The global industrial wax market size was US$ 7.1 billion in 2021. The global industrial wax market is forecast to grow to US$ 10.1 billion by 2030, registering a compound annual growth rate (CAGR) of 4.1% during the forecast period from 2022 to 2030.
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Waxes are carefully combined with fatty alcohols, surfactants, and ethoxylates to form up the industrial wax. These are highly adopted for the production of ointments, solutions, and creams.
Factors Influencing the Market Growth
The global industrial wax market is forecast to witness favorable growth opportunities in the packaging sector due to its water resistance and durability properties.
Wax-coated paper allows cost-efficient wrapping that prevents goods from harming moisture, humidity, and grease. Thus, the demand for bio-based wax, synthetic wax, and petroleum wax is forecast to increase. In addition, the growing demand for cosmetics will further accelerate the market growth in the coming years.
Increasing population and rising consumption of food products are forecast to drive the market growth during the study period. In addition, increasing the adoption of home décor products, including scented candles, automotive, electronics, and cosmetics, will further propel the market growth.
Rising disposable income and increasing government focus towards industrialization is forecast to benefit the market in the coming years.
COVID-19 Impact Analysis
Due to the emergence of the COVID-19 pandemic, the demand for packed foods increased significantly. As a result, the market witnessed favorable growth in the packaged food sector. However, cosmetics, automotive, and home decor segments witnessed a significant decline, which hampered the market growth during the pandemic. In addition, a halt in manufacturing activities negatively impacted the market for a considerable time. On the contrary, the global industrial wax market is forecast to grow significantly during the forecast period as the economies begin to recover.
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Regional Analysis
The global industrial wax market will witness abrupt growth in Asia-Pacific during the forecast period. The growth of the region is attributed to the considerable contribution of China. In addition, the high consumption of coatings, packaging, and demand for home decor is forecast to fuel the regional market growth during the forecast period. In addition, India is also expected to have a significant contribution during the forecast period due to the rising demand for cosmetic products.
The demand for industrial wax is forecast to increase in North America due to increasing manufacturing practices. In addition, Europe is also expected to hold a significant share of the global industrial wax market in the study period.
Market segmentation
The global industrial wax market segmentation focuses on Type, Application, and Region.
Global Industrial Wax Market, by Type
- Synthetic Wax
- Fossil-based Wax
- Bio-based Wax
Global Industrial Wax Market, by Application
- Packaging
- Candles
- Coating & Polishes
- Hot-melt Additives
- Cosmetics & Personal Care
- Tire & Rubber
- Food
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Global Industrial Wax Market, by Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Competitors in the Market
- Royal Dutch Shell PLC (Netherlands)
- Sinopec (China)
- Sasol Ltd (South Africa)
- CEPSA (Spain)
- Hollyfrontier Corporation (US)
- Calumet Specialty Products Partners (US)
- Gandhar Oil refinery (India)
- Numaligarh Refinery Limited (India)
- Petróleo Brasileiro (Brazil)
- THE PJSC Lukoil Oil Company (Russia).
- Other Prominent Players
What is the goal of the report?
- The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
- During the forecast period, the report analyzes the growth rate, market size, and market valuation.
- The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
- The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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