Industrial Wax Market
Industrial Wax Market Study by Fossil-based, Synthetic, and Bio-based for Candles, Cosmetics, Packaging, Rubber, Pharmaceuticals, Adhesives & Sealants, Inks & Coatings, and Others from 2024 to 2034
Analysis of Industrial Wax Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Industrial Wax Market Outlook (2024 to 2034)
The global industrial wax market was valued at US$ 6,738 million in 2019. The production and sales of industrial wax surged in the following years with the packaging industry's growing reliance on the product for corrugated boxes, cartons, and other solutions, particularly for food packaging. The net worth of the market is estimated to be around US$ 8,356.7 million in 2024.
The global demand for industrial wax is likely to rise at a CAGR of 4.5% till 2034. The market size is expected to reach US$ 12,854 million by 2034. A constant demand and potential for innovation in wax formulations for packaging materials and other applications is likely to drive the business of industrial wax.
Industrial Wax Market Trends and Analysis
The significance of industrial waxes has increased due to the rising use of waxes in skincare, hair care, and several other personal care product formulations by the beauty and cosmetic industries. This niche market that experiments with different wax formulas and modifications for cosmetic purposes is anticipated to create ample opportunities for product diversification among industrial wax manufacturers.
Innovation in fragrance, color, and sustainability has propelled the demand for industrial wax in the candle manufacturing sector. Likewise, the development of food-grade wax has increased due to its usage in coating fruits, vegetables, and confections in the food processing industry.
Report Attributes | Details |
---|---|
Estimated Market Value (2024E) | US$ 8,356.7 million |
Forecasted Market Value (2034F) | US$ 12,854 million |
Global Market Growth Rate (2024 to 2034) | 4.5% CAGR |
Fossil Based Wax Segment Growth Rate (2024 to 2034) | 5% CAGR |
Synthetic Wax Segment Growth Rate (2024 to 2034) | 4.5% CAGR |
Bio-based Wax Segment Growth Rate (2024 to 2034) | 4% CAGR |
North America Market Share (2024) | 28.6% |
East Asia Market Share (2024) | 36.5% |
Key Companies Profiled |
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Which Key Trend is Expected to Complement the Industrial Wax Market Expansion?
“Use of Industrial Wax for Food Coating and Pharmaceuticals”
Food coating and pharmaceutical ingredient binding are two uses of industrial bio-based waxes, which have strengthened market growth. Thus, food processing and pharmaceutical manufacturing industries are driving the demand for industrial wax. Bio-based industrial waxes, which provide qualities like binding and coating for pills and tablets, are used in pharmaceutical formulations and are also expected to fuel market demand.
With the rising demand for natural and bio-based industrial waxes, the industrial wax market players are gradually shifting towards sustainable practices and eco-friendly wax production methods. Several industrial wax manufacturers have also adopted zero-emission production facilities to address consumer demand and establish themselves as providers that care about the environment.
Country-wise Insights
Country | CAGR (2024 to 2034) |
---|---|
United States | 4.8% |
South Korea | 6.7% |
Which Countries in East Asia Hold Significant Shares of the Industrial Wax Market?
“Widespread Industrial Base for Consumer Products Creates Huge Demand for Industrial Wax in China and Japan”
The total demand or consumption of industrial wax in all the industries in East Asia is assessed to be worth US$ 3,050.2 million in 2024. The use of industrial waxes for coatings, polishes, and tire manufacture in the automobile and tire industries has resulted in higher demand in several East Asian countries. Further expansion of the tire and automobile industries is expected to facilitate higher investment in the regional industrial wax sector. The regional demand for industrial wax in East Asia is expected to increase at a rate of 4.9% CAGR from 2024 to 2034.
China is the leading market for the production of industrial wax in East Asia, and it contributes to nearly 56.9% of the regional market. The production of industrial wax in China, with huge demand from an extensive consumer base, is expected to generate US$ 1,735.6 million in revenues in 2024. Through the projected years, the industrial wax manufacturing industries in China are predicted to experience a year-on-year growth rate of 5% on average.
Japan, having a total market valuation of US$ 954.7 million in 2024, follows China in the production and consumption of industrial wax. The Japan market is projected to grow at a CAGR of 4.1% through 2034. The demand for industrial wax in South Korea is likely to expand at a CAGR of 6.9% from 2024 to 2034.
Why is the United States Dominating the North America Industrial Wax Market?
“Greater Focus on Advancement of Food-grade or Bio-based Wax in the United States”
In North America, the total sales of industrial wax are expected to generate a market revenue of US$ 2,390.2 million in 2024, which is almost 28.6% of the global revenue. The demand for industrial-grade wax in the region is likely to grow with a CAGR of 4.6% through 2034. The report also predicts the total valuation of the North American market to reach US$ 3,740.5 million by the end of its forecast period.
The United States is expected to account for 71.7% of the total demand for industrial wax, valuing around US$ 1,713.6 million in 2024. The United States market is driven by producers who concentrate on food-grade waxes and investigate advancements in edible coatings.
Sales of industrial wax in the United States are predicted to rise at a CAGR of 4.8% through 2034. It is expected to reach a market value of US$ 2,749.3 million in 2034. On the other hand, the regional markets of Canada and Mexico are forecasted to witness CAGRs of 4.9% and 2.4%, respectively, through the projected years.
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Category-wise Insights
Which Product Type is Higher in Demand in the Market?
“Bio-based Wax Segment Commands over Nearly Half of the Industrial Demand”
Attribute | Details |
---|---|
Market Share of Bio-based Wax (2024) | 44.8% |
On the basis of grade or product type, the share of fossil-based or paraffin wax is expected to constitute 23.7% of the total industrial wax production in 2024. The recent hike in fossil fuel extraction is anticipated to strengthen the supply chain of this segment, which is likely to expand at 5% CAGR through 2034. By following this lucrative growth rate, the net worth of this segment is forecasted to reach up to US$ 3.123.5 million by 2034 and rise from US$ 1.980.5 million in 2024.
The share of synthetic wax in the global market supply is expected to be around 31.5% in 2024. Synthetic waxes are used as an essential ingredient in industrial-grade adhesive and sealant formulas. So, the segment is estimated to expand at a 4.5% CAGR through 2034.
The bio-based wax segment accounts for an astounding 44.8% of the global demand for industrial wax and is estimated to create a business opportunity of US$ 3,743.8 million in 2024. However, the CAGR of this segment is expected to be 4% through 2034, taking its net worth up to US$ 5,514.5 million by 2034.
Competitive Landscape
Key players in the industrial wax market include Sasol, The Blayson Group Ltd, Indian Oil Corporation Ltd., Calumet Specialty Products Partners, L.P., Sonneborn LLC, The International Group, Inc., Koster Keunen, Kerax Limited, Iberceras Specialties S.L.U., H & R South Africa (Pty) Ltd, Cirebelle Fine Chemicals (Pty) Limited, Matchem – Specialty Waxes & Inspired Blends, The Darent Wax Company Ltd., Royal Dutch Shell plc., Asian Oil Company, CEPSA, BP South Africa (Pty) Ltd, Nippon Seiro Co., Ltd., MOL Group, and HollyFrontier Refining & Marketing LLC., among others.
Leading market players are advancing by investigating and innovating wax blends with novel properties like electrical insulation and heat resistance. So, the market is anticipated to fragment and get competitive in the coming days with such diversification of industrial wax applications.
Recent Developments by Industrial Wax Industry Participants
- In March 2022, Sasol Group sold its subsidiary Sasol Wax GmbH to AWAX s.p.a. Sasol is an international group that specializes in developing, producing, and distributing wax products. AWAX acquired one of its subsidiaries located in Germany through this agreement.
- In March 2020, Calumet Specialty Products Partners L.P. acquired the United States-based Paralogics Company, a manufacturer of industrial-grade wax. With this acquisition, the firm aims to have effective access to higher-margin end markets and be able to expand its value chain to include wax blends for the packaging industry.
Know thy Competitors
Competitive landscape highlights only certain players
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Key Segments Covered by Industrial Wax Industry Survey Report
-
By Product Type:
- Fossil based
- Synthetic
- Bio-based
-
By Application:
- Candle
- Cosmetics
- Packaging
- Rubber
- Pharmaceutical
- Adhesive & Sealant
- Inks & coating
- Other Applications
-
By Region:
- North America Market
- Europe Market
- Latin America Market
- East Asia Market
- South Asia & Oceania Market
- Middle East & Africa (MEA) Market
- FAQs -
What was the Value of the Industrial Wax Market in 2019?
The global industrial wax market was worth US$ 6,738 million in 2019.
What is the Sales Outlook for Industrial Wax in 2024?
The industrial wax market is likely to be valued at US$ 8,356.7 million in 2024.
What is the Demand Forecast for Industrial Wax by 2034?
The global industrial wax market value is expected to reach US$ 12,854 million by the end of 2034.
What is the Predicted Growth Rate for the Industrial Wax Market?
The adoption of industrial wax is projected to rise at a CAGR of 4.5% through 2034.
At what rate is the United States Industrial Wax Market Predicted to Grow?
The United States industrial wax market is likely to register a CAGR of 4.8% through 2034.