Global Industrial Wax Market - Trends, COVID-19 impact and Growth Forecasts to 2029
Global Industrial Wax Market by application (Candle, Packaging, Coatings and Polishing, Hot-melt Adhesive, Tire Rubber, Cosmetics and Personal Care, Food and Others), by Type (Fossil-based, Synthetic and Bio-based), by region (Asia-Pacific, North America, Europe, South America, Middle East, and Africa), with forecasts till 2029 (value and volume)
The Industrial Wax market is valued at US$7.5 billion in 2021 and is expected to grow at a CAGR of 3.7% during the forecast period (2022-2029) mainly due to the growing popularity of candle centered craft products as well as associated decorative products over the forecast period.
ChemIntel360’s global Industrial Wax Market study is a 177-page report containing in-depth analysis on historical and forecasted spending and consumption patterns in the sector. The study offers granular value and volume data from a global, regional, applications, and type perspective.
Over the last few years, sectors such as packaging, food, and personal care have accounted for most of the Industrial Wax demand owing mainly to its anti-caking, ultra-violet (UV) resistance, and antimicrobial properties.
The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
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Insights on Application:
The Industrial Wax market is segmented into candle, packaging, coatings and polishing, hot-melt adhesive, tire rubber, cosmetics and personal care, food, and others in terms of application.
In terms of application, the candle segment held the dominant share in 2021 at 34%, as manufacturers developed novel products to keep up with changing consumer preferences. Candles are also increasingly being used in the home décor industry, either independently or as part of other pieces such as chandeliers. Additionally, they are also being used extensively as part of various religious settings in developed and developing countries. All these factors are expected to drive demand for Industrial Wax in the candle segment over the forecast period
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Insights on Type:
The Industrial Wax market is segmented into fossil-based, synthetic and bio-based in terms of type.
In terms of type, the fossil-based waxes segment is expected to account for the largest share at 85% in 2021, mainly due to applications in various industries such as packaging, candles, and commercial goods coatings. In addition, these waxes are utilized in the cosmetics sector and are derived from various crude oil refining procedures. Petroleum-based wax, a form of fossil-based wax imparts a high gloss to the surface, making it ideal for the polishing of floors, vehicles, and furniture.
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Regional Insights:
The APAC region held the largest share in 2021, accounting for 40.4%. The growth in this market is led by increasing demand from different applications such as candles, coatings, and polishing as well as increasing per capita income in this region. The rising demand for candles is driven by rising in decorative items, religious beliefs, and various lifestyle habits. North America held the second-largest share and is driven by increasing use for synthetic-based waxes.
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Insights on Key Markets:
The Chinese Industrial Wax market was valued at US$1,634 million in 2021, driven primarily by the increasing adoption of synthetic waxes in the country. Moreover, the rise in construction activities in China has led to a significant uptick in the use of adhesives, which are made using Industrial Wax. China is also a key exporter of paraffin wax.
Meanwhile, the U.S. The Industrial Wax market was valued at US$1046 million in 2021, with bio-based waxes used in the candles and food packaging sector, witnessing a surge in popularity, due to growing environmental-related regulations in the country.
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Market Dynamics
Trends
The last few years have witnessed a significant uptick in the use of wax in industrial-grade packaging. For example, a wax-layered paper that prevents rust is increasingly being used to hand wrap miniature and irregular designed metal parts to protect them against corrosion, especially during shipment.
Drivers
Over the years, Industrial Wax has found applications in various industries such as candles, cosmetics, automotive, and rubber. In turn, these industries have exhibited robust growth, thereby driving demand for Industrial Wax as well. For example, candles, which were previously used only as a lighting tool, now play a key role in festivities and celebrations across the world. Moreover, the APAC region, which was a heavy importer of candles in the past, has now emerged as a key manufacturing hub.
Opportunities
There is growing concern amongst the general public about the possible side effects of synthetic-based products. As a result, there is a noticeable tilt towards the ones that are more eco-friendly and bio-derived. In keeping with this trend, several suppliers have started launching products based on bio-derived materials. Thus, the consumption of naturally occurring waxes such as Carnauba wax and Candelilla wax has witnessed a significant uptick, especially for the production of personal care based-products. This trend is expected to continue over the short to medium term, thereby creating opportunities for manufacturers.
Challenges
Even though paraffin wax is increasingly being used in the packaging industry, experts are concerned about its potential side effects and health hazards. According to the China National Library of Medicine, the ingredient can cause intestinal obstruction, nausea, vomiting, and possible breathing difficulties. Because of this, the use of bio-based waxes is growing in the food packaging industry across the globe. In addition, regulatory bodies often issue stringent guidelines related to the application of Industrial Waxes, which at times leads to production and market entry delays.
Covid Impact
The COVID-19 pandemic adversely impacted the Industrial Wax market. The abrupt halt of industrial activities and supply chain constraints led to an acute decline in demand for Industrial Wax from these economies. In addition, waning demand for candles, and related consumer products across the globe resulted in a slump in Industrial Wax demand. However, the market is already showing signs of recovery, with a stronger bounce-back estimated in 2022.
Scope of the Global Industrial Wax report
This report provides an analysis of the latest industry trends and estimates revenue and volume growth at global, regional, and country levels. For this report, ChemIntel360 has segmented the global Industrial Wax market based on application, type, and region.
Insights on Application (Volume in Kilotons; Revenue in US$ billion/ million, 2018-2029)
- Candle
- Packaging
- Coatings and Polishing
- Hot-melt Adhesive
- Tire Rubber
- Cosmetics and Personal Care
- Food
- Others
Insights on Type (Volume in Kilotons; Revenue in US$ billion/ million, 2018-2029)
- Fossil-based
- Synthetic
- Bio-based
Insights on Regional market (Volume in Kilotons; Revenue in US$ billion/ million, 2018-2029)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- The U.K.
- Asia Pacific
- China
- India
- Japan
- South America
- Brazil
- Argentina
- Colombia
- The Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
Table of Contents
Executive summary
Table of contents
List of tables
List of figures
Chapter-1: Introduction
1.1 Objective of the report
1.2 Market definition
1.3 Scope of the report
1.3.1 Markets covered
1.3.2 Years covered
1.4 Conventions
1.5 Stakeholder
1.6 Summary methodology
1.7 Data collection
1.7.1 Secondary research
1.7.2 Primary research
1.8 Market size estimation
1.8.1 Bottom-up approach
1.8.2 Top-down approach
1.9 Data triangulation
1.10 Assumptions and limitations
1.11 COVID-19 Impact
Chapter-2: Segment Analysis
2.1.1 Market overview, 2018-2029 (US$ billion)
2.1.2 Market overview, 2018-2029 (million tons)
2.2.1 Industrial Wax market: Candle (US$ billion)
2.2.2 Industrial Wax market: Candle (million tons)
2.3.1 Industrial Wax market: Packaging (US$ billion)
2.3.2 Industrial Wax market: Packaging (million tons)
2.4.1 Industrial Wax market: Coatings and Polishing (US$ billion)
2.4.2 Industrial Wax market: Coatings and Polishing (US$ million tons)
2.5.1 Industrial Wax market: Hot-melt Adhesive (US$ billion)
2.5.2 Industrial Wax market: Hot-melt Adhesive (million tons)
2.6.1 Industrial Wax market: Tire Rubber (US$ billion)
2.6.2 Industrial Wax market: Tire Rubber (million tons)
2.7.1 Industrial Wax market: Cosmetics and Personal Care (US$ billion)
2.7.2 Industrial Wax market: Cosmetics and Personal Care (million tons)
2.8.1 Industrial Wax market: Food (US$ billion)
2.8.2 Industrial Wax market: Food (million tons)
2.9.1 Industrial Wax market: Others (US$ billion)
2.9.2 Industrial Wax market: Others (million tons)
Chapter-3: Regional Analysis
3.1 Market overview, 2018-2029
3.2.1 Market overview, 2018-2029 (US$ billion)
3.2.2 Market overview, 2018-2029 (million tons)
3.3.1 Industrial Wax market: Asia Pacific (US$ billion)
3.3.2 Industrial Wax market: Asia Pacific (million tons)
3.4.1 Industrial Wax market: North America (US$ billion)
3.4.2 Industrial Wax market: North America (US$ billion)
3.5.1 Industrial Wax market: Europe (US$ billion)
3.5.2 Industrial Wax market: Europe (million tons)
3.6.1 Industrial Wax market: South America (US$ billion)
3.6.2 Industrial Wax market: South America (million tons)
3.7.1 Industrial Wax market: Middle East and Africa (US$ billion)
3.7.2 Industrial Wax market: Middle East and Africa (million tons)
Chapter-4: Regional market Analysis by Application
4.1 Industrial Wax regional market application composition
4.1.1 Industrial Wax market: APAC Candle (US$ billion)
4.1.2 Industrial Wax market: APAC Candle (million tons)
4.2.1 Industrial Wax market: APAC Packaging (US$ billion)
4.2.2 Industrial Wax market: APAC Packaging (million tons)
4.3.1 Industrial Wax market: APAC Coatings and Polishing (US$ billion)
4.3.2 Industrial Wax market: APAC Coatings and Polishing (million tons)
4.4.1 Industrial Wax market: APAC Hot-melt Adhesive (US$ billion)
4.4.2 Industrial Wax market: APAC Hot-melt Adhesive (million tons)
4.5.1 Industrial Wax market: APAC Tire Rubber (US$ billion)
4.5.2 Industrial Wax market: APAC Tire Rubber (million tons)
4.6.1 Industrial Wax market: APAC Paints and pigments (US$ billion)
4.6.2 Industrial Wax market: APAC Paints and pigments (million tons)
4.7.1 Industrial Wax market: APAC Food (US$ billion)
4.7.2 Industrial Wax market: APAC Food (million tons)
4.8.1 Industrial Wax market: APAC Others (US$ billion)
4.8.2 Industrial Wax market: APAC Others (million tons)
4.9.1 Industrial Wax market: North America Candle (US$ billion)
4.9.2 Industrial Wax market: North America Candle (million tons)
4.10.1 Industrial Wax market: North America Packaging (US$ billion)
4.10.2 Industrial Wax market: North America Packaging (million tons)
4.11.1 Industrial Wax market: North America Coatings and Polishing (US$ billion)
4.11.2 Industrial Wax market: North America Coatings and Polishing (million tons)
4.12.1 Industrial Wax market: North America Hot-melt Adhesive (US$ billion)
4.12.2 Industrial Wax market: North America Hot-melt Adhesive (million tons)
4.13.1 Industrial Wax market: North America Tire Rubber (US$ billion)
4.13.2 Industrial Wax market: North America Tire Rubber (million tons)
4.14.1 Industrial Wax market: North America Paints and pigments (US$ billion)
4.14.2 Industrial Wax market: North America Paints and pigments (million tons)
4.15.1 Industrial Wax market: North America Food (US$ billion)
4.15.2 Industrial Wax market: North America Food (million tons)
4.16.1 Industrial Wax market: North America Others (US$ billion)
4.16.2 Industrial Wax market: North America Others (million tons)
4.17.1 Industrial Wax market: Europe Candle (US$ billion)
4.17.2 Industrial Wax market: Europe Candle (million tons)
4.18.1 Industrial Wax market: Europe Packaging (US$ billion)
4.18.2 Industrial Wax market: Europe Packaging (million tons)
4.19.1 Industrial Wax market: Europe Coatings and Polishing (US$ billion)
4.19.2 Industrial Wax market: Europe Coatings and Polishing (million tons)
4.20.1 Industrial Wax market: Europe Hot-melt Adhesive (US$ billion)
4.20.2 Industrial Wax market: Europe Hot-melt Adhesive (million tons)
4.21.1 Industrial Wax market: Europe Tire Rubber (US$ billion)
4.21.2 Industrial Wax market: Europe Tire Rubber (million tons)
4.22.1 Industrial Wax market: Europe Cosmetics and Personal Care (US$ billion)
4.22.2 Industrial Wax market: Europe Cosmetics and Personal Care (million tons)
4.23.1 Industrial Wax market: Europe Food (US$ billion)
4.23.2 Industrial Wax market: Europe Food (million tons)
4.24.1 Industrial Wax market: Europe Others (US$ billion)
4.24.2 Industrial Wax market: Europe Others (million tons)
4.25.1 Industrial Wax market: South America Candle (US$ billion)
4.25.2 Industrial Wax market: South America Candle (million tons)
4.26.1 Industrial Wax market: South America Packaging (US$ billion)
4.26.2 Industrial Wax market: South America Packaging (million tons)
4.27.1 Industrial Wax market: South America Coatings and Polishing (US$ billion)
4.27.2 Industrial Wax market: South America Coatings and Polishing (million tons)
4.28.1 Industrial Wax market: South America Hot-melt Adhesive (US$ billion)
4.28.2 Industrial Wax market: South America Hot-melt Adhesive (million tons)
4.29.1 Industrial Wax market: South America Tire Rubber (US$ billion)
4.29.2 Industrial Wax market: South America Tire Rubber (million tons)
4.30.1 Industrial Wax market: South America Cosmetics and Personal Care (US$ billion)
4.30.2 Industrial Wax market: South America Cosmetics and Personal Care (million tons)
4.31.1 Industrial Wax market: South America Food (US$ billion)
4.31.2 Industrial Wax market: South America Food (million tons)
4.32.1 Industrial Wax market: South America Others (US$ billion)
4.32.2 Industrial Wax market: South America Others (million tons)
4.33.1 Industrial Wax market: Middle East and Africa Candle (US$ billion)
4.33.2 Industrial Wax market: Middle East and Africa Candle (million tons)
4.34.1 Industrial Wax market: Middle East and Africa Packaging (US$ billion)
4.34.2 Industrial Wax market: Middle East and Africa Packaging (million tons)
4.35.1 Industrial Wax market: Middle East and Africa Coatings and Polishing (US$ billion)
4.35.2 Industrial Wax market: Middle East and Africa Coatings and Polishing (million tons)
4.36.1 Industrial Wax market: Middle East and Africa Hot-melt Adhesive (US$ billion)
4.36.2 Industrial Wax market: Middle East and Africa Hot-melt Adhesive (million tons)
4.37.1 Industrial Wax market: Middle East and Africa Tire Rubber (US$ billion)
4.37.2 Industrial Wax market: Middle East and Africa Tire Rubber (million tons)
4.38.1 Industrial Wax market: Middle East and Africa Cosmetics and Personal Care (US$ billion)
4.38.2 Industrial Wax market: Middle East and Africa Cosmetics and Personal Care (million tons)
4.39.1 Industrial Wax market: Middle East and Africa Food (US$ billion)
4.39.2 Industrial Wax market: Middle East and Africa Food (million tons)
4.40.1 Industrial Wax market: Middle East and Africa Others (US$ billion)
4.40.2 Industrial Wax market: Middle East and Africa Others (million tons)
Chapter-5: Markets Analysis by Type
5.1 Industrial Wax regional market application composition
5.1.1 Industrial Wax market: APAC Fossil-based (US$ billion)
5.1.2 Industrial Wax market: APAC Fossil-based (million tons)
5.2.1 Industrial Wax market: APAC Synthetic (US$ billion)
5.2.2 Industrial Wax market: APAC Synthetic (million tons)
5.3.1 Industrial Wax market: APAC Bio-based (US$ billion)
5.3.2 Industrial Wax market: APAC Bio-based (million tons)
5.4.1 Industrial Wax market: North America Fossil-based (US$ billion)
5.4.2 Industrial Wax market: North America Fossil-based (million tons)
5.5.1 Industrial Wax market: North America Synthetic (US$ billion)
5.5.2 Industrial Wax market: North America Synthetic (million tons)
5.6.1 Industrial Wax market: North America Bio-based (US$ billion)
5.6.2 Industrial Wax market: North America Bio-based (million tons)
5.7.1 Industrial Wax market: Europe Fossil-based (US$ billion)
5.7.2 Industrial Wax market: Europe Fossil-based (million tons)
5.8.1 Industrial Wax market: Europe Synthetic (US$ billion)
5.8.2 Industrial Wax market: Europe Synthetic (million tons)
5.9.1 Industrial Wax market: Europe Bio-based (US$ billion)
5.9.2 Industrial Wax market: Europe Bio-based (million tons)
5.10.1 Industrial Wax market: South America Fossil-based (US$ billion)
5.10.2 Industrial Wax market: South America Fossil-based (million tons)
5.11.1 Industrial Wax market: South America Synthetic (US$ billion)
5.11.2 Industrial Wax market: South America Synthetic (million tons)
5.12.1 Industrial Wax market: South America Bio-based (US$ billion)
5.12.2 Industrial Wax market: South America Bio-based (million tons)
5.13.1 Industrial Wax market: Middle East and Africa Fossil-based (US$ billion)
5.13.2 Industrial Wax market: Middle East and Africa Fossil-based (million tons)
5.14.1 Industrial Wax market: Middle East and Africa Synthetic (US$ billion)
5.14.2 Industrial Wax market: Middle East and Africa Synthetic (million tons)
5.15.1 Industrial Wax market: Middle East and Africa Bio-based (US$ billion)
5.15.2 Industrial Wax market: Middle East and Africa Bio-based (million tons)
Chapter-6: Key Markets Analysis
6.1 Industrial Wax key market size composition
6.1.1 Market overview, 2018-2029 (US$ billion)
6.1.2 Market overview, 2018-2029 (million tons)
6.2.1 Industrial Wax market: US, North America (US$ billion)
6.2.2 Industrial Wax market: US, North America (million tons)
6.3.1 Industrial Wax market: Canada, North America (US$ billion)
6.3.2 Industrial Wax market: Canada, North America (million tons)
6.4.1 Industrial Wax market: Mexico, North America (US$ billion)
6.4.2 Industrial Wax market: Mexico, North America (million tons)
6.5.1 Industrial Wax market: Germany, Europe (US$ billion)
6.5.2 Industrial Wax market: Germany, Europe (million tons)
6.6.1 Industrial Wax market: Italy, Europe (US$ billion)
6.6.2 Industrial Wax market: Italy, Europe (million tons)
6.7.1 Industrial Wax market: France, Europe (US$ billion)
6.7.2 Industrial Wax market: France, Europe (million tons)
6.8.1 Industrial Wax market: China, Asia Pacific (US$ billion)
6.8.2 Industrial Wax market: China, Asia Pacific (million tons)
6.9.1 Industrial Wax market: India, Asia Pacific (US$ billion)
6.9.2 Industrial Wax market: India, Asia Pacific (million tons)
6.10.1 Industrial Wax market: Japan, Asia Pacific (US$ billion)
6.10.2 Industrial Wax market: Japan, Asia Pacific (million tons)
6.11.1 Industrial Wax market: Brazil, South America (US$ billion)
6.11.2 Industrial Wax market: Brazil, South America (million tons)
6.12.1 Industrial Wax market: Argentina, South America (US$ billion)
6.12.2 Industrial Wax market: Argentina, South America (million tons)
6.13.1 Industrial Wax market: Colombia, South America (US$ billion)
6.13.2 Industrial Wax market: Colombia, South America (million tons)
6.14.1 Industrial Wax market: South Africa, Middle East and Africa (US$ billion)
6.14.2 Industrial Wax market: South Africa, Middle East and Africa (million tons)
6.15.1 Industrial Wax market: UAE, Middle East and Africa (US$ billion)
6.15.2 Industrial Wax market: UAE, Middle East and Africa (million tons)
6.16.1 Industrial Wax market: Saudi Arabia, Middle East and Africa (US$ billion)
6.16.2 Industrial Wax market: Saudi Arabia, Middle East and Africa (million tons)
Chapter 7: Company Profile
7.1 Gandhar Oil Refinery
7.2 Numaligarh Refinery Limited
7.3 ExxonMobil
7.4 Hollyfrontier Corporation
7.5 Calumet Specialty Products Partners
7.6 Royal Dutch Shell PLC
7.7 Sinopec
7.8 The PJSC Lukoil Oil
7.9 Petróleo Brasileiro
7.10 Kerax Limited
Appendix
Glossary of terms
Disclaimer
About Us
List of Tables
Table 1: By value: Industrial Wax Market by application during 2018-2029 in US$ billion
Table 2: By volume: Industrial Wax Market by type during 2018-2029 in million tons
Table 3: By value: Industrial Wax Market by region during 2018-2029 in US$ billion
Table 4: By volume: Industrial Wax Market by region during 2018-2029 in million tons
Table 5: By Value: key Industrial Wax markets in US$ billion
Table 6: By Volume: key Industrial Wax markets in million tons
List of Figures
Figure 1: By value: Industrial Wax market segment share during 2018-2029 in %
Figure 2: By volume: Industrial Wax market segment share during 2018-2029 in %
Figure 3: By value: Share of Candle in Industrial Wax market during 2018-2029 in %
Figure 4: By value: Candle market segment during 2018-2029 in US$ billion
Figure 5: By volume: Share of Candle market during 2018-2029 in %
Figure 6: By volume: Candle market during 2018-2029 in million tons
Figure 7: By value: Share of Packaging market during 2018-2029 in %
Figure 8: By value: Packaging market during 2018-2029 in US$ billion
Figure 9: By volume: Share of Packaging market during 2018-2029 in %
Figure 10: By volume: Packaging market during 2018-2029 in million tons
Figure 11: By value: Share of Coatings and Polishing market during 2018-2029 in %
Figure 12: By value: Coatings and Polishing market during 2018-2029 in US$ billion
Figure 13: By volume: Share of Coatings and Polishing market during 2018-2029 in %
Figure 14: By volume: Coatings and Polishing market during 2018-2029 in million tons
Figure 15: By value: Share of Hot-melt Adhesive market during 2018-2029 in %
Figure 16: By value: Hot-melt Adhesive market during 2018-2029 in US$ billion
Figure 17: By volume: Share of Hot-melt Adhesive market during 2018-2029 in %
Figure 18: By volume: Hot-melt Adhesive market during 2018-2029 in million tons
Figure 19: By value: Tire Rubber market during 2018-2029 in US$ billion
Figure 20: By value: Share of Tire Rubber market during 2018-2029 in %
Figure 21: By volume: Tire Rubber market during 2018-2029 in million tons
Figure 22: By volume: Share of Tire Rubber market during 2018-2029 in %
Figure 23: By value: Cosmetics and Personal Care market during 2018-2029 in US$ billion
Figure 24: By value: Share of Cosmetics and Personal Care market during 2018-2029 in %
Figure 25: By volume: Cosmetics and Personal Care market during 2018-2029 in million tons
Figure 26: By volume: Share of Cosmetics and Personal Care market during 2018-2029 in %
Figure 27: By value: Others market during 2018-2029 in US$ billion
Figure 28: By value: Share of Others market during 2018-2029 in %
Figure 29: By volume: Others market during 2018-2029 in million tons
Figure 30: By volume: Share of Others market during 2018-2029 in %
Figure 31: By Value: key Industrial Wax regional markets in US$ billion
Figure 32: By Volume: key Industrial Wax regional markets in million tons
Figure 33: By value: Industrial Wax market region share during 2018-2029 in %
Figure 34: By volume: Industrial Wax market region share during 2018-2029 in %
Figure 35: By value: Share of Asia Pacific market during 2018-2029 in %
Figure 36: By value: Asia Pacific market during 2018-2029 in US$ billion
Figure 37: By volume: Share of Asia Pacific market during 2018-2029 in %
Figure 38: By volume: APAC market during 2018-2029 in million tons
Figure 39: By value: Share of North America market during 2018-2029 in %
Figure 40: By value: North America market during 2018-2029 in US$ billion
Figure 41: By volume: Share of North America market during 2018-2029 in %
Figure 42: By volume: North America market during 2018-2029 in million tons
Figure 43: By value: Share of Europe market during 2018-2029 in
Figure 44: By value: Europe market during 2018-2029 in US$ billion
Figure 45: By volume: Share of Europe market during 2018-2029 in %
Figure 46: By volume: Europe market during 2018-2029 in million tons
Figure 47: By value: Share of South America market during 2018-2029 in %
Figure 48: By value: South America market during 2018-2029 in US$ billion
Figure 49: By volume: Share of South America market during 2018-2029 in %
Figure 50: By volume: South America market during 2018-2029 in million tons
Figure 51: By value: Share of Middle East and Africa market during 2018-2029 in %
Figure 52: By value: Middle East and Africa market during 2018-2029 in US$ billion
Figure 53: By volume: Share of Middle East and Africa market during 2018-2029 in %
Figure 54: By volume: Middle East and Africa market during 2018-2029 in million tons
Figure 55: By value: Share of APAC Candle market during 2018-2029 in %
Figure 56: By value: APAC Candle market during 2018-2029 in US$ billion
Figure 57: By volume: Share of APAC Candle market during 2018-2029 in %
Figure 58: By volume: APAC Candle market during 2018-2029 in million tons
Figure 59: By value: Share of APAC Packaging market during 2018-2029 in %
Figure 60: By value: APAC Packaging market during 2018-2029 in US$ billion
Figure 61: By volume: Share of APAC Packaging market during 2018-2029 in %
Figure 62: By volume: APAC Packaging market during 2018-2029 in million tons
Figure 63: By value: Share of APAC Coatings and Polishing market during 2018-2029 in %
Figure 64: By value: APAC Coatings and Polishing market during 2018-2029 in US$ billion
Figure 65: By volume: Share of APAC Coatings and Polishing market during 2018-2029 in %
Figure 66: By volume: APAC Coatings and Polishing market during 2018-2029 in million tons
Figure 67: By value: Share of APAC Hot-melt Adhesive market during 2018-2029 in %
Figure 68: By value: APAC Hot-melt Adhesive market during 2018-2029 in US$ billion
Figure 69: By volume: Share of APAC Hot-melt Adhesive market during 2018-2029 in %
Figure 70: By volume: APAC Hot-melt Adhesive market during 2018-2029 in million tons
Figure 71: By value: Share of APAC Tire Rubber market during 2018-2029 in %
Figure 72: By value: APAC Tire Rubber market during 2018-2029 in US$ billion
Figure 73: By volume: Share of APAC Tire Rubber market during 2018-2029 in %
Figure 74: By volume: APAC Tire Rubber market during 2018-2029 in million tons
Figure 75: By value: Share of APAC Cosmetics and Personal Care market during 2018-2029 in %
Figure 76: By value: APAC Cosmetics and Personal Care market during 2018-2029 in US$ billion
Figure 77: By volume: Share of APAC Cosmetics and Personal Care market during 2018-2029 in %
Figure 78: By volume: APAC Cosmetics and Personal Care market during 2018-2029 in million tons
Figure 79: By value: Share of APAC Food market during 2018-2029 in %
Figure 80: By value: APAC Food market during 2018-2029 in US$ billion
Figure 81: By volume: Share of APAC Food market during 2018-2029 in %
Figure 82: By volume: APAC Food market during 2018-2029 in million tons
Figure 83: By value: APAC Others market during 2018-2029 in US$ billion
Figure 84: By value: Share of APAC Others market during 2018-2029 in %
Figure 85: By volume: APAC Others market during 2018-2029 in million tons
Figure 86: By volume: Share of APAC Others market during 2018-2029 in %
Figure 87: By value: Share of North America Candle market during 2018-2029 in %
Figure 88: By value: North America Candle market during 2018-2029 in US$ billion
Figure 89: By volume: Share of North America Candle market during 2018-2029 in %
Figure 90: By volume: North America Candle market during 2018-2029 in million tons
Figure 91: By value: Share of North America Packaging market during 2018-2029 in %
Figure 92: By value: North America Packaging market during 2018-2029 in US$ billion
Figure 93: By volume: Share of North America Packaging market during 2018-2029 in %
Figure 94: By volume: North America Packaging market during 2018-2029 in million tons 72
Figure 95: By value: Share of North America Coatings and Polishing market during 2018-2029 in %
Figure 96: By value: North America Coatings and Polishing market during 2018-2029 in US$ billion
Figure 97: By volume: Share of North America Coatings and Polishing market during 2018-2029 in %
Figure 98: By volume: North America Coatings and Polishing market during 2018-2029 in million tons
Figure 99: By value: Share of North America Hot-melt Adhesive market during 2018-2029 in %
Figure 100: By value: North America Hot-melt Adhesive market during 2018-2029 in US$ billion
Figure 101: By volume: Share of North America Hot-melt Adhesive market during 2018-2029 in %
Figure 102: By volume: North America Hot-melt Adhesive market during 2018-2029 in million tons
Figure 103: By value: North America Tire Rubber market during 2018-2029 in %
Figure 104: By value: North America Tire Rubber market during 2018-2029 in US$ billion
Figure 105: By volume: Share of North America Tire Rubber market during 2018-2029 in %
Figure 106: By volume: North America Tire Rubber market during 2018-2029 in million tons
Figure 107: By value: Share of North America Cosmetics and Personal Care market during 2018-2029 in %
Figure 108: By value: North America Cosmetics and Personal Care market during 2018-2029 in US$ billion
Figure 109: By volume: Share of North America Cosmetics and Personal Care market during 2018-2029 in %
Figure 110: By volume: North America Cosmetics and Personal Care market during 2018-2029 in million tons
Figure 111: By value: Share of North America Food market during 2018-2029 in %
Figure 112: By value: North America Food market during 2018-2029 in US$ billion
Figure 113: By volume: Share of North America Food market during 2018-2029 in %
Figure 114: By volume: North America Food market during 2018-2029 in million tons
Figure 115: By value: North America Others market during 2018-2029 in US$ billion
Figure 116: By value: Share of North America Others market during 2018-2029 in %
Figure 117: By volume: North America Others market during 2018-2029 in million tons
Figure 118: By volume: Share of North America Others market during 2018-2029 in %
Figure 119: By value: Share of Europe Candle market during 2018-2029 in %
Figure 120: By value: Europe Candle market during 2018-2029 in US$ billion
Figure 121: By volume: Share of Europe Candle market during 2018-2029 in %
Figure 122: By volume: Europe Candle market during 2018-2029 in million tons
Figure 123: By value: Share of Europe Packaging market during 2018-2029 in %
Figure 124: By value: Europe Packaging market during 2018-2029 in US$ billion
Figure 125: By volume: Share of Europe Packaging market during 2018-2029 in %
Figure 126: By volume: Europe Packaging market during 2018-2029 in million tons
Figure 127: By value: Share of Europe Coatings and Polishing market during 2018-2029 in %
Figure 128: By value: Europe Coatings and Polishing market during 2018-2029 in US$ billion
Figure 129: By volume: Share of Europe Coatings and Polishing market during 2018-2029 in %
Figure 130: By volume: Europe Coatings and Polishing market during 2018-2029 in million tons
Figure 131: By value: Share of Europe Hot-melt Adhesive market during 2018-2029 in %
Figure 132: By value: Europe Hot-melt Adhesive market during 2018-2029 in US$ billion
Figure 133: By volume: Share of Europe Hot-melt Adhesive market during 2018-2029 in %
Figure 134: By volume: Europe Hot-melt Adhesive market during 2018-2029 in million tons
Figure 135: By value: Share of Europe Tire Rubber market during 2018-2029 in %
Figure 136: By value: Europe Tire Rubber market during 2018-2029 in US$ billion
Figure 137: By volume: Share of Europe Tire Rubber market during 2018-2029 in %
Figure 138: By volume: Europe Tire Rubber market during 2018-2029 in million tons
Figure 139: By value: Share of Europe Cosmetics and Personal Care market during 2018-2029 in %
Figure 140: By value: Europe Cosmetics and Personal Care market during 2018-2029 in US$ billion
Figure 141: By volume: Share of Europe Cosmetics and Personal Care market during 2018-2029 in %
Figure 142: By volume: Europe Cosmetics and Personal Care market during 2018-2029 in million tons
Figure 143: By value: Share of Europe Food market during 2018-2029 in %
Figure 144: By value: Europe Food market during 2018-2029 in US$ billion
Figure 145: By volume: Share of Europe Food market during 2018-2029 in %
Figure 146: By volume: Europe Food market during 2018-2029 in million tons
Figure 147: By value: Europe Others market during 2018-2029 in US$ billion
Figure 148: By value: Share of Europe Others market during 2018-2029 in %
Figure 149: By volume: Europe Others market during 2018-2029 in million tons
Figure 150: By volume: Share of Europe Others market during 2018-2029 in %
Figure 151: By value: Share of South America Candle market during 2018-2029 in %
Figure 152: By value: South America Candle market during 2018-2029 in US$ billion
Figure 153: By volume: Share of South America Candle market during 2018-2029 in %
Figure 154: By volume: South America Candle market during 2018-2029 in million tons
Figure 155: By value: Share of South America Packaging market during 2018-2029 in %
Figure 156: By value: South America Packaging market during 2018-2029 in US$ billion
Figure 157: By volume: Share of South America Packaging market during 2018-2029 in %
Figure 158: By volume: South America Packaging market during 2018-2029 in million tons
Figure 159: By value: Share of South America Coatings and Polishing market during 2018-2029 in %
Figure 160: By value: South America Coatings and Polishing market during 2018-2029 in US$ billion
Figure 161: By volume: Share of South America Coatings and Polishing market during 2018-2029 in %
Figure 162: By volume: South America Coatings and Polishing market during 2018-2029 in million tons
Figure 163: By value: Share of South America Hot-melt Adhesive market during 2018-2029 in %
Figure 164: By value: South America Hot-melt Adhesive market during 2018-2029 in US$ billion
Figure 165: By volume: Share of South America Hot-melt Adhesive market during 2018-2029 in %
Figure 166: By volume: South America Hot-melt Adhesive market during 2018-2029 in million tons
Figure 167: By value: Share of South America Tire Rubber market during 2018-2029 in %
Figure 168: By value: South America Tire Rubber market during 2018-2029 in US$ billion
Figure 169: By volume: Share of South America Tire Rubber market during 2018-2029 in %
Figure 170: By volume: South America Tire Rubber market during 2018-2029 in million tons
Figure 171: By value: Share of South America Cosmetics and Personal Care market during 2018-2029 in %
Figure 172: By value: South America Cosmetics and Personal Care market during 2018-2029 in US$ billion
Figure 173: By volume: Share of South America Cosmetics and Personal Care market during 2018-2029 in %
Figure 174: By volume: South America Cosmetics and Personal Care market during 2018-2029 in million tons
Figure 175: By value: Share of South America Food market during 2018-2029 in %
Figure 176: By value: South America Food market during 2018-2029 in US$ billion
Figure 177: By volume: Share of South America Food market during 2018-2029 in %
Figure 178: By volume: South America Food market during 2018-2029 in million tons
Figure 179: By value: South America Others market during 2018-2029 in US$ billion
Figure 180: By value: Share of South America Others market during 2018-2029 in %
Figure 181: By volume: South America Others market during 2018-2029 in million tons
Figure 182: By volume: Share of South America Others market during 2018-2029 in %
Figure 183: By value: Share of South America Candle market during 2018-2029 in %
Figure 184: By value: Share of Middle East & Africa Candle market during 2018-2029 in %
Figure 185: By value: Middle East & Africa Candle market during 2018-2029 in US$ billion
Figure 186: By volume: Share of Middle East & Africa Candle market during 2018-2029 in %
Figure 187: By volume: Middle East & Africa Candle market during 2018-2029 in million tons
Figure 188: By value: Share of Middle East & Africa Packaging market during 2018-2029 in %
Figure 189: By value: Middle East & Africa Packaging market during 2018-2029 in US$ billion
Figure 190: By volume: Share of Middle East & Africa Packaging market during 2018-2029 in %
Figure 191: By volume: Middle East & Africa Packaging market during 2018-2029 in million tons
Figure 192: By value: Share of Middle East & Africa Coatings and Polishing market during 2018-2029 in %
Figure 193: By value: Middle East & Africa Coatings and Polishing market during 2018-2029 in US$ billion
Figure 194: By volume: Share of Middle East & Africa Coatings and Polishing market during 2018-2029 in %
Figure 195: By volume: Middle East & Africa Coatings and Polishing market during 2018-2029 in million tons
Figure 196: By value: Share of Middle East & Africa Hot-melt Adhesive market during 2018-2029 in %
Figure 197: By value: Middle East & Africa Hot-melt Adhesive market during 2018-2029 in US$ billion
Figure 198: By volume: Share of Middle East & Africa Hot-melt Adhesive market during 2018-2029 in %
Figure 199: By volume: Middle East & Africa Hot-melt Adhesive market during 2018-2029 in million tons
Figure 200: By value: Middle East & Africa Tire Rubber market during 2018-2029 in %
Figure 201: By value: Middle East & Africa Tire Rubber market during 2018-2029 in US$ billion
Figure 202: By volume: Share of Middle East & Africa Tire Rubber market during 2018-2029 in %
Figure 203: By volume: Middle East & Africa Tire Rubber market during 2018-2029 in million tons
Figure 204: By value: Share of Middle East & Africa Cosmetics and Personal Care market during 2018-2029 in %
Figure 205: By value: Middle East & Africa Cosmetics and Personal Care market during 2018-2029 in US$ billion
Figure 206: By volume: Share of Middle East & Africa Cosmetics and Personal Care market during 2018-2029 in %
Figure 207: By volume: Middle East & Africa Cosmetics and Personal Care market during 2018-2029 in million tons
Figure 208: By value: Share of Middle East & Africa Food market during 2018-2029 in %
Figure 209: By value: Middle East & Africa Food market during 2018-2029 in US$ billion
Figure 210: By volume: Share of Middle East & Africa Food market during 2018-2029 in %
Figure 211: By volume: Middle East & Africa Food market during 2018-2029 in million tons
Figure 212: By value: Middle East & Africa Others market during 2018-2029 in US$ billion
Figure 213: By value: Share of Middle East & Africa Others market during 2018-2029 in %
Figure 214: By volume: Middle East & Africa Others market during 2018-2029 in million tons
Figure 215: By volume: Share of Middle East & Africa Others market during 2018-2029 in %
Figure 216: By value: Share of APAC Fossil-based Market during 2018-2029 in %
Figure 217: By value: APAC Fossil-based Market during 2018-2029 in US$ billion
Figure 218: By volume: Share of APAC Fossil-based Market during 2018-2029 in %
Figure 219: By volume: APAC Fossil-based Market during 2018-2029 in million tons
Figure 220: By value: Share of APAC Synthetic Market during 2018-2029 in %
Figure 221: By value: APAC Synthetic Market during 2018-2029 in US$ billion
Figure 222: By volume: Share of APAC Synthetic Market during 2018-2029 in %
Figure 223: By volume: APAC Synthetic Market during 2018-2029 in million tons
Figure 224: By value: Share of APAC Bio-based Market during 2018-2029 in %
Figure 225: By value: APAC Bio-based Market during 2018-2029 in US$ billion
Figure 226: By volume: Share of APAC Bio-based Market during 2018-2029 in %
Figure 227: By volume: APAC Bio-based Market during 2018-2029 in million tons
Figure 228: By value: Share of North America Fossil-based Market during 2018-2029 in %
Figure 229: By value: North America Fossil-based Market during 2018-2029 in US$ billion
Figure 230: By volume: Share of North America Fossil-based Market during 2018-2029 in %
Figure 231: By volume: North America Fossil-based Market during 2018-2029 in million tons
Figure 232: By value: Share of North America Synthetic Market during 2018-2029 in %
Figure 233: By value: North America Synthetic Market during 2018-2029 in US$ billion
Figure 234: By volume: Share of North America Synthetic Market during 2018-2029 in %
Figure 235: By volume: North America Synthetic Market during 2018-2029 in million tons
Figure 236: By value: Share of North America Bio-based Market during 2018-2029 in %
Figure 237: By value: North America Bio-based Market during 2018-2029 in US$ billion
Figure 238: By volume: Share of North America Bio-based Market during 2018-2029 in %
Figure 239: By volume: North America Bio-based Market during 2018-2029 in million tons
Figure 240: By value: Share of Europe Fossil-based Market during 2018-2029 in %
Figure 241: By value: Europe Fossil-based Market during 2018-2029 in US$ billion
Figure 242: By volume: Share of Europe Fossil-based Market during 2018-2029 in %
Figure 243: By volume: Europe Fossil-based Market during 2018-2029 in million tons
Figure 244: By value: Share of Europe Synthetic Market during 2018-2029 in %
Figure 245: By value: Europe Synthetic Market during 2018-2029 in US$ billion
Figure 246: By volume: Share of Europe Synthetic Market during 2018-2029 in %
Figure 247: By volume: Europe Synthetic Market during 2018-2029 in million tons
Figure 248: By value: Share of Europe Bio-based Market during 2018-2029 in %
Figure 249: By value: Europe Bio-based Market during 2018-2029 in US$ billion
Figure 250: By volume: Share of Europe Bio-based Market during 2018-2029 in %
Figure 251: By volume: Europe Bio-based Market during 2018-2029 in million tons
Figure 252: By value: Share of South America Fossil-based Market during 2018-2029 in %
Figure 253: By value: South America Fossil-based Market during 2018-2029 in US$ billion
Figure 254: By volume: Share of South America Fossil-based Market during 2018-2029 in %
Figure 255: By volume: South America Fossil-based Market during 2018-2029 in million tons
Figure 256: By value: Share of South America Synthetic Market during 2018-2029 in %
Figure 257: By value: South America Synthetic Market during 2018-2029 in US$ billion
Figure 258: By volume: Share of South America Synthetic Market during 2018-2029 in %
Figure 259: By volume: South America Synthetic Market during 2018-2029 in million tons
Figure 260: By value: Share of South America Bio-based Market during 2018-2029 in %
Figure 261: By value: South America Bio-based Market during 2018-2029 in US$ billion
Figure 262: By volume: Share of South America Bio-based Market during 2018-2029 in %
Figure 263: By volume: South America Bio-based Market during 2018-2029 in million tons
Figure 264: By value: Share of Middle East and Africa Fossil-based Market during 2018-2029 in %
Figure 265: By value: Middle East and Africa Fossil-based Market during 2018-2029 in US$ billion
Figure 266: By volume: Share of Middle East and Africa Fossil-based Market during 2018-2029 in %
Figure 267: By volume: Middle East and Africa Fossil-based Market during 2018-2029 in million tons
Figure 268: By value: Share of Middle East and Africa Synthetic Market during 2018-2029 in %
Figure 269: By value: Middle East and Africa Synthetic Market during 2018-2029 in US$ billion
Figure 270: By volume: Share of Middle East and Africa Synthetic Market during 2018-2029 in %
Figure 271: By volume: Middle East and Africa Synthetic Market during 2018-2029 in million tons
Figure 272: By value: Share of Middle East and Africa Bio-based Market during 2018-2029 in %
Figure 273: By value: Middle East and Africa Bio-based Market during 2018-2029 in US$ billion
Figure 274: By volume: Share of Middle East and Africa Bio-based Market during 2018-2029 in %
Figure 275: By volume: Middle East and Africa Bio-based Market during 2018-2029 in million tons
Figure 276: By value: Share of Middle East and Africa Others Market during 2018-2029 in %
Figure 277: By value: Middle East and Africa Others Market during 2018-2029 in US$ billion
Figure 278: By volume: Share of Middle East and Africa Others Market during 2018-2029 in %
Figure 279: By volume: Middle East and Africa Others Market during 2018-2029 in million tons
Figure 280: By Value: key Industrial Wax regional Markets in US$ billion
Figure 281: By Volume: key Industrial Wax regional Markets in million tons
Figure 282: By value: Share of US Market during 2018-2029 in %
Figure 283: By value: US Market during 2018-2029 in US$ billion
Figure 284: By volume: Share of US Market during 2018-2029 in %
Figure 285: By volume: US Market during 2018-2029 in million tons
Figure 286: By value: Share of Canada Market during 2018-2029 in %
Figure 287: By value: Canada Market during 2018-2029 in US$ billion
Figure 288: By volume: Share of Canada Market during 2018-2029 in %
Figure 289: By volume: Canada Market during 2018-2029 in million tons
Figure 290: By value: Share of Mexico Market during 2018-2029 in %
Figure 291: By value: Mexico Market during 2018-2029 in US$ billion
Figure 292: By volume: Share of Mexico Market during 2018-2029 in %
Figure 293: By volume: Mexico Market during 2018-2029 in million tons
Figure 294: By value: Share of Germany Market during 2018-2029 in %
Figure 295: By value: Germany Market during 2018-2029 in US$ billion
Figure 296: By volume: Share of Germany Market during 2018-2029 in %
Figure 297: By volume: Germany Market during 2018-2029 in million tons
Figure 298: By value: Share of Italy Market during 2018-2029 in %
Figure 299: By value: Italy Market during 2018-2029 in US$ billion
Figure 300: By volume: Share of Italy Market during 2018-2029 in %
Figure 301: By volume: Italy Market during 2018-2029 in million tons
Figure 302: By value: Share of France Market during 2018-2029 in %
Figure 303: By value: France Market during 2018-2029 in US$ billion
Figure 304: By volume: Share of France Market during 2018-2029 in %
Figure 305: By volume: France Market during 2018-2029 in million tons
Figure 306: By value: Share of China Market during 2018-2029 in %
Figure 307: By value: China Market during 2018-2029 in US$ billion
Figure 308: By volume: Share of China Market during 2018-2029 in %
Figure 309: By volume: China Market during 2018-2029 in million tons
Figure 310: By value: Share of India Market during 2018-2029 in %
Figure 311: By value: India Market during 2018-2029 in US$ billion
Figure 312: By volume: Share of India Market during 2018-2029 in %
Figure 313: By volume: India Market during 2018-2029 in million tons
Figure 314: By value: Share of Japan Market during 2018-2029 in %
Figure 315: By value: Japan Market during 2018-2029 in US$ billion
Figure 316: By volume: Share of Japan Market during 2018-2029 in %
Figure 317: By volume: Japan Market during 2018-2029 in million tons
Figure 318: By value: Share of Brazil Market during 2018-2029 in %
Figure 319: By value: Brazil Market during 2018-2029 in US$ billion
Figure 320: By volume: Share of Brazil Market during 2018-2029 in %
Figure 321: By volume: Brazil Market during 2018-2029 in million tons
Figure 322: By value: Share of Argentina Market during 2018-2029 in %
Figure 323: By value: Argentina Market during 2018-2029 in US$ billion
Figure 324: By volume: Share of Argentina Market during 2018-2029 in %
Figure 325: By volume: Argentina Market during 2018-2029 in million tons
Figure 326: By value: Share of Colombia Market during 2018-2029 in %
Figure 327: By value: Share of South Africa Market during 2018-2029 in %
Figure 328: By value: South Africa Market during 2018-2029 in US$ billion
Figure 329: By volume: Share of South Africa Market during 2018-2029 in %
Figure 330: By volume: South Africa Market during 2018-2029 in million tons
Figure 331: By value: Share of UAE Market during 2018-2029 in %
Figure 332: By value: UAE Market during 2018-2029 in US$ billion
Figure 333: By volume: Share of UAE Market during 2018-2029 in %
Figure 334: By volume: UAE Market during 2018-2029 in million tons
Figure 335: By value: Share of Saudi Arabia Market during 2018-2029 in %
Figure 336: By value: Saudi Arabia Market during 2018-2029 in US$ billion
Figure 337: By volume: Share of Saudi Arabia Market during 2018-2029 in %
Figure 338: By volume: Saudi Arabia Market during 2018-2029 in million tons
Figure 339: Gandhar Oil Refinery
Figure 340: Numaligarh Refinery Limited
Figure 341: ExxonMobil
Figure 342: Hollyfrontier Corporation
Figure 343: Calumet Specialty Products Partners
Figure 344: Royal Dutch Shell PLC
Figure 345: Sinopec
Figure 346: The PJSC Lukoil Oil
Figure 347: Petróleo Brasileiro
Figure 348: Kerax Limited
Research Methodology
This report uses a comprehensive and iterative research methodology including bottom-up and top-down approaches, to minimize deviance and consequently provide accurate market estimates and forecasts. Additionally, we make use of market breakdown and data triangulation procedures to validate our findings.
Secondary Research
We strictly make use of authentic and credible secondary sources such as company filings, white papers published by reputable authorities and institutions, journals, articles published by industry experts and other gold and silver standard databases such as Bloomberg, Dunn & Bradstreet, Standard & Poor’s and Thomson Reuters, among others.
Primary Research
Our findings from secondary sources are then validated by exhaustive primary interviews either through online surveys or on the phone. Importantly, we conduct these interviews all across the world, either internally or through channel partners in various locations, to get critical local insights as well.
| Report Parameters | Details |
|---|---|
| Time Period Considered | 2018-2029 |
| Historical Period | 2018-2021 |
| Forecast Period | 2022-2029 |
| Units considered | Volume in kilotons, revenue in US$ million/billion |
| Report Coverage | Value/ Revenue forecast, Volume forecast, competitive landscape, drivers, challenges, opportunities, and trends |
| COVID-19 | Impact of the COVID-19 pandemic has been factored in the volume and revenue estimations, trends, and drivers |
| Segments | By Type, By Application, By Region |
| Regions included in the study | Asia Pacific (APAC), North America, Europe, Middle East, and Africa, South America |
| Companies Profiled | Gandhar Oil Refinery, Numaligarh Refinery Limited, ExxonMobil, Hollyfrontier Corporation, Calumet Specialty Products Partners, Royal Dutch Shell, Sinopec, PJSC Lukoil Oil, Petróleo Brasileiro, Kerax L |
The global Industrial Wax market size was estimated at US$7.5 billion in 2021 and is expected to reach US$7.9 billion in 2022.
The global Industrial Wax market is expected to grow at a compound annual growth rate of 3.7% from 2022 to 2029 to reach US$10.2 billion by 2029.
The Asia-Pacific region held the largest share in 2021, accounting for 40.4%. The growth in this market is led by increasing demand from different applications such as candles, coatings, and polishing as well as increasing per capita income in this region.
In terms of application, the candle segment held the dominant share in 2021 at 34%, as manufacturers developed novel products to keep up with changing consumer preferences. Candles are also increasingly being used in the home décor industry, either independently or as part of other pieces such as chandeliers
Some key players operating in the Industrial Wax market include Gandhar Oil Refinery, Numaligarh Refinery Limited, ExxonMobil, Hollyfrontier Corporation, Calumet Specialty Products Partners, Royal Dutch Shell PLC, Sinopec, PJSC Lukoil Oil, Petróleo Brasileiro, Kerax Limited.
Key factors that are driving the Industrial Wax market growth include rising demand from sectors such as packaging, food, and personal care industries. Strong demand for the Industrial Waxes due to their characteristics such as anti-caking, excellent UV resistance, and antimicrobial activity, are projected to positively impact the growth of the market during the forecast period.