The global industrial wax market size is expected to gain momentum by reaching USD 14,509.5 million by 2027. This is attributable to the rising food packaging and cosmetics industry that are driving the demand for innovative industrial wax globally. This information is published by Fortune Business Insights, in its latest report, titled, “Industrial Wax Market Size, Share & Industry Analysis, By Type (Fossil Based Wax, Synthetic Wax, Bio-based Wax), By Application (Candles, Coatings & Polishes, Packaging, Food, Tires & Rubber, Cosmetics & Personal Care, Hot-melt Adhesives, and Others), and Geography Forecast, 2020-2027.” The report further mentions that the market stood at USD 9,539.7 million in 2019 and is projected to exhibit a CAGR of 5.9% between 2020 and 2027.
Increasing Adoption of Hand Sanitizers amid COVID-19 to Favor Growth
The novel coronavirus has surged the demand for hand sanitizers to contain the spread of the disease. Recommended by the WHO, these products are experiencing massive demand that has led to the shortage of supplies across the globe. To cater to the increasing demand, several manufacturers are expanding their facilities to increase the production of sanitizers that consist of optimum quality industrial waxes. This is expected to favor the growth of the market in the near future.
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Industrial wax is segmented into tree types such as emulsifying wax, micro crystalline wax, and paraffinic wax. Derived from hydrocarbons, these waxes are adopted across several industries that include pharmaceuticals, cosmetics, candle formulations, and food applications.
What does the Report Include?
The market report includes a detailed assessment of various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market strongholds between 2020 and 2027.
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.
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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.
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.
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.
- 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.
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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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