Press release
Industrial Wax Market Projected to Garner Significant Revenues By 2025
Wax is used in a wide range of applications and is an important constituent of variety of industrial products. Wax finds applications in candles, textiles, cosmetics, adhesives, polishes, coatings, rubber compounding, lubricants, medical products, etc. The use of wax is spread over a broad range, from commodity type products to specialty products. For any specific requirement, waxes are processed in order to meet the typical specifications required at consumers’ end. The market for industrial wax is expected to expand at a moderate CAGR over the forecast period. The demand for petroleum wax is currently at the maturity phase in the product lifecycle and is estimated to decline over the forecast period due to the increased usage of economic and cost efficient synthetic waxes. Moreover, the use of natural waxes, especially in personal care industry and cosmetics is forecasted to remain as an attractive segment over the forecast period.
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Global Industrial Wax Market: Drivers
The global industrial wax market is driven by proliferating demand for industrial wax across various end use industries such as manufacturing: coatings, adhesives, plastic and rubber processing, automotive and electrical & electronics.
The increasing demand for organic personal care products are expected to drive the growth of natural waxes in the personal care industry.
Global Industrial Wax Market: Restraints
One of the major factors restraining the growth of the global industrial wax market is the declining use of wax in the packaging industry, owing to the availability of alternatives such as plastics. Limited supply of petroleum wax in the U.S. and Europe, and the legislations prevailing in Europe may lead to the replacement of waxes by other recyclable alternatives.
Global Industrial Wax Market: Trends
A noteworthy trend identified across the global industrial wax market is the development of alternative synthetic waxes, which are of lower cost and can be used as a replacement for natural waxes.
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Global Industrial Wax Market: Regional Outlook
Asia Pacific is expected to hold a dominant share in the global industrial wax market and is expected to grow significantly owing to increasing usage in various end use industries in the region. China is projected to hold a significant share in the Asia Pacific industrial wax market. Malaysia and Indonesia are also expected to exhibit significant growth in the industrial wax market due to potential production opportunities of natural palm waxes in the region. North America is estimated to contribute a substantial share in the global industrial wax market. Western Europe is projected to witness moderate growth in the global industrial wax market over the forecast period. Japan will continue to exhibit steady growth in the global industrial wax market. Middle East and Africa will also witness a significant growth, owing to the availability of crude oil for the production of petroleum wax and other synthetic products.
Global Industrial Wax Market: Market Participants
Some of the examples of market participants in the global industrial wax market identified across the value chain include, Exxon Mobil Corporation, Sasol Limited, International Group, Inc., Royal Dutch Shell Plc., Petroleo Brasileiro SA., CEPSA, Du Pont, Dow Corning Corporation, Croda International, BASF SE, Akzo Nobel N.V. and Westech Wax, among others.
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