Industry News

Industrial Wax Market to Reach USD 14.3 Bn by 2026: M&M

Published on 2019-04-18. Author : SpecialChem

Wax Market

The industrial wax market size was estimated to be USD 9.8 billion in 2018 and is projected to reach USD 14.3 billion by 2026, at a CAGR of 4.8%. The increasing demand for industrial wax from applications, such as candles, packaging, and coating & polishes and growing acceptance of synthetic waxes are expected to drive the industrial wax market.

The Fossil-based Waxes Segment

The fossil-based waxes segment is the largest type of the industrial wax market. These waxes are largely used in candle making, packaging, and coatings of commercial products. In addition, these waxes are used in the cosmetics industry as they are considered extensively safe and are derived from various processes of crude oil refining. Petroleum wax has a high-gloss characteristic, which makes it a suitable ingredient for polishes and is commonly used in floors, furniture, cars, and footwear.

Tire & Rubber Application

The market in the tire & rubber application is projected to witness the highest growth rate during the forecast period. Industrial waxes are added to the compounds of rubbers and tires to protect them from ozone and UV lights. In addition, these waxes are applied to tires and rubbers to protect them from cracking. Moreover, the growing tire and rubber industries are expected to drive the demand for industrial waxes during the forecast period.

Asia Pacific Accounts for the Largest Share

Asia Pacific was estimated to account for the largest share of the industrial wax market in 2017. China, India, and Japan are among the leading markets for candle making, packaging, coatings & polishes, and tires & rubber. The growth in the application segments has increased the demand for industrial wax in the region.

The leading players in the industrial wax market are Sinopec (China), Royal Dutch Shell (Netherlands), Petroleo Brasileiro (Brazil), Exxon Mobil (US), Sasol (South Africa), Oil Co. Lukoil PJSC (Russia), Numaligarh Refinery (India), HCl (China), The Blayson Group (UK), and International Group (Canada).

Source: M&M
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