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. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional industrial wax market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global industrial wax market. 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.
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 very helpful ingredients in the fertilizer industry, where it is used as anti-caking agents. 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 anti-caking agents 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.
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 consumption of industrial wax products. Europe is the second largest market after the Asia-Pacific in industrial wax market.
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.
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.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. 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. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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