The global market for the Industrial Wax is anticipated to develop at a compound annual growth rate (CAGR) of 4.3% throughout the course of the forecast, to reach USD 14.2 billion by 2030.
.jpg "The Global Industrial Wax Market 2020-2030 (USD Billion)")
The global industrial wax market was valued at USD 12.30 billion in 2019 and is expected to grow with a CAGR of 5.3% from 2019 to 2025. Prevalent use of industrial wax owing to its increasing investment candle industry coupled with its extensively safe use are contributing factors driving the global industrial wax market.
Industrial wax is also used in sealing and waterproofing products as well as in lubricant and candle-making industries. HIT industrial wax is natural and can be used as a raw material in bio-based goods. Such products are cost-effective because they comply with technical requirements without additional regulatory standards that would be required for the food, cosmetic or pharmaceutical industries. Derived from natural oils and fats, this commodity can be used as a raw material for biobased products and meets the requirements of the industry for 'greener' components. In comparison to paraffin wax, this economic wax is made from renewable and biodegradable materials. Natural industrial waxes are widely used in the candle-making, lubricants, ink, and polishing industries.
Natural fibers contain wax-like substances as a defense agent against chemical and biological factors. The removal of these substances during processing alters the frictional and absorbent properties of the fibers, resulting in a loss of softness, fold ability, and elasticity, making it necessary to reapply an appropriate finish. It is also necessary to lubricate synthetic fibers for high-speed processing.
Wax emulsions are used by the textile industry in four main fields, which include waterproofing of textile substrates, altering the frictional properties of fibers, yarns and sewing threads to enhance processability, improving the performance of finishing compounds such as softeners, silicones, and resins, and providing superior fabric properties such as improved flex abrasion resistance, tear strength.
Industrial Wax Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 14.2 billion |
| Growth Rate | CAGR of 4.3 % during 2020-2030 |
| Segment Covered | Product Type, By Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Nippon Seiro Co., Ltd, Baker Hughes Company, Exxon Mobil Corporation, Sasol Limited, The International Group, Inc., Evonik Industries AG, BASF SE, Dow, Honeywell International Inc., Royal Dutch Shell P.L.C |
Key Segment Of The Industrial Wax Market
Product Type (USD Billion)
• Mineral wax
• Synthetic Wax
• Natural Wax
Application, (USD Billion)
• Candles
• Packaging
• Plastics & Rubber
• Pharmaceuticals
• Cosmetics & Toiletries
• Fire Logs
• Adhesives
• Others
Regional Overview, (USD Billion)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
the industrial wax market is growing at a CAGR of 4.3 % during the forecast period.
North America dominated the market for industrial wax market and accounted for the largest revenue share.
The base year for the report is 2023 in industrial wax market
Wax is used in a broad variety of applications and is an important part of a wide range of industrial goods. It is used in adhesives, polishes, candles, textiles, cosmetics, coatings, rubber compounds, lubricants, medicinal devices, etc. and can be used in a wide variety of applications, from commodity-type products to specialist goods.
Fox`ssil oil paraffin waxes will still be used in the future and wax manufacturers will be left to modernize their plants. However, the focus will be more on waxes with special features for high-value applications than on the production of paraffin for candles. One example of this is the production of a system for obtaining hard mass models for precision casting. These wax models are used in the manufacture of modern aircraft engineers. The refining of synthetic waxes by static crystallization is an effective and robust process. The crystallizer is fitted with vertical cooling components that are submerged in liquid wax. The waxes crystallize on the cool surfaces of the elements. Guiding elements, which are oriented towards cooling elements, have a solid wax sheet.
The new method for synthetic waxes demonstrates the same efficiency and low operating costs that are known from other Sulzer crystallization applications. A very versatile principle of counter-current positioning, combined with a predetermined and carefully regulated mass and energy balance. Maintenance is therefore reduced to a minimum. Due to efficient microprocessor-based process control, human labor is reduced and primarily centered on output monitoring. The cycle can be stopped and restarted very quickly if it has been interrupted, without any loss of time or product.
The global industrial wax market has been segmented based on application, end-use industry, type, and region. Based on type, the global industrial wax market is categorized into fossil-based, synthetic-based, and bio-based. The fossil-based waxes segment is the largest type of the industrial wax market which accounts for 42.0% of the total share of the market in 2018. Such waxes are commonly used in the manufacture of candles, packaging, and coatings for consumer goods. In addition to this, these waxes are used in the cosmetics industry because they are commonly considered healthy and are extracted from different crude oil refining processes. Petroleum wax has a high-gloss characteristic which makes it suitable for polishing and is commonly used in floors, furniture, cars, and footwear. A broad variety of packaging waxes, paper coating waxes, paper dip waxes, and laminating waxes are available. Waxes are blended to meet the requirements of your form.
The demand for tire & rubber applications is expected to have the highest growth rate during the forecast period. Industrial waxes are applied to the rubber and tire formulations to shield them from ozone and UV rays. Furthermore, these waxes are added to tires and rubber to prevent them from cracking. Additionally, the rising tire and rubber industries are expected to boost demand for industrial waxes during the forecast period.
The global industrial wax market is expected to steadily grow in the all the regions. However, North America followed by Asia Pacific is expected to witness the highest growth in the industrial wax market during the forecast period.
.png "Global Industrial wax Market Share by Region (2019)")
Geographically, Asia Pacific is the fastest growing region in the industrial wax market sector and North America dominated the global industrial wax market due to higher demand from the industrial sectors in Canada, Mexico and US which accounted for a market share of 25.62% approximately in 2018. North America was led by Asia Pacific and Europe as the second and third largest consumer wax markets.
Increased demand from the increasing industrial base in the Asian region is expected to remain the key growth driver in the region, making it the fastest-growing industrial wax market in the North America region, projected to account for the largest share of the industrial wax market in 2019. However, China, India, and Japan are among the leading markets for candle production, packaging, coating & polishing, and tire & rubber.