Global Industrial Wax Market Trends, Applications, Analysis, Growth, and Forecast to 2033
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14218
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June 2023
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This report was compiled by Shreyas Rokade Shreyas Rokade is a seasoned Research Analyst with CMFE, bringing extensive expertise in market research and consulting, with a strong background in Chemical Engineering. Correspondence Team Lead-CMFE Linkedin | Detailed Market research Methodology Our methodology involves a mix of primary research, including interviews with leading mental health experts, and secondary research from reputable medical journals and databases. View Detailed Methodology Page
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“Global Industrial Wax Market”is the title of a report in the process of production at MarketResearch.biz. In-depth insights, revenue details, and other vital information related to the market, along with various trends, drivers, restraints, opportunities, and threats have been included in the respective sections of the report. The key players operating in the target market have been profiled and competitive landscaper provided. Their respective revenue and financials, key developments, strategies, acquisitions & mergers, and market footprint are other factors that have been included. The global industrial wax market report has been segmented on the basis of type, application, and region.
Global Industrial Wax Market: Overview
Industrial wax is an organic compound that consists of long alkyl chains and are malleable, lipophilic solids at normal ambient temperature. These waxes are used in various industrial applications such as formulation of colorants for plastics, matting effects, and imparts wear-resistance to paints, act as slip agents in furniture, etc. Natural industrial waxes consist of unsaturated bonds including functional groups; whereas synthetic industrial waxes consist of homologous series of long chain aliphatic hydrocarbons.
Global Industrial Wax Market: Dynamics
Increasing demand for industrial wax for a range of applications such as candles, packaging materials, tires & rubber, cosmetics & personal care, food and others, is a major factor expected to drive growth of the global industrial wax market. Increasing uses of synthetic wax, especially paraffin wax in cosmetics, medical products, food, and other applications owing to it being highly moisture resistant, and for its malleability, lubrication, and therapeutic properties. Moreover, rising demand for bio-based waxes in various applications for sustainable and degradable end products is projected to support market growth.
However, increasing raw material prices, coupled with rising crude oil prices are expected to be major factors that can restrain growth of the target market. In addition, declining use of fossil-based wax in the packaging industry is expected to hamper growth of the target market.
Increasing adoption of unconventional waxes among various end-use industries in developing countries and the development of new and cost-effective products are among some other factors anticipated to create lucrative opportunities for prominent players, and is expected to positively augment growth of the target market.
Global Industrial Wax Market: Segment Analysis
By Type:
Among the type segments, the synthetic-based waxes segment is projected to register significantly high revenue share in the global market, owing to increasing demand for these waxes in cosmetics & personal care applications.
By Application:
Among the application segments, the candles segment is expected to account for highest revenue share in the target market, owing to its good calorific value.
Global Industrial Wax Market: Regional Analysis
The market in Asia Pacific is expected to account for a significantly high revenue share, and is projected to dominate among other regions in the global industrial wax market over the forecast period. This projected dominance is attributable to rapid industrialization, coupled with increasing cosmetics & personal care product demand, and growing and expanding automotive, construction, and other industries in countries in this region. Revenue from the Asia Pacific market is expected to register a significant growth rate, owing to increasing R&D activities and increasing investments by governments and manufacturers in various industries. The North America industrial wax market is projected to register moderate revenue share in the global market, followed by Europe. This can be attributed to rising demand for industrial wax in various applications such as cosmetics, coatings & polishing, and others in countries in the region.
Global Industrial Wax Market Segmentation:
Segmentation by Type:
- Fossil-based Waxes
- Synthetic-based Waxes
- Bio-based Waxes
Segmentation by Application:
- Candles
- Packaging
- Coatings & Polishing
- Hot Melt Adhesive
- Tires & Rubber
- Cosmetics & Personal Care
- Food
- Others (Agriculture and Printing Inks)
Segmentation by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size USD 7654.6 Million Growth Rate 4.54% Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn -
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- Exxon Mobil Corporation
- China Petroleum & Chemical Corporation
- Royal Dutch Shell PLC
- Sasol Ltd.
- Petroleo Brasileiro SA (Petrobras)
- PJSC Lukoil
- Numaligarh Refinery Limited
- The Blayson Group Ltd.
- The International Group Inc.
- HCI Wax
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