The increasing demand for petroleum-based products is propelling market growth. Major aspects driving the growth of the market are rising demand from end-user industries such as candles, food, and cosmetics. The growing demand for the scented candle is boosting the growth of the market. Expansion of natural ingredient-based cosmetics had a positive influence on the market. The technological advancements are also complementing the growth of the market. The rapid growth of the food and rubber & tire industry is further fueling industrial wax market growth.
The industrial wax market is segmented into type, application and by region. Based on type, bio-based waxes are expected to witness massive growth. Bio-based waxes are environmentally friendly and renewable. They are widely used in the pharmaceutical and cosmetic industry. Compared to paraffin waxes, bio-based wax is environmentally friendly and is available at a low price. These advantages have soared the demand of bio-based wax thus inflating the industrial wax market size.
Based on application, the packaging is expected to be in vast demand during the forecast period. Industrial waxes consist of excellent moisture and lubricating barrier properties. It also protects the foodstuff during handling & transportation. These factors have further propelled the market.
However, fluctuating rates of raw materials may hamper the growth of the market. Moreover, the shortage in the availability of paraffin wax is also forseen hindering the growth of the market.
The Asia-Pacific region remains the most lucrative region for the industrial wax market. Developing nations like India and China have witnessed increased government spending and rapid industrialization which led to the robust growth of the market. North America is followed by the Asia-Pacific region. Asia-Pacific region is expected to dominate the market in the coming years. Expansion of packaging food and cosmetic industry is positively influencing the market. The rise in disposable income has played a catalyst role in the expansion of the market.
Some of the established players of the market are The Blayson Group Ltd, Sasol Ltd, Exxon Mobil Corp, Royal Dutch Shell, International Group and Numaligarh Refinery.
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Industrial Wax Market Restraints:
• Shortage in availability of paraffin wax
• Fluctuating rates of raw materials
Industrial Wax Market Segmentation
By Type
• Fossil based
• Synthetic based
• Bio-based
By Application
• Candles
• Packaging
• Coatings & Polishes
• Hot-melt Adhesives
• Tires & Rubber
• Cosmetics & Personal Care
• Food
By Region:
• Europe
• North America
• APAC
• Latin America
• Rest of World
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Competitive Landscape:
• Tier 1 players- established companies in the market with a major market share
• Tier 2 players
• Emerging players which are growing rapidly
• New Entrants
FutureWise Takeaways:
• Growth prospects
• SWOT analysis
• Key trends
• Key data points affecting market growth
Objectives of the Study:
• To provide with an exhaustive analysis of the industrial wax market on basis of type application and region
• To distribute comprehensive information on factors impacting market growth (drivers, restraints and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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