CHICAGO, April 18, 2019 /PRNewswire/ --According to the new research report "Industrial Wax Market by Type (Fossil based, Synthetic based, Bio based), Application (Candles, Packaging, Coatings & Polishes, Hot-melt Adhesives, Tires & Rubber, Cosmetics & Personal Care, Food), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Industrial Wax Market size was estimated to be USD 9.8 billion in 2018 and is projected to reach USD 14.3 billion by 2026, at a CAGR of 4.8%. The increasing demand for industrial wax from applications, such as candles, packaging, and coating & polishes and growing acceptance of synthetic waxes are expected to drive the industrial wax market.
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The fossil-based waxes segment is estimated to be the largest type of the industrial wax market.
The fossil-based waxes segment is the largest type of the industrial wax market. These waxes are largely used in candle making, packaging, and coatings of commercial products. In addition, these waxes are used in the cosmetics industry as they are considered extensively safe and are derived from various processes of crude oil refining. Petroleum wax has a high-gloss characteristic, which makes it a suitable ingredient for polishes and is commonly used in floors, furniture, cars, and footwear.
The market in the tire & rubber application to register the highest CAGR during the forecast period.
The market in the tire & rubber application is projected to witness the highest growth rate during the forecast period. Industrial waxes are added to the compounds of rubbers and tires to protect them from ozone and UV lights. In addition, these waxes are applied to tires and rubbers to protect them from cracking. Moreover, the growing tire and rubber industries are expected to drive the demand for industrial waxes during the forecast period.
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Asia Pacific accounts for the largest share of the industrial wax market.
Asia Pacific was estimated to account for the largest share of the industrial wax market in 2017. China, India, and Japan are among the leading markets for candle making, packaging, coatings & polishes, and tires & rubber. The growth in the application segments has increased the demand for industrial wax in the region.
The leading players in the Industrial Wax Market are Sinopec (China), Royal Dutch Shell (Netherlands), Petroleo Brasileiro (Brazil), Exxon Mobil (US), Sasol (South Africa), Oil Co. Lukoil PJSC (Russia), Numaligarh Refinery (India), HCl (China), The Blayson Group (UK), and International Group (Canada).
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