New York, NY -- (SBWIRE) -- 11/26/2020 -- Industrial Wax Market to Reach USD 13.44 Billion By 2027

Industrial Wax Market Dynamics

The Industrial Wax Market size is expected to reach USD 13.44 billion by 2027, estimates a new report by Reports and Data. Industrial waxes are solid substances that melt into liquid at slightly higher temperatures. Various sorts of waxes are industrially available, like bio-based, fossil-based, and synthetic. Industrial wax exhibit excellent properties and thus, enjoy a broad range of applications starting from pharmaceutical to packaging and plastics to cosmetics.

Enhanced demand for waxes from the personal care and cosmetics industries are apparent and consumer interest in personal hygiene and beautification products has added stimulus to the industrial wax market. Industrial wax is employed in formulations of cosmetics and personal care product to maintain the thickness and texture of those products. With the increase in demand for personal care products, several companies are coming forward to provide wax to cater to the requirements of the cosmetics and personal care businesses.

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Incidentally candle application contributed to the most important industrial wax market revenue share and is predicted to stay the most important segment over the forecast period. The rising demand for colored and scented candles is driving the market. Wax paper may be a proficient and cost-effective wrapping material that protects products from humidity, moisture, and greasing. Because the world is trying to maneuver way from the use of plastic in wrapping, wax paper wrapping will witness renewed interest. Excellent shine, water-proofing, anti-blocking, anti-scratch qualities, and slip resistance are the favored attributes of commercial waxes which can increase their application within the coating industry. The rise in demand for industrial waxes from the coating application is predicted to reinforce the industrial wax market growth over the forecast period.

Bio-based waxes are mostly in demand within the food packaging, cosmetics, and personal care industries. The beneficial properties of bio-based waxes are attributed to the growing demand of those kinds of wax in food, cosmetics, and personal care applications. Because the industrial wax market faces challenges owing to shortage of paraffin, it's estimated that the supply of bio-based wax will keep the market afloat and thriving over the forecast period.

Industrial Wax Market: Regional Outlook

North America holds a substantial share within the industrial wax market, due to the presence of better infrastructure and technology. The region is expected to be a pioneer in product innovation alongside research and development for industrial wax. The North America industrial wax market is predicted to register a CAGR of 3.9% over the forecast period.

However, the most important share is accounted by the Asia Pacific region with of 29.3% of the market in 2019 thanks to the huge generation and consumption of packaging products, candles, and coatings. Countries like India, China, and Japan are among the key markets for packaging, candle making, coatings & polishes, and tires & rubber. The expansion is owed to accelerated industrialization, growing demand for industrial wax from various applications, and increasing government spending.

Industrial Wax Market: Key Players
The Blayson Group Ltd
HCI Wax
The PJSC Lukoil Oil Company
Exxon Mobil Corporation
The International Group, Inc.
Numaligarh Refinery Limited.
Sasol Limited
Royal Dutch Shell Plc
Petróleo Brasileiro S.A.
China Petroleum & Chemical Corporation

COVID-19 Impact on Industrial Wax Market:
All markets have taken a serious hi due to the insurgence of COVID-19 and while some businesses have gone under, others have hunkered down and waiting for the crisis to blow over. Various application sectors for industrial wax have been negatively impacted by the worldwide spread of the virus. For instance, the cosmetics industry has practically plummeted as people have started to stay at home and thus wear less makeup. The personal care industry in the other hand has experienced a surge in demand as more people are time to focus on personal care. These industries have tries to keep their revenue streams steady by quickly switching to production of hygiene products and hand sanitizers but this has failed to offset the loss due to lockdowns. It has been observed that millennials and Gen Z-ers, who are proficient at online shopping, still preferred to buy beauty products in-store and with stores being closed, these industries did not have an option but to sustain losses. Such revenue loss in application areas will definitely reflect on industrial was market share but it is expected once things go back to normal and supply chains are up and running, the industry can make up for this temporary and unexpected loss.

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Report Highlights:
Detailed overview of the market
Evolving industrial wax market dynamics
In-depth industrial wax market classification
Historical, present, and anticipated industrial wax market size and share in terms of volume and value
Recent industrial wax market trends and advances
Competitive landscape
Strategies adopted by key players and products portfolio
Segments, sub-segments, and geographic regions exhibiting growth prospects
A neutral and global perspective on industrial wax market performance

Industrial Wax Market: Segmentation

For the purpose of this study, Reports and Data has segmented the market on the basis of application, type, sales channel, and region:

Application Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2017-2027)
Candles
Cosmetics & Personal Care
Packaging
Coatings & Polishes
Others

Type Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2017-2027)
Fossil based
Synthetic based
Bio based

Sales Channel Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2017-2027)
Offline
Online

Regional Outlook (Volume, Square Meters; and Revenue, USD Billion; 2017-2027)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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