According to the new market research report “Industrial Wax Market by Type (Fossil-based wax, Synthetic wax, Bio-Based wax), Application(Candles, Packaging, Coatings & Polishes, Hot-melt Adhesives, Tires & Rubber, Cosmetics & Personal Care, Food), and Region – Global Forecast to 2025″, The Industrial wax market was USD 7.3 billion in 2020 and is projected to reach USD 8.9 billion by 2025, at a CAGR of 4.0 % from 2020. The growing market for various application industry such as cosmetics and personal care, tire and rubber and candles is expected to drive the demand for industrial wax market. The demand for bio-based wax in food, packaging, cosmetics & personal care, and other applications is growing in developed region such as North America and Europe due to environmental regulations. Moreover, growing population, the GDP growth, increase in per capita and disposable income in countries such as china, India and other Asian countries is boosting the market for industrial wax.
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Fossil based wax such as paraffin and microcrystalline account for the majority of market share for industrial wax. The steady growth in demand from end-use industries such as candle, packaging, cosmetic, and coatings, among other supports for the growth of the market. Paraffin wax is mainly consumed across these industries due to abundant availability, low cost of the product, ease of production, suitability to several industrial application and performance characteristics. Their applications in various industries includes rubber, textiles, wood coatings, paper & printing, industrial coatings, and constructions. Moreover, microcrystalline waxes are widely used in cosmetics, food, packaging, coatings, and other industrial applications.
Candles are primarily made from microcrystalline wax, beeswax, and plant wax such as carnauba, soybean, and bayberry wax). Candles are one of the oldest applications of wax, which is still the fastest growing market owing to the increasing importance of decorative items and therapeutic uses. In terms of production, China has significant production capacities and export over half of the total production to North American and European countries. It has been observed that the import of candles in European and North American countries has increased significantly in the past five years. The growing importance of candles for religious purposes has enforced the wax manufacturers to produce wax from vegetable-based materials such as soybean oil, palm oil, beeswax, and even tallow. This has triggered the demand for vegetable-based waxes, globally.
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The Industrial wax market was USD 7.3 billion in 2020 and is projected to reach USD 8.9 billion by 2025, at a CAGR of 4% from 2020. This is due to the growing demand for industrial waxes from various applications. The candle market is the largest application segment of industrial waxes. Colored candles and candles with fragrances are gaining more importance in Homedecore industries for ambiance improvement and other purposes. Bio-based wax demand is growing in food, packaging, cosmetics & personal care, and other applications, due to environmental regulations in developed regions such as North America and Europe. Growing population and faster GDP growth rates in countries such as China, India, and other Asian countries boost the industrial wax market growth.
The leading players in the Industrial wax market include ExxonMobil (U.S.), Royal Dutch Shell PLC (Netherlands), Sinopec (China), Sasol Ltd (South Africa), CEPSA (Spain), and Hollyfrontier Corporation (U.S.). The key industry players are adopting strategies to expand their presence in the global market.
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COVID-19 impacted the global economy as it has restricted the movement of people and industrial operations, decreased the local demand, and destabilized the international financial markets. The pandemic and decrease in crude oil prices had a significant impact on companies revenue in 2020. This led to disruption in demand, and companies have reduced their production of oil and gas, impacting sales volume and utilization of refining and chemical plants.
In February 2019, HollyFrontier acquired Sonneborn (U.S.) for USD 655 million. The company is a producer of specialty hydrocarbon chemicals such as white oils, petrolatums, and waxes with manufacturing facilities in Pennsylvania and the Netherlands.
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