Global Industrial Wax Market Growth Factors, Demand and Trends Forecast to 2029
The Industrial Wax market is valued at US$7.5 billion in 2021 and is expected to grow at a CAGR of 3.7% during the forecast period (2022-2029) mainly due to the growing popularity of candle centered craft products as well as associated decorative products over the forecast period.
ChemIntel360’s global Industrial Wax Market study is a 177-page report containing in-depth analysis on historical and forecasted spending and consumption patterns in the sector. The study offers granular value and volume data from a global, regional, applications, and type perspective.
Over the last few years, sectors such as packaging, food, and personal care have accounted for most of the Industrial Wax demand owing mainly to its anti-caking, ultra-violet (UV) resistance, and antimicrobial properties.
The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
Insights on Application:
The Industrial Wax market is segmented into candle, packaging, coatings and polishing, hot-melt adhesive, tire rubber, cosmetics and personal care, food, and others in terms of application.
In terms of application, the candle segment held the dominant share in 2021 at 34%, as manufacturers developed novel products to keep up with changing consumer preferences. Candles are also increasingly being used in the home décor industry, either independently or as part of other pieces such as chandeliers. Additionally, they are also being used extensively as part of various religious settings in developed and developing countries. All these factors are expected to drive demand for Industrial Wax in the candle segment over the forecast period
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Insights on Type:
The Industrial Wax market is segmented into fossil-based, synthetic and bio-based in terms of type.
In terms of type, the fossil-based waxes segment is expected to account for the largest share at 85% in 2021, mainly due to applications in various industries such as packaging, candles, and commercial goods coatings. In addition, these waxes are utilized in the cosmetics sector and are derived from various crude oil refining procedures. Petroleum-based wax, a form of fossil-based wax imparts a high gloss to the surface, making it ideal for the polishing of floors, vehicles, and furniture.
Regional Insights:
The APAC region held the largest share in 2021, accounting for 40.4%. The growth in this market is led by increasing demand from different applications such as candles, coatings, and polishing as well as increasing per capita income in this region. The rising demand for candles is driven by rising in decorative items, religious beliefs, and various lifestyle habits. North America held the second-largest share and is driven by increasing use for synthetic-based waxes.
Market Dynamics
Trends
The last few years have witnessed a significant uptick in the use of wax in industrial-grade packaging. For example, a wax-layered paper that prevents rust is increasingly being used to hand wrap miniature and irregular designed metal parts to protect them against corrosion, especially during shipment.
Drivers
Over the years, Industrial Wax has found applications in various industries such as candles, cosmetics, automotive, and rubber. In turn, these industries have exhibited robust growth, thereby driving demand for Industrial Wax as well. For example, candles, which were previously used only as a lighting tool, now play a key role in festivities and celebrations across the world. Moreover, the APAC region, which was a heavy importer of candles in the past, has now emerged as a key manufacturing hub.
Opportunities
There is growing concern amongst the general public about the possible side effects of synthetic-based products. As a result, there is a noticeable tilt towards the ones that are more eco-friendly and bio-derived. In keeping with this trend, several suppliers have started launching products based on bio-derived materials. Thus, the consumption of naturally occurring waxes such as Carnauba wax and Candelilla wax has witnessed a significant uptick, especially for the production of personal care based-products. This trend is expected to continue over the short to medium term, thereby creating opportunities for manufacturers.
Challenges
Even though paraffin wax is increasingly being used in the packaging industry, experts are concerned about its potential side effects and health hazards. According to the China National Library of Medicine, the ingredient can cause intestinal obstruction, nausea, vomiting, and possible breathing difficulties. Because of this, the use of bio-based waxes is growing in the food packaging industry across the globe. In addition, regulatory bodies often issue stringent guidelines related to the application of Industrial Waxes, which at times leads to production and market entry delays.
Covid Impact
The COVID-19 pandemic adversely impacted the Industrial Wax market. The abrupt halt of industrial activities and supply chain constraints led to an acute decline in demand for Industrial Wax from these economies. In addition, waning demand for candles, and related consumer products across the globe resulted in a slump in Industrial Wax demand. However, the market is already showing signs of recovery, with a stronger bounce-back estimated in 2022.
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Scope of the Global Industrial Wax report
This report provides an analysis of the latest industry trends and estimates revenue and volume growth at global, regional, and country levels. For this report, ChemIntel360 has segmented the global Industrial Wax market based on application, type, and region.
Key Vendors
Gandhar Oil Refinery, Numaligarh Refinery Limited, ExxonMobil, Hollyfrontier Corporation, Calumet Specialty Products Partners, Royal Dutch Shell, Sinopec, PJSC Lukoil Oil, Petróleo Brasileiro, Kerax Limited
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