudable properties. Increasing demand for scented candles for decoration and aroma therapy is likely to fuel the candles segment. Moreover, high use of candles for religious and therapeutic purposes is likely to boost the growth of the market.
Asia Pacific is expected to lead the global market, followed by North America, during the forecast period On the basis of regions, the global industrial wax market has been segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to hold a large share in the global market owing to the presence of emerging economies, high urbanization & industrialization, increasing population, and rising disposable income. China is expected to dominate the market in the region, while the market in India is anticipated to expand at a rapid pace during the forecast period. Competitive Landscape: Key players operating in the industrial wax market include China Petroleum & Chemical Corporation, Shell, Petrobras, Exxon Mobil Corporation, These players engage in product launches, mergers & acquisitions, agreements, and partnerships to strengthen their geographical presence.
Segments Covered in the Report: The global industrial wax market has been segmented on the basis of product types, applications, and regions. By Product Types Fossil-based Wax Synthetic-based Wax Bio-based Wax By Applications Candles Packaging Coatings & Polishing Tires & Rubber Others By Regions North America Asia Pacific Europe Latin America Middle East & Africa
