Industrial Wax Market Share, Industry Growth, Trends, Business Opportunities, Challenges, Growth Insights to 2026

 The global industrial wax market size is expected to gain momentum by reaching USD 14,509.5 million by 2027. This is attributable to the rising food packaging and cosmetics industry that are driving the demand for innovative industrial wax globally. This information is published by Fortune Business Insights, in its latest report, titled, “Industrial Wax Market Size, Share & COVID-19 Impact Analysis, By Type (Fossil Based Wax, Synthetic Wax, Bio-based Wax), By Application (Candles, Coatings & Polishes, Packaging, Food, Tires & Rubber, Cosmetics & Personal Care, Hot-melt Adhesives, and Others), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 9,539.7 million in 2019 and is projected to exhibit a CAGR of 5.9% between 2020 and 2027.

 The market report includes a detailed assessment of various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market strongholds between 2020 and 2027.  

List of the Leading Companies Profiled in the Global Industrial Wax Market are:

  • Sinopec (China)
  • Exxon Mobil (U.S.)
  • Oil Co. Lukoil PJSC (Russia)
  • Sasol (South Africa)
  • Royal Dutch Shell (Netherlands)
  • Numaligarh Refinery (India)
  • The Blayson Group (UK)
  • International Group (Canada)
  • HCI Wax (U.S.)
  • Petrobras (Brazil)
  • Calumet Specialty Products Partners L.P. (U.S.)
  • Gandhar Oil (India)
  • Other Key Players

Browse Complete Research Report Summary: https://www.fortunebusinessinsights.com/industry-reports/industrial-wax-market-101742

 

DRIVING FACTORS

Increasing Demand for Waxes by Food Packaging Sector to Augment Growth

The increasing population rate is propelling the consumption of food across the globe. This is leading to the rapid growth of the food packaging industry that is driving the demand for industrial wax as food additives and insulation packaging. In addition to this, the rising cosmetic industry is expected to boost the demand for waxes owing to their cost-effective wrapping methods that protect the products from humidity, greasing, and water. These factors are expected to boost the growth of the global industrial wax market in the forthcoming years.

SEGMENTATION

Coatings & Polishes Segment Held 5.91% Market Share in 2019

The coatings & polishes segment, based on application, held a market share of about 5.91% in 2019 and is likely to gain momentum owing to the increasing demand for industrial was for coatings across automotive.

REGIONAL INSIGHTS

Rising Construction Sector in Asia-Pacific to Surge Demand

Among all the regions, Asia-Pacific is expected to hold the highest position in the global market during the forecast period. This is attributable to the rising construction sector that propels the demand for this type of wax for hot-melt adhesives application. The region stood at USD 2,872.3 million in 2019.

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