As per a new market research report published by Inkwood Research, it is indicated that the global market for Industrial Wax is projected to grow at a CAGR of 4.6% from $8088 million to $11499.82 million. The forecasting period for this study is 2017 through 2024, while the base year has been kept as 2016.
[UKPRwire, Thu Apr 06 2017] As per a new market research report published by Inkwood Research, it is indicated that the global market for Industrial Wax is projected to grow at a CAGR of 4.6% from $8088 million to $11499.82 million. The forecasting period for this study is 2017 through 2024, while the base year has been kept as 2016.
Demand from various end-user industries ranging from candles to varnishes, and from tires to the rubber market, coupled with increasing per capita income have led to the major growth of this market. The demand for candles has risen manifold, especially with the advent and consequent rise of aromatic and coloured candles. Great anti frictional properties, added to moisture barrier properties help industrial waxes, especially paraffin and beeswax to be utilized more amply in the food packaging materials industry.
Candles constitute largest share of market, followed by coatings and packaging
With the advent of social media as an effective selling tool, in addition to the well-known therapeutic as well as decorative use of candles, the candle making industry has benefited and has emerged as the frontrunner in terms of utilization. Other applications include the cosmetics and packaging industry, as well as adhesive and tire making industries respectively.
Within the candle making industry, due to shortage in supply of paraffin wax, synthetic waxes are more in vogue. Other types of waxes include bio-based and fossil-based waxes.
Learn more Full Market Insight Details here: https://www.inkwoodresearch.com/reports/global-industrial-wax-market-forecast-2017-2024/
APAC largest market for Industrial Wax
Factors such as abundant supply of raw material, along with low costs have propelled China and India to be leading proponents in the market. Consequently, Asia-Pacific (APAC) is currently the largest market for Industrial Wax. APAC is followed by North America, in terms of global scale and market share.
The Asia Pacific market also looks set to be the dominant player in the future, as it has huge growth potential in the geography.
PetroleoBrasileiro SA. (Petrobras) (Brazil), Sasol Ltd. (South Africa), Sinopec Corp. (China), Royal Dutch Shell Plc. (Netherlands), LUKOIL PJSC (Russia) are some of the primary players in this market.
The Global Industrial Wax Market Report offers valuable insights on the primary enablers of the market, as well as its size globally. It discusses the various strategies to stay ahead of the game in a market that is characterized by heavy competition and dwindling supply chains.
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