Industrial Wax Market: Global Industry Analysis and Forecast (2023-2029)

Industrial Wax Market size was valued at US$ 7.61 Bn. in 2022 and the total Industrial Wax revenue is expected to grow by 4.3% from 2023 to 2029, reaching nearly US$ 10.22 Bn.
Industrial Wax Market Overview:
Waxes are mostly used in industry as ingredients of complicated compositions, frequently for coverings. Polyethylene and polypropylene waxes are primarily used in the production of plastic colorants. Paints benefit from the texturing effects and wear resistance provided by waxes. Polyethylene waxes are dispersions that are added into pigments to reduce friction. They are used as release agents, as slip agents in home furnishings, and to provide resistance to corrosion.

The report explores the Industrial Wax market's segments (Type, Application, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2018 to 2022. The report investigates the Industrial Wax market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Industrial Wax market's contemporary competitive scenario.

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Industrial Wax Market Dynamics:
Consistent development in candle manufacturing with global product advancement is a major driver of market growth.

Formerly, candlesticks were primarily used for lighting; however, they now play an important part in festival celebrations, house decorating, and craftsmanship. Because of their religious beliefs, livelihood, and lifestyle preferences, numerous candles are used every day and even during festival ceremonies in European and North American countries. Consumers are enthralled by the improvement of candle items, e.g. product shape, style, color, and scent. Shifting customer behavior, as well as the increasing popularity of candles-based crafting materials, as well as associated décor and home decoration, have transformed the conventional candle business into a sophisticated, inventive, and brand-conscious enterprise.

Industrial wax, e.g. paraffin, microcrystalline, and synthetic wax, is the basic raw material used in candle production. Classical paraffin wax is currently being substituted in candle manufacture with microcrystalline and synthetic melt to enable environmental sustainability, product progress, and product aesthetic.

A major restraint in the market growth is that the use of paraffin wax in packaging is decreasing.

Industrial wax is in high demand in North America and Europe for packaging purposes. However, there is a downward tendency in packaging requirements. Food packaging businesses are increasingly worried about the health risks posed by paraffin wax used in packaged foods. Organic waxes are consequently becoming more popular in the food packaging business in the USA and Europe. Additionally, regulatory agencies e.g. the FDA and the European Union have imposed restrictions governing the usage of industrial waxes. The booming meat packing sector can also be attributable to the rising usage of natural waxes.

The key opportunity in the market is that in the cosmetics sector, there is a growing need for bio-based items.

Individuals in industrialized nations have moved their choice from synthetic items to greener or bio-based commodities as their concern for health and wellbeing has grown. As a result of these developments, various cosmetics and personal care product producers have begun to develop bio-based goods. As a result, the trend for bio-based waxes e.g. carnauba wax, beeswax, and candelilla wax, among many others, is increasing in natural and organic personal care product manufacturing and is progressively replacing artificial and paraffin wax.
Industrial Wax Market Segment Analysis:
By Application, the candles segment is expected to grow at a CAGR of 5.7% in the forecast period. The main component of a candle is wax. To lure consumers, prominent organizations are focusing on the creation of new goods in response to shifting consumer preferences, occupations, and behaviors. As per the National Candle Association of USA, approximately 33% of all candles are purchased during the Christmas or Holiday season, while the remaining 60% are sold throughout the year. There are almost 9,500 distinct varieties of candles on the market. Candles are available in numerous shapes and sizes in the industry, including floats, tapers, pillars, container candles, and celebration candles, among others.

In terms of output, China has substantial capacity and exports more than half of the total output to North American and European nations. The import of candles into Europe and the USA has expanded significantly during the last decade. This is mostly due to lower cost of production, raw material availability, cheap utility costs, and low labor costs, as a result of which candle manufacturing in APAC has increased dramatically.

Additionally, the inclusion of candles in ornamental objects e.g. a chandelier, vase, etc. is popular and growing customer demand in home décor. As a result of its importance not only in religious festivals but also in the decorative sector, the demand for industrial wax is estimated to rise significantly. However, due to the coronavirus outbreak, demand for candles has dropped due to city lockdowns, stoppage of production activities, supply chain interruption, decreased consumer buying and decreased per capita income. This, in turn, affects candle producers' need for industrial wax.
Industrial Wax Market Regional Insights:
In 2022, Asia Pacific dominated the Industrial wax market, accounting for 30 percent of total sales. Improved standard of living and increased industrialization, particularly in China and India, are credited to the surge. Reduced labor costs, raw materials, and operating costs are also expected to drive market growth. The increasing use of cosmetic items e.g. creams, lotions, moisturizers, and makeup by the young consumers in Japan, India, Indonesia, Korea, and China is likely to drive market growth during the forecast period. The developing markets e.g. Indonesia and Malaysia, among other Southeast Asian countries, are expected to see consistent economic development. The region's need for printing ink is expected to surge due to the rapidly developing packaging sector in turn generating demand for industrial wax.

In 2022, the European market was responsible for the second-largest revenue share. This is due to an increase in the demand for heated melts in the chemicals and sealants sector. International skincare brands e.g. Unilever Group, L’Oréal Group, and Colgate-Palmolive are headquartered in this region. The existence of major personal care enterprises with an established brand dominance throughout European nations has resulted in cosmetics and beauty applications dominating the European industrial wax market.

The objective of the report is to present a comprehensive analysis of the Industrial Wax market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Industrial Wax market dynamics, and structure by analyzing the market segments and projecting the Industrial Wax market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Industrial Wax market make the report investor’s guide.
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Industrial Wax Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 7.61 Bn.


Forecast Period 2023 to 2029 CAGR:
4.3%
Market Size in 2029:
US $ 10.22 Bn.


 Segments Covered:
by Type
Fossil-based waxes
Synthetic waxes
Bio-based waxes


by Application
Candles
Packaging
Coatings & Polishing
Hot Melt Adhesive
Tire & Rubber
Cosmetics & Personal Care
Food
Others



Industrial Wax Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Industrial Wax Market Key Players
1. ExxonMobil
2. Royal Dutch Shell PLC
3. Sinopec
4. Sasol Ltd
5. CEPSA
6. Hollyfrontier Corporation
7. Calumet Specialty Products Partners
8. Gandhar Oil refinery
9. Numaligarh Refinery Limited
10. Petróleo Brasileiro
11. THE PJSC Lukoil Oil Company
12. Hase Petroleum Wax
13. First Source Worldwide
14. Calwax
15. Candlewic Co.

FAQs:

1. Which is the potential market for Industrial Wax in terms of the region?
Ans. APAC is the potential market for Industrial Wax in terms of the region.

2. What are the opportunities for new market entrants?
Ans. The key opportunity in the market is that in the cosmetics sector, there is a growing need for bio-based items.

3. What is expected to drive the growth of the Industrial Wax market in the forecast period?
Ans. Consistent development in candle manufacturing with global product advancement is a major driver of market growth.

4. What is the projected market size & growth rate of the Industrial Wax Market?
Ans. The Industrial Wax Market size was valued at US$ 7.61 Bn. in 2022 and the total Industrial Wax revenue is expected to grow by 4.3% from 2023 to 2029, reaching nearly US$ 10.22 Bn.

5. What segments are covered in the Industrial Wax Market report?
Ans. The segments covered are Type, Application, and Region.