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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Industrial Wax Market Outlook
The global industrial wax market attained a value of about USD 11.86 billion in 2023. The industrial wax market is further expected to grow in the forecast period of 2024-2032 at a CAGR of approximately 3.6% to reach USD 16.23 billion by 2032.
| Global Industrial Wax Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 11.86 |
| Market Size 2032 | USD Billion | 16.23 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 3.6% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 4.2% |
| CAGR 2024-2032 - Market by Country | India | 4.8% |
| CAGR 2024-2032 - Market by Country | China | 3.9% |
| CAGR 2024-2032 - Market by Type | Bio-Based Waxes | 4.0% |
| CAGR 2024-2032 - Market by Application | Candles | 4.1% |
| Market Share by Country 2023 | UK | 3.6% |
The Asia Pacific region accounts for the highest market share due to the rising consumption and production of products like coatings, candles, and packaging products.
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Properties and Applications
Industrial waxes have excellent lubrication and moisture barrier capabilities and are therefore primarily used in foodstuffs packaging. Such waxes can protect dried foods against humidity or reduce the loss of moisture in the packaged food. However, a wax coating protects food during shipping and handling. In addition, a wax-coated paper is a cost-effective, efficient wrapping, which protects products from moisture, water, and grazing.
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Based on its type, the industrial wax market can be divided into:
- Fossil-Based Waxes
- Synthetic Based Wax
- Bio-Based Waxes
Fossil based waxes can be further divided:
- Mineral Waxes
- Petroleum Waxes
Mineral waxes can be divided into montan wax (lignite/brown coal) and ozokerite. Petroleum waxes, meanwhile, are divided into paraffin wax (long-chain alkanes) and microcrystalline wax.
Synthetic based wax is segmented into:
- Poly-Olefin Waxes/ Alpha-Olefin Waxes
- Fischer-Topsch Waxes (GTL, CTL, BTL)
Bio-based waxes are broadly classified into:
- Vegetable Waxes (Candelilla Wax, Carnauba Wax)
- Animal Waxes (Beeswax, Chinese Wax, Tallow, Lanolin)
The industrial wax market can be broadly categorised based on its applications into:
- Candles
- Packaging
- Coatings and Polishes
- Hot Melt Adhesives
- Tyres and Rubber
- Cosmetics and Personal Care
- Food
- Others
The EMR report looks into the regional industrial wax markets like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
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Market Analysis
The personal care sector is seeing a significant growth due to the increased consumer demand. Industrial wax is used for the improvement of the viscosity and durability of these personal care products as well as cosmetic products. Thus, the rising demand for personal care products is significantly increasing the demand for industrial wax.
The growing demand for industrial applications has led to an increase in research and development activities. Scientists are also focusing on developing techniques to expand industrial wax applications. Industrial wax is being produced on 3D printers as an alternative to plastic.
| CAGR 2024-2032 - Market by | Country |
| India | 4.8% |
| China | 3.9% |
| USA | 3.2% |
| Germany | 3.0% |
| Australia | 2.8% |
| Canada | XX% |
| UK | XX% |
| France | 2.8% |
| Italy | XX% |
| Japan | XX% |
| Saudi Arabia | XX% |
| Brazil | XX% |
| Mexico | XX% |
Competitive Landscape
The report presents a detailed analysis of the following key players in the global industrial wax market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- China Petroleum and Chemical Corporation
- Royal Dutch Shell PLC
- Exxon Mobil Corporation
- Sasol Limited
- Numaligarh Refinery Limited
- Petroleo Brasilerio S.A.
- NK Lukoil PAO
- Others
The EMR report gives an in-depth insight into the industrial wax market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces models.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global industrial wax market attained a value of nearly USD 11.86 billion.
The market is projected to grow at a CAGR of 3.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 16.23 billion by 2032.
The major market drivers include the rising consumption and production of products like coatings, candles, and packaging products, the robust growth of the personal care sector, and increasing research and development activities.
The key market trends include the development of innovative technologies to expand industrial wax applications, the surging use of industrial wax in food packaging applications, and the rising use of industrial wax to improve the durability of cosmetics products.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major types of industrial wax in the market are fossil based wax, synthetic based wax, and bio-based wax.
The significant applications of industrial wax include candles, packaging, coatings and polishes, hot melt adhesives, tyres and rubber, cosmetics and personal care, and food, among others.
The major market players include China Petroleum and Chemical Corporation, Royal Dutch Shell PLC, Exxon Mobil Corporation, Sasol Limited, Numaligarh Refinery Limited, Petroleo Brasilerio S.A., and NK Lukoil PAO, among others.
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