Industrial Wax Market size is estimated to cross USD 15 Billion by the end of 2033, growing at a CAGR of 5% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of industrial wax was USD 10 Billion.The growth of the market can be attributed to the increasing demand for wax for the manufacturing of candles. Candles are highly in demand since they are part of several occasions held by people. Additionally, the prevalence of candle gifting is at its peak owing to its safety, product innovation, and ease of use. Furthermore, the demand for candles is also spurred by the vogue trend of home décor. All these factors have initiated expansion in the candle industry, propelling the demand for wax. It was stated that the total worth of the global candle industry stood at approximately USD 3 billion in 2019, which is further projected to increase to around 6 billion by 2027.
The production of industrial wax market is anticipated to be driven by the growing demand in various industries owing to its superior properties such as high gloss, good water repellency, and outstanding chemical resistance. As a result, industrial wax is being highly utilized, in the production processes of candles, cosmetics, rubber, and various other things. Therefore, the high demand for candles is projected to bring lucrative growth opportunities for the industrial wax market. As per the data released by the Observatory of Economic Complexity (OEC), in 2020, candles worth USD 3.38 billion were traded across the world.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~5% |
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Base Year Market Size (2022) |
~ USD 10 Billion |
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Forecast Year Market Size (2033) |
~ USD 15 Billion |
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Regional Scope |
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Application (Candles, Packaging, Coatings & Polishing, Hot Melt Adhesives, Tire & Rubber, Cosmetics & Personal Care, Food)
The global industrial wax market is segmented and analyzed for demand and supply by application into candles, packaging, coatings & polishing, hot melt adhesives, tire & rubber, cosmetics & personal care, food, and others. Out of these, the candle segment is attributed to garner the highest market share by 2033, owing to the rising demand for candles by the burgeoning population. A significant amount of wax is being used in producing candles, thus expanding the industrial wax market size. Candles have an ignitable wick that provides light and fragrance. Moreover, candles are the classic solution for eliminating darkness, and it is anticipated to drive the segment’s growth in the market. A report published in 2022, calculated that the candle industry consumes over 1 billion pounds of wax in producing candles in the United States every year.
Type {Fossil-based (Mineral Wax, Paraffin Wax, Microcrystallion)
The global industrial wax market is also segmented and analyzed for demand and supply by type into type {fossil-based (mineral wax, paraffin wax, and microcrystallion), synthetic (fischer-topsch, and others), and bio-based}. Out of these segments, the bio-based segment is estimated to hold a significant share of the market over the forecast period. Bio-based wax is a renewable replacement for fossil-based waxes, and also provides thermal stability, mechanical protection, hydrophobicity, scratch resistance, and others. A major benefit of bio-based wax is that it can be recycled easily after utilization. Moreover, it is also used in skin treatments to remove dead skin cells. Hence, such factors are estimated to hike segment growth over the forecast period.
Our in-depth analysis of the industrial wax market includes the following segments:
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By Type |
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By Application |
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APAC Market Statistics
The Asia Pacific industrial wax market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the increasing export and import volumes of candles in the region. In rural areas, candles are highly used to deal with frequent electricity breakouts. However, the rising trend of gifting candles, especially scented candles that are used as an air freshener, is also projected to up-surge the purchase volume of candles in the region. As per the Observatory of Economic Complexity, China was the 2nd exporter of candles in 2020, with USD 618 million. Furthermore, the boom in end-use industries of industrial wax market, such as cosmetics, coatings & polishing, and others, in the region is anticipated to be another growth factor. Additionally, beeswax is highly used in cosmetics, along with olive oil and water, to make an ointment for healing skin problems. The cosmetic products that have wax properties are, lipstick, eye & facial makeup, baby products, nail care products, sunscreen, fragrances, and others. It was estimated that Asia Pacific accounted for almost 45% of the global cosmetics industry in 2020. Hence, all these factors are projected to hike the market growth over the forecast period.
·The PJSC Lukoil Oil Company
The PJSC Lukoil Oil Company announces its acquisition of Russian retail and lubricants assets. The acquired assets combine a large chain of filling stations that are situated in the Central and Northwestern federal districts of Russia. Russia's federal antimonopoly service approved the sale.
Sasol Limited and ArcelorMittal South Africa have joined hands under a joint development agreement (JDA) to develop carbon capture technology to produce sustainable fuels and chemicals, and green steel production through green hydrogen and derivatives.
Author Credits: Smruti Ranjan, Rajrani Baghel
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