Industrial Wax Market Segmentation:
Application Segment Analysis
The global industrial wax market is segmented and analyzed for demand and supply by application into candles, packaging, coatings & polishing, hot melt adhesives, tire & rubber, cosmetics & personal care, food, and others. Out of these, the candle segment is attributed to garner the highest market share by 2035, owing to the rising demand for candles by the burgeoning population. A significant amount of wax is being used in producing candles, thus expanding the industrial wax market size. Candles have an ignitable wick that provides light and fragrance. Moreover, candles are the classic solution for eliminating darkness, and it is anticipated to drive the segment’s growth in the market. A report published in 2022, calculated that the candle industry consumes over 1 billion pounds of wax in producing candles in the United States every year.
Type Segment Analysis
The global industrial wax market is also segmented and analyzed for demand and supply by type into type {fossil-based (mineral wax, paraffin wax, and microcrystallion), synthetic (fischer-topsch, and others), and bio-based}. Out of these segments, the bio-based segment is estimated to hold a significant share of the market over the forecast period. Bio-based wax is a renewable replacement for fossil-based waxes, and also provides thermal stability, mechanical protection, hydrophobicity, scratch resistance, and others. A major benefit of bio-based wax is that it can be recycled easily after utilization. Moreover, it is also used in skin treatments to remove dead skin cells. Hence, such factors are estimated to hike segment growth over the forecast period.
Our in-depth analysis of the industrial wax market includes the following segments:
|
By Type |
|
|
By Application |
|
