Saurashtra News

Industrial Wax Market Value to Surpass $8.9 billion by 2025, at a CAGR of 4.0 %| MarketsandMarkets™ Study

 Breaking News
  • No posts were found

Industrial Wax Market Value to Surpass $8.9 billion by 2025, at a CAGR of 4.0 %| MarketsandMarkets™ Study

February 14
15:20 2023
Industrial Wax Market Value to Surpass $8.9 billion by 2025, at a CAGR of 4.0 %| MarketsandMarkets™ Study
Browse 445 market data Tables and 68 Figures spread through 314 Pages and in-depth TOC on “Industrial Wax Market”
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

Industrial wax is an organic substance that is a white/yellowish hydrophobic solid at room temperature and is a free-flowing liquid at a slightly higher temperature. The melting point of the wax is dependent on its chemical composition. Waxes are insoluble in water but are soluble in nonpolar solvents. Waxes have a complex composition with its major proportion of hydrocarbons containing more than 20 carbon atoms. Industrial waxes can be broadly classified into fossil-based, synthetic, and bio-based waxes. 

MarketsandMarkets expects the global industrial wax market size to grow from USD 7.3 billion in 2020 to USD 8.9 billion by 2025, at a CAGR of 4.0 % from 2020. The increase in demand for waxes in candles, cosmetics, and rubber industries drives the market for industrial wax. The growing concern of health and wellness has also shifted the focus of customers toward green bio-based products. The demand for paraffin and microcrystalline waxes is expected to grow from the tires and rubber applications, where these waxes are used for protecting tires from ozone, ultraviolet light, and weather conditions. 

Get PDF Brochure for Research Insights at 

The industrial wax market is segmented based on type as fossil-based, synthetic-based, and bio-based waxes. Fossil-based wax includes mineral wax and petroleum wax. Mineral waxes include waxes such as ozokerite and petroleum waxes include paraffin and microcrystalline wax. These waxes are majorly used in various applications such as candles, cosmetics and the rubber and tire industry. Synthetic waxes include Fischer-Tropsch wax and others. Fischer-Tropsch wax is produced by the polymerization of carbon monoxide under high pressure. This is a technology used in the emerging natural Gas to Liquid (GTL) projects. Their applications include polishes, candles, food packaging materials etc. Bio-based waxes constitutes of waxes derived from animals (Beeswax) and from plants (Palm Tree Waxes, Candelilla Wax, Sugarcane Wax, Rice bran Wax, and many more). These waxes are an environmentally friendly, sustainable resource and find their application in cosmetics, candles and the pharmaceutical industry.  

The industrial wax market is segmented into seven types based on their application namely candles, packaging, coatings & polishing, hot melt adhesive, tire & rubber, cosmetics & personal care, food, and others. Candles, used for therapeutic and decorative purposes, are produced from paraffin, microcrystalline, vegetable, and animal wax. The packaging industry finds applications for waxes due to their good lubricating and moisture barrier properties. The waxes such as paraffin wax, soy wax, beeswax, and candelilla wax are used in food packaging materials. For coating and polishing applications, these waxes are suitable additives for water-based coating, and their properties include anti-scratch, excellent shine and waterproofing.

Request a Sample of this Report at 

Apart from this, these are also used in protective coating and wood finishes. Waxes are present in several hot-melt adhesive preparations, where they regulate the viscosity of the adhesive and helps in open time, elasticity, and elongation. To protect tires and rubber applications from damage from ozone and UV light, waxes are used in the production of tires and rubber creating a thin, protective wax film, that prevent them from cracking. The cosmetic industry uses wax for various applications such as lipstick, skincare, fragrance and moisturizers due to their structuring agents, rigidity, glossy, flexibility, stickiness, and barrier properties. Beeswax, candelilla, carnauba, and paraffin waxes are among the most commonly used industrial wax for cosmetics applications. These waxes also find their applications in fruits and vegetables where these items are coated with waxes for shining, to prevent moisture loss and protect them from staining during shipping. 

The global industrial wax market, by region, is segmented into APAC, North America, South America, Europe, the Middle East and Africa. APAC is projected to be the fastest-growing market followed by the Middle East and Africa. APAC led the industrial wax market followed by Europe and North America.

ExxonMobil (US), Royal Dutch Shell PLC (Netherlands), Sinopec (China), Sasol Ltd (South Africa), CEPSA (Spain), Hollyfrontier Corporation (US), Calumet Specialty Products Partners (US), Gandhar Oil refinery (India), Numaligarh Refinery Limited (India),  Petróleo Brasileiro (Brazil), THE PJSC Lukoil Oil Company (Russia). are the key players in the industrial wax market.

Share Your Requirements & Get Customized Reports at 

About MarketsandMarkets™ 

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. 

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. 

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. 

Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States

Related Articles