DUBLIN--(BUSINESS WIRE)--The "Global Industrial Wax Market - Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Global Industrial Wax Market was valued at USD 11.99 billion in 2023, and is expected to reach USD 16.10 billion by 2029, rising at a CAGR of 5.04%.
APAC holds the most significant share of the global industrial wax market, valued at over USD 4 billion in 2023. The region holds a substantial share as the cosmetics, pharmaceutical, and automotive sectors are increasing significantly due to continuous industrialization, low-cost labor, and the availability of raw materials, fueling the demand for industrial wax in the region. The region is also home to various developing countries, such as India, China, South Korea, and Indonesia. Governments of these developing countries introduced policies that attract foreign investment to promote industrial development. In addition, governments also offered subsidies and incentives under FDI policies. Such factors collectively are projected to support the regional market growth.
MARKET TRENDS & DRIVERS
Rise in Investment in the Construction Industry
The growth of the construction industry is fueled by increasing populations and urbanization in emerging nations, leading to a heightened demand for infrastructure and residential construction. Waxes are used in construction and with waterproofing, sealing, lubricating, and surface finishing materials. Waxes are added to concrete, mortar, and asphalt formulations to improve workability, reduce cracking, and enhance durability. With increasing investments in infrastructure development, urban renewal projects, and construction activities worldwide, the demand for industrial wax in the construction industry is expected to grow during the forecasted period.
Increasing Presence of E-Commerce
The growth of the e-commerce industry, particularly in the industrial wax market, is a multifaceted trend that has gained significant momentum in recent years. The ever-increasing popularity of online shopping is the key driver behind this trend. With the convenience of purchasing products from the comfort of their homes, consumers are turning to e-commerce platforms more than ever before. This surge in online shopping has led to a rise in demand for packaging materials to ship products safely to consumers' doorsteps, which has increased the demand for industrial wax in the market. However, this growth has also brought attention to the environmental impact of traditional packaging materials, such as plastic, and excessive use of cardboard. Also, governments and regulatory bodies are pressuring businesses to adopt industrial wax market practices. Regulations and policies promoting the reduction of single-use plastics and encouraging the use of recyclable, biodegradable, or reusable packaging are becoming more prevalent. E-commerce companies are thus motivated to embrace industrial wax market solutions to remain compliant and avoid potential fines or reputational damage. The industrial wax in the e-commerce industry is witnessing innovation and diversification.
SEGMENTATION INSIGHTS
INSIGHTS BY PRODUCT TYPE
The global industrial wax market by product type can be categorized into mineral-based, synthetic, and bio-based. A wide range of industrial waxes can be derived from natural or synthetic sources; these have applications across various industrial sectors such as cosmetics, candles, pharmaceuticals, automotive, and food and beverage. In 2023, the mineral-based segment held the most significant segmental market share. Mineral-based waxes or fossil-based waxes are a byproduct of the refining process of petroleum. The applications of fossil-based waxes are across multiple sectors; for instance, they provide moisture resistance and barrier properties and enhance the appearance of products - for example, wax-coated paperboard packages food products like frozen foods, beverages, and confectionery items.
INSIGHTS BY BIO-BASED
The global industrial wax market by bio-based is segmented into beeswax, soy wax, carnauba wax, and other waxes. Beeswax is another naturally available wax that is manufactured by bees. Beeswax is a product made in honeycombs of honeybees and other bees that can be extracted from the combs. The beeswax segment holds the most significant segmental share. The applications of beeswax can also be found in the food and beverage industry: white beeswax and absolute beeswax, which can be obtained by treating yellow beeswax with alcohol; these waxes are used as stiffening agents. In the pharmaceutical sector, yellow and white beeswax are used as thickeners, emulsifiers, and stiffening agents in cosmetics. Furthermore, absolute beeswax is used as a fragrance in soaps and perfumes. White beeswax and absolute beeswax are also used to polish pills. Hence, the factors mentioned above are propelling the growth of the beeswax market, which will directly impact the growth of the industrial wax market during the forecasted period.
INSIGHTS BY MINERAL WAXES
The global industrial wax market under the mineral waxes is segmented as paraffin wax, microcrystalline wax, and other waxes. Paraffin wax holds the largest segmental share and is projected to grow at a CAGR of 5.29% in revenue during the forecast period. In the cosmetics industry, paraffin wax, a major component of lotions and hand creams, is regularly used to moisturize the hands and feet. Paraffin wax is a natural emollient. The mineral waxes provide moisture resistance barrier properties and enhance product appearance - for example, wax-coated paperboard packages food products like frozen foods, beverages, and confectionery items. Furthermore, paraffin wax is also known to provide pain relief to sore joints and muscles. Paraffin waxes are also used for other uses, such as lubrication and electrical insulation, and to make candles and crayons. Hence, such applications across multiple sectors will positively impact the growth of the paraffin wax market.
INSIGHTS BY END-USER
The global industrial wax market by end-users is segmented into the candle industry, cosmetics industry, pharmaceutical industry, food & beverage industry, automotive industry, packing industry, aerospace industry, shipping & marine industry, construction industry, and others. The candle industry held the most significant segmental market share in 2023. The candle industry is majorly dependent on wax as the major raw material for candle manufacturing, and more than 80% of the final product is made of wax. Furthermore, multiple types of waxes are used in the cosmetics industry. Some widely used waxes are carnauba, beeswax, paraffin wax, acetyl, microcrystalline waxes, etc. Their application in the sector varies depending on the need. For instance, various brands and types of lip balm use a variety of waxes that can be used for manufacturing. Beeswax is one of the majorly used waxes for lip balm. Lanolin and paraffin are also used to manufacture lip balm. These waxes are used for their softening properties. Furthermore, waxes also provide the product with a waxy feel and help protect, soften, and soothe chapped lips.
COMPETITOR LANDSCAPE
The global industrial wax market is characterized by high market concentration, with high competition among the players. The vendors must look for sustainable manufacturing methods as many manufacturers are innovating new techniques to reduce the power consumed and improve the quality simultaneously. The present scenario drives vendors to alter and refine their unique value proposition to achieve a strong market presence.
Currently, the industrial wax market is moderately fragmented and is dominated by vendors such as Exxon Mobil, Royal Dutch Shell, Sino Pec, and HF Sinclair Corporation. All these major vendors have a global presence in three major geographical regions: North America, APAC, and Europe.
Key Company Profiles
- ExxonMobil
- Royal Dutch Shell
- Sasol Limited
Other Prominent Vendors
- Sinopec Group
- Blended Waxes Inc.
- HF Sinclair Corporation
- Petroleo Brasileiro S.A
- artience Co., Ltd.
- Gandhar Oil Refinery
- Junsei Chemical Co., Ltd.
- KISHIDA CHEMICAL Co., Ltd.
- Fushun HengYI Petro & Chemical Co. Ltd.
- Poth Hille & Co Ltd
- Indian Oil Corporation
- Shree Sai Chemicals
- BEIJING BIQIANG TRADE CO., LTD
- Atlas Organics Private Limited
- King Honor International Ltd.
- Hubei Myers Petrochemical Co., Ltd
- Sigma Chemical Company
- Swastika
- Kearx
- Lodha Petro
- NACALAI TESQUE, INC.
- The International Group, Inc.
KEY QUESTIONS ANSWERED
- What are the significant trends in the industrial wax market?
- What is the growth rate of the global industrial wax market?
- Which region dominates the global industrial wax market share?
- Who are the key players in the global industrial wax market?
- How big is the industrial wax market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 480 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $11.99 Billion |
| Forecasted Market Value (USD) by 2029 | $16.1 Billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
REPORT SEGMENTATION
Segmentation by Product Type
- Mineral Based
- Synthetic
- Bio-Based
Segmentation by Bio-Based
- Beeswax
- Soy Wax
- Carnauba Wax
- Other Waxes
Segmentation by Mineral Waxes
- Paraffin Wax
- Microcrystalline Wax
- Other Waxes
Segmentation by End-users
- Candle Industry
- Cosmetics Industry
- Pharmaceutical Industry
- Food & Beverage Industry
- Automotive Industry
- Packing Industry
- Aerospace Industry
- Shipping & Marine Industry
- Construction Industry
- Other Industries
For more information about this report visit https://www.researchandmarkets.com/r/7qeo2n
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
