Innovation in Wax Formulations for Packaging Materials and Other Applications Fuels Market Growth
Rockville, MD , Nov. 06, 2024 (GLOBE NEWSWIRE) — The global Industrial Wax Market is estimated to garner a revenue of around US$ 8,356.7 million in 2024, which was roughly US$ 6,738 million in 2019. The global demand for industrial wax is expected to rise at a 4.4% CAGR through 2034. By the end of this projection period, the market is expected to reach up to US$ 12,854 million.
The growing use of paraffin wax for several industrial uses, most importantly in the packaging sector, is the key factor driving its production and sales in these years. The rising use of several types of industrial wax formulations, including microcrystalline wax for making cosmetics and personal care products is another factor encouraging diversification of the industry. In addition to this, by making investments in the creation of sustainable wax substitutes or synthetic wax, the industry under discussion is likely to expand further.
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Key Takeaways from the Global Industrial Wax Market Study Report:
- The net worth of total industrial wax consumed in North America is likely to be nearly US$ 2,390 million in 2024, constituting 28.6% of the global market share.
- The United States is the dominant market in North America, holding 71.7% of the regional sales, which is estimated to be around US$ 1,713.6 million in 2024.
- Among the broad geographical regions, East Asia is estimated to account for 36.5% of the global market revenue in 2024.
- Japan follows China in East Asia with a market valuation of US$ 954.7 million in 2024, which is predicted to advance further at a 4.1% CAGR through 2034.
- The bio-based wax segment value is likely to rise from US$ 2,632.4 million in 2024 to US$ 4,216.1 million by 2034.
“Introduction of specialty and synthetic waxes for textiles, including formulations that are flame-retardant or water-repellent, is expected to boost market growth. Furthermore, investigating 3D printing-compatible industrial wax formulations is poised to contribute to the industry’s continuous progress,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Industrial Wax Market:
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 | HollyFrontier Refining & Marketing LLC
Competitive Landscape for Industrial Wax Market Players:
The overall market is fragmented, with several industry players operating in different locations. However, with the rise of industrial wax applications and end users, the market competition is anticipated to intensify over the coming years.
Recent Developments by the Industrial Wax Industry Participants:
- In October 2023, Procudan introduced a cheese wax, ProCera Natural, which is composed of natural elements and free from paraffin. It contains raw fossil elements derived from petroleum.
- In April 2023, Upwell Cosmetics, an ingredients and materials firm in the United States, introduced the first-ever cosmetic wax generated from algae. This novel product is extracted for use in the formulation of cosmetics and personal beauty care products, including lipsticks, sunscreens, hair care products, and other items.
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Industrial Wax Industry News:
- The Sasol Group sold Sasol Wax GmbH to AWAX s.p.a. in March 2022. Sasol is a multinational corporation with a focus on creating, manufacturing, and selling wax products. Through this agreement, AWAX purchased one of its German subsidiaries.
- The US-based Paralogics Company, a producer of industrial-grade wax, was purchased by Calumet Speciality Products Partners L.P. in March 2020. The company hopes to expand its value chain to include wax blends for the packaging sector and get efficient access to higher-margin end markets with this purchase.
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
Check out More Related Studies Published by Fact.MR:
Wax Market: The global wax market size is estimated to be worth US$ 8.68 billion in 2024 and is projected to expand at 3.1% CAGR to reach US$ 11.78 billion by the end of 2034.
Wax Additive Market: The global wax additive market is pegged at a value of US$ 2.78 billion in 2023 and is forecasted to increase at a CAGR of 5.4% to reach US$ 4.7 billion by the end of 2033.
Carnauba Wax Market: The global carnauba wax market is analyzed to reach a value of US$ 320 million in 2024. The market is forecasted to expand at a noteworthy CAGR of 6.7% to touch US$ 611 million by 2034-end.
Hydrocarbon Waxes Market: The global hydrocarbon waxes market is set to reach a valuation of US$ 3.9 billion in 2023 and it is expected to grow at a CAGR of 3.0% to reach US$ 5.3 billion by the end of 2033.
Microcrystalline Wax Market: The global microcrystalline wax market is estimated at around US$ 1.3 Billion in 2022. With a projected CAGR of 4% for the next ten years, the market is likely to reach a valuation of approximately US$ 1.9 Billion by the end of 2032.
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