A recent report published by Infinium Global Research on the industrial wax market provides an in-depth analysis of segments and sub-segments in the global as well as a regional industrial wax market
Pune, India -- (SBWIRE) -- 01/22/2020 -- A recent report published by Infinium Global Research on Industrial Wax Market (Type - Fossil Based, Synthetic Based, and Bio-based; Application - Candles, Food and Beverage, Packaging, Coatings and Polishes, Hot-melt Adhesives, Tires and Rubber, Cosmetics and Personal Care, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025. According to the report, the global industrial wax market is projected to grow at a CAGR of 4.1% over the forecast period of 2019-2025.
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Industrial Wax Market: Insight
Industrial wax is a type of organic compound, which is soft at room temperature. Industrial wax is insoluble in the water but can be dissolved in an organic, non-polar solvent medium. Industrial wax is a good source of coating agents; which help to protect the self-life of different food products as fruits, tablets. Further, it is a very helpful ingredient in the fertilizer industry, where it is used as an anti-caking agent. The industrial wax has a different type on the basis of their source. These are obtained from plants, animals and as a byproduct of petroleum. Industrial wax is mainly obtained from petroleum sources.
Industrial wax has several applications- candle manufacturing, waterproofing agents, crayons, friction-reducing agents, and coating agents. Additionally, it has several applications in other industries-agriculture, food, rubber, electrical appliances, pharmaceuticals, and cosmetics, matches box manufacturing industry, fabric, and paper industry. It is used as an anti-caking agent to ease the dosing, handling, and transportation of fertilizers.
It is used as coating agents for several food products in the food industry as cheese, citrus fruits. In the rubber industry, it is used to protect the tire from ozonization, chipping and cracking. In the electrical industry, it is used as insulating agents to cover electronic nodes and appliances wirings. Furthermore, it is used in the pharmaceutical and cosmetics industry as a coating agent to protect the surface of the tablet. In the matchbox and firework industry, it is used to regulate their burning. Owing to its unique properties its demand is increasing day by day in every industry.
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Industrial Wax Market: Regional Insights
Asia-Pacific is the leading market of the industrial wax, due to the increasing industrial application of industrial wax as coating agents in fertilizer, electronic & electrical and food industry. Additionally, the growing demand for a different type of cosmetic and pharmaceutical products is helping to boost the demand for industrial wax in this region. China is the leading country in the Asia-Pacific region in terms of the consumption of industrial wax products. Europe is the second-largest market after the Asia-Pacific in the industrial wax market.
Industrial Wax Market: Segmentation
The report on the global industrial wax market covers segments such as type and application. On the basis of type, the sub-markets include fossil-based, synthetic based, and bio-based. On the basis of application, the sub-markets include candles, food, and beverage, packaging, coatings and polishes, hot-melt adhesives, tires, and rubber, cosmetics and personal care, and others.
Industrial Wax Market: Competitive Landscapes
The report provides profiles of the companies in the market such as The International Group, Inc., The Blayson Group Ltd, HCI Wax, Numaligarh Refinery Limited., The PJSC Lukoil Oil Company, Sasol Limited, Exxon Mobil Corporation, Petróleo Brasileiro S.A., Royal Dutch Shell Plc, and China Petroleum & Chemical Corporation.
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The Infinium Global research comprises of a team of well-experienced analysts who have qualified in generating incisive reports. The industrial wax market report offers trends, opportunities, challenges, market size, and forecast for major geographical regions and key countries. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the industrial wax market.