According to BlueWeave Consulting, the Global Industrial Wax Market is projected to exhibit significant growth during 2019-2025. Rising demand from applications like candle, tire & rubber in the Asia Pacific and North America along with increasing demand from coatings and printing inks manufacturers is projected to drive the market over the forecast period. The shift from regular petroleum wax-based products to synthetic and vegetable waxes is maturing intense. Moreover, stringent standards on VOC emissions are anticipated to trigger the demand for superior coating system, i.e., solvent-borne coating system demand. This increase in coating system demand is projected to boost global industrial wax industry for coating application areas.
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In terms of type, fossil-based wax accounted for the largest market share in 2018 and is projected to dominate the industrial wax market throughout the forecast period. Fossil-based waxes used in cosmetics, candle making, packaging, and coatings of commercial products. There is a significant growth seen in end-use industries such as petrochemical, pharmaceuticals, cosmetics, and plastics industries. This growth is a crucial driver for the fossil-based wax market. Bio-based waxes are renewable and environmentally-friendly and used in several applications like cosmetics, pharmaceuticals, polishes, and cheese coatings for protection against mechanical stress, water-loss, UV-radiation, and parasites.
Geographically, the industrial wax market analyzed across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific is the leading region during the forecast timeline. The regional growth is driven by positive growth in the industries such as automotive, construction, cosmetics, and food. Improving socio-economic factors such as living standards, income, and spending power across developing economies will positively influence the regional industrial wax market during the forecast period.
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Companies such as Sinopec, Royal Dutch Shell, Petroleo Brasileiro, Exxon Mobil, Sasol, Oil Co. Lukoil PJSC, Numaligarh Refinery, HCl Wax, The Blayson Group, and the International Group, Inc. are the leading players of market across the globe.
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of global industrial wax market size & forecast. The report promises to provide state-of-the-art technology of industrial wax production and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.