Global Industrial wax Market was valued US$ 9.35 Bn in 2017 and expected to reach US$ 14.03 Bn by 2026, at a CAGR 5.2 % during the forecast period.
Global Industrial wax Market
Rising demand from applications such as candle, tire & rubber, and coating & polishes, and the Increasing Acceptance of Synthetic Waxes are is expected to drive the global industrial wax market over the forecast period. Furthermore, technology changes in the wax market, growing population and increasing per capita income in emerging countries such as Indie, China, and other these factors are also boosting the global industrial wax market.
However, increasing prices of synthetic and bio-based waxes, a shrinking supply of paraffin wax are expected to hamper industrial wax market growth over the coming eight years.
Growing demand for unconventional waxes is expected to provide tremendous opportunities for global industrial wax market participants overcoming eight years.
Based on the type, the fossil-based waxes segment is projected to be the largest type of the industrial wax market. The fossil-based waxes are widely used in the cosmetic industry in products such as lipstick, mascara, moisturizing creams and sun blocks. Further, these waxes are also used for making candelas, packaging, and coatings of commercial products. The petroleum wax has a high-gloss characteristic, which makes it a suitable ingredient for polishes and is commonly used in floors, furniture, cars, and footwear.
Based on the application, The Anti-ozone waxes offer protection against ozone attack and any type of weather influences. The unprotected elastomers will absorb ozone-forming ozonizes by the attack of double bonds on the surface layer. The Anti-ozone waxes offer protection against ozone attack and any type of weather influences. The unprotected elastomers will absorb ozone forming ozonizes by the attack of double bonds on the surface layer. Under tension the absorption becomes continuous. Surface cracks are formed and when the strain exceeds a critical value cracks grow continuously at a constant rate. The rate of crack growth is comparable to the ozone concentration.
Geographically, the Asia Pacific region is projected to be the fastest-growing industrial wax market. The growing construction, automotive, household & personal care, and pharmaceutical industries in this region owing to the growing consumer spending and increasing income levels is expected to boost the demand for industrial wax.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global industrial wax market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in near future to emerging segment in global industrial wax market.
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Scope of Global Industrial wax Market
Global Industrial Wax Market, By Type
• Fossil based
• Synthetic based
• Bio based
Global Industrial Wax Market, Application
• Coatings & Polishes
• Hot-melt Adhesives
• Tires & Rubber
• Cosmetics & Personal Care
Global Industrial Wax Market, By Region
• North America
• Asia Pacific
• South America
• Middle East and Africa
Key Players Operating the Global Industrial Wax Market
• Sinopec Ltd.
• Royal Dutch Shell Plc
• Petroleo Brasileiro S.A. (Petrobras)
• Exxon Mobil Corp
• Sasol Ltd.
• Oil Co. Lukoil PJSC
• Numaligarh Refinery Ltd
• The Blayson Group Ltd
• International Group Inc.
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