PUNE, India, November 14, 2016 /PRNewswire/ --
The report "Industrial Wax Market by Type (Fossil Based, Synthetic Based, Bio-Based), Application (Candles, Packaging, Coatings & Polishing, Hot Melt Adhesive, Tires & Rubber, Cosmetics & Personal Care, Food) - Global Forecast to 2026", published by MarketsandMarkets, the global market is projected to reach USD 10.07 Billion by 2021, at a CAGR of 4.5% from 2016 to 2021 and USD 12.84 Billion by 2026, at a CAGR of 4.7% from 2016 to 2026.
Browse 166 market data Tables and 66 Figures spread through 186 Pages and in-depth TOC on "Industrial Wax Market"
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With the stabilization of global oil prices by 2020-2021, advances in the manufacture of synthetic wax and the increased use of wax in corrugated packaging, it is estimated that industrial wax would depict slightly higher growth rates during the long term forecast.
Candles, the largest application for industrial wax market
The candles application is estimated to be the largest application for the industrial wax market. Industrial wax is preferred for making candles due to its properties such as moldability and extrudability. These properties of industrial wax enable the production of candles in all types of shapes and sizes. This application is growing due to the increasing demand for fragrant candle products, decorative items and the use of candles for religious and therapeutic purposes.
Fossil based waxes, the leading type in industrial wax market
Fossil based waxes accounted for the largest share of the global industrial wax market. Fossil based waxes include mineral wax and petroleum wax, which are largely used for coating commercial products. Waxes such as ozokerite, paraffin, microcrystalline wax, ceresin, and petrolatum, are extensively used in the cosmetics industry, as they are considered extensively safe and are derived from the various processes of crude oil refining. Petroleum waxes have high gloss characteristics, which makes them suitable ingredients for polishes, predominantly for the "paste" type commonly used on floors, furniture, cars, and footwear.
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Growing demand in Asia-Pacific, the major driver for growth of industrial wax market
In 2015, the Asia-Pacific region accounted for the largest share of the global Industrial Wax Market and is expected to grow at the highest rate from 2016 to 2026. China is currently the largest market in the Asia-Pacific region for industrial wax and is expected to remain the largest market during the forecast period. India is the fastest-growing market for industrial wax. The increasing demand from the candles, packaging and coatings & polishing applications and the fast growing need for tires & rubber and cosmetics & personal care applications, drives the industrial wax market in these countries.
The key companies profiled in the industrial wax market research report are Sinopec Corp. (China), Royal Dutch Shell Plc (Netherlands), Petroleo Brasileiro S.A. (Petrobras) (Brazil), Exxon Mobil Corp. (U.S.), Sasol Limited (South Africa), OJSC Lukoil (Russia), Numaligarh Refinery Limited (India), HCl WAX (China), The Blayson Group Ltd (UK) and International Group, Inc. (Canada).
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