NEW YORK, Oct. 21, 2019 /PRNewswire/ -- The industrial wax market is expected to reach USD 12.95 Billion by 2026, according to a new report by Reports and Data. Industrial waxes are solid substances that melt and transform into a liquid state at slightly higher temperatures. Various types of waxes are available in the market, such as bio-based, fossil-based, and synthetic waxes. Industrial wax display excellent properties and thus, find a broad range of applications in pharmaceutical, packaging, plastics, cosmetics, candles, and other sectors.
Enhanced demand from the personal care industry, cosmetics, and personal care industries are observing visible growth worldwide because of the rise in consumer interest for personal hygiene and beautification products. Industrial wax is utilized in cosmetic and personal care product formulations to improve the thickness and texture of these products. Various types of wax are being used in several cosmetic products. With the rise in demand for personal care products, several companies are coming ahead to supply wax to provide to the needs of the personal care and cosmetics business.
North America is the most advanced market for industrial wax, owing to the availability of higher quality of infrastructure and technology. The region is also commencing in product innovation along with research and development for industrial wax. The North America industrial wax market is expected to rise with a CAGR of 3.9% during the forecast period.
Further key findings from the report suggest
The Industrial Wax Market is estimated to reach USD 12.95 Billion by 2026, at a CAGR of 3.8% during the forecast period.
The application in candles accounted for the largest share of 25.3% of the market in 2018.
The online sales channel segment accounted for a larger share of 62.8% of the market in 2018.
The synthetic based type is expected to witness the highest CAGR of 4.1% during the forecast period.
The largest share is accounted by the Asia Pacific region with the share of 29.3% of the market in 2018 due to the generation and consumption of packaging products, candles, and coatings. Countries such as India, China, and Japan are among the principal markets for packaging, coatings & polishes, candle making, and tires & rubber. The growth led to accelerated industrialization, growing demand from various applications, and increasing government spending.
Various players are developing strategies to mark their presence in the industry.
Rising per capita income has observed more consumption of the product, which has encouraged the growth of the market. The accelerated increase in demand for color candles is also impacting the growth of the market.
The increasing needs for colored and scented candles are broadly considered among the most significant factors when buying candles.
The Key players in the Industrial Wax Market include The Blayson Group Ltd, HCI Wax, The PJSC Lukoil Oil Company, Exxon Mobil Corporation, The International Group, Inc., Numaligarh Refinery Limited., Sasol Limited, Royal Dutch Shell Plc, Petróleo Brasileiro S.A., and China Petroleum & Chemical Corporation.
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