Industrial Wax Market Size to Grow 11690 Million by 2029, at a CAGR of 3.9% | Valuates Reports
BANGALORE, India, May 5, 2023 /PRNewswire/ -- The Industrial Wax Market is Segmented by Type (Fossil Based, Synthetic Based, Bio Based), by Application (Candles, Packaging, Coatings & Polishing, Hot Melt Adhesive, Tires & Rubber, Cosmetics & Personal Care, Food): Global Opportunity Analysis and Industry Forecast, 2022-2029. It is published in Valuates Reports under the Chemicals Industry Category.
The global Industrial Wax market was valued at USD 8677.2 Million in 2022 and is anticipated to reach USD 11690 Million by 2029, witnessing a CAGR of 3.9% during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
Major factors driving the growth of the Industrial Wax Market:
Customers are drawn to purchase candles because of product advancements in product shape, design, color, and scent. Due to shifting consumer behavior and the rising popularity of crafts made from candles as well as related decoration and interior design, the traditional candle industry has evolved into a cutting-edge, creative, and brand-conscious industry that is anticipated to drive the Industrial Wax market.
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TRENDS INFLUENCING THE GROWTH OF INDUSTRIAL WAX MARKET:
Paraffin wax is frequently used on the hands and feet for cosmetic purposes. The wax is a natural emollient that aids in the suppleness and softness of the skin. When applied to the skin, it increases moisture levels and keeps doing so even after the treatment is finished. Additionally, it can aid in pore opening and dead skin cell removal. The skin may feel smoother and seem more youthful as a result. This factor is expected to drive the growth of the Industrial Wax market.
Market expansion is anticipated to be aided by rising demand for industrial wax from uses like candles, rubber, and tire and rubber products. Colorful and scented candles are becoming more and more popular for home and business use, including restaurant atmosphere, home décor, and home and office ambiance. Additionally, the use of candles infused with essential oils in spas and massage parlors to set the mood and provide better customer relaxation experiences is growing. This factor is expected to drive the growth of the Industrial Wax market.
Wax is applied to paper and packaging surfaces for packaging purposes, including food boxes, wax sheets for wrapping, and cosmetic coating. To safeguard the goods within, the container offers water resistance and scratch resistance. The packaging sector is expanding due to the rising demand for convenience foods, which is anticipated to result in increased product consumption. Various food products, including cheese and fruits, have coatings applied to them to keep them fresh and free from external bacteria. Food preservation benefits from wax include its resistance to microbial growth. The demand for wax is consequently being driven by the rising consumer demand for high-quality food during the epidemic. This factor is expected to drive the growth of the Industrial Wax market.
Industrial waxes also affect the bonding power, thermal stability, and crystallization rates of an adhesive. Waxes are essential ingredients in a range of adhesive solutions, including hot-melt adhesives. Wax may influence two qualities, namely binding strength and temperature resistance. Because they have good moisture barrier properties, waxes are used in food packaging materials. As a result, they can prevent dry foods from absorbing moisture from the environment or minimize moisture loss. Additionally, a wax coating may shield food during handling and transportation. This factor is expected to drive the growth of the Industrial Wax market.
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INDUSTRIAL WAX MARKET SHARE ANALYSIS:
During the forecast period, Asia Pacific is anticipated to experience the fastest growth. Rapid industrialization, rising demand from numerous applications, and rising government expenditure are the main drivers of the expansion. By establishing manufacturing facilities, distribution centers, and research & development facilities, several businesses are focused on these new areas and expanding their presence. The candle industry, coatings, tire, cosmetic, and packaging sectors are likely to increase their need for industrial wax in APAC.
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Key Companies:
- Sinopec
- Shell
- Petrobras
- ExxonMobil
- Sasol
- Lukoil
- Numaligarh Refinery
- HCI
- Blayson
- IGI
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SIMILAR REPORTS:
- Fossil Based Industrial Wax Market
- Bio Based Industrial Wax Market
- Scented Candles & Home Fragrance Market
- Microcrystalline Wax market size is estimated to be worth USD 744 million in 2022 and is forecast to a readjusted size of USD 1009.3 million by 2029 with a CAGR of 4.4% during the forecast period 2023-2029.
- Bottle Sealing Wax market size is estimated to be worth USD 62 million in 2022 and is forecast to a readjusted size of USD 73 million by 2029 with a CAGR of 2.4% during the forecast period 2023-2029.
- Synthetic Paraffin Wax market was valued at USD 6252 million in 2022 and is anticipated to reach USD 8367.2 million by 2029, witnessing a CAGR of 4.2% during the forecast period 2023-2029.
- FT Wax (Fischer Tropsch Wax) market was valued at USD 932.1 million in 2020 and it is expected to reach USD 1458.4 million by the end of 2027, growing at a CAGR of 6.4% during 2021-2027.
- Industrial Rubber Protecting Wax Market
- Ski and Snowboard Wax market was valued at USD 192 million in 2022 and is anticipated to reach USD 227.5 million by 2029, witnessing a CAGR of 2.4% during the forecast period 2023-2029.
- Wax market was valued at USD 11.6 billion in 2020, and is projected to reach USD 16.7 billion by 2030, growing at a CAGR of 3.7% from 2021 to 2030.
- Due to the COVID-19 pandemic, the global Industrial Fasteners market size is estimated to be worth USD 78810 million in 2022 and is forecast to a readjusted size of USD 113710 million by 2028 with a CAGR of 6.3% during the review period.
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