Global Industrial Wax Market: Overview
Industrial wax is used in various applications such as cosmetics and personal care, adhesives, packaging, candle making, etc. Due to its use in many sectors, the demand for the same is increasing and expected to surge in during 2018 to 2026, says recent study on the global industrial wax market.
The global industrial wax market is expected to grow at a healthy rate during the forecast period. An upcoming Transparency Market Research (TMR) report elucidates on size, share, trends and factors driving the growth of the global industrial wax market.
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Global Industrial Wax Market: Key Developments
- Recent development in bio based waxes in packaging and coating sectors that uses vegetable oil as a feedstock.
- Bio based waxes can act as a substitute for paraffin wax which are suitable for food products. Such sustainable wax hold a large share in the market.
Other than these, the prominent players in the global industrial wax have expansive presence in regional markets. These leaders are concentrating on deriving wax from renewable sources to cater to rising demand from end consumers. Some of these leading players in the market are Royal Dutch Shell (Netherlands), Exxon Mobil (US), Lukoil PJSC (Russia), Sasol (South Africa), Numaligarh Refinery (India), and Sinopec (China).
Global Industrial Wax Market: Drivers and Restraints
Some the key factors that are expected to drive the global industrial wax market during the forecast period are as follows:
Packaging to Drive Global Industrial Wax Market
According to a study, the packaging sector is expected to be the one of the largest consumers of industrial wax. They provide good lubrication and waterresistance properties. Hence, industrial wax is widely used in the food packaging sector. Additionally, wax coating provides durability to packaging during transit and handling. Therefore, the global industrial wax will witness a substantial growth during the forecast period.
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Furthermore, wax coated paper offers adept and cost-effective wrapping solutions to protect goods from moisture, humidity, and greasing. Also, some of the industries such as cosmetics sector are entering into partnership with other leaders in the market. Such strategic collaborations are likely to create a huge demand for wax such as bio-based wax, synthetic wax, and petroleum wax. This is expected to drive the global industrial wax market towards expansion during the forecast period.
Rise in Per Capita Income to Expand Global Industrial Wax Market
Increasing population and rising consumption of food products and pharmaceutical needs are some of the factors that may drive the global industrial wax market. Increasing consumption of home décor products such as scented candles, automotive, electronics, cosmetic and personal care products due to increasing disposable income are projected to create a huge demand for industrial wax. Hence, the global industrial wax may witness a robust growth during the forecast period.
Additionally, expansion of refinery market is expected create a huge demand for industrial wax to meet ever-growing demand from consumers.
Global Industrial Wax Market: Geographical Analysis
The global industrial wax is divided into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Among these, Asia Pacific is expected to emerge as a dominant region in industrial wax consumption. China is projected to register a large share in this region due to high consumption of coatings, packaging, and candles. After China, it is India which is expected to be fast growing registering a larger share in the global industrial wax market.