Global Industrial Wax Market by Types, Applications, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026

Global Industrial Wax Market is valued to reach USD 12.2 Billion by 2026, registering a CAGR of 4.2% over forecast period 2020–2026. Rising demand for crude oil, increasing consumption of paraffin wax, rise in consumer interest for personal hygiene and beautification products coupled with growing demand from candle application are key factors driving the market.

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Wax is used in a wide range of applications and is an important constituent of variety of industrial products. It finds its applications in adhesives, polishes, candles, textiles, cosmetics, coatings, rubber compounding, lubricants, medical products, etc. and can be used over a broad range, from commodity type products to specialty products. Increasing demand for the wax in the industrial applications is expected to remain key growth driver during the period of study.

Market Trends, Drivers, Restraints, and Opportunities:

Surge in the demand for automotive tires due to the increase in automobiles sell across the globe is likely to drive the market.
Strong economic growth and increasing disposable incomes have brought a global retail boom. Factors such as increasing globalization and urbanization have resulted in a transformation in lifestyles of people, resulting in the rising expenditure on packaged foods and beverages. This, in turn, is likely to propel the demand for the industrial wax for packaging purposes.
Greater acceptance of industrial wax in various applications is a major factor that is anticipated to drive the industrial wax market.