INDUSTRIAL WAX MARKET WORTH $14.3 BILLION BY 2026.
MarketsandMarkets' new report, "Industrial Wax Market by Type (Fossil based, Synthetic based, Bio based), Application (Candles, Packaging, Coatings & Polishes, Hot-melt Adhesives, Tires & Rubber, Cosmetics & Personal Care, Food), and Region--Global Forecast to 2026," estimates the industrial wax market size at $9.8 billion in 2018. It is projected to reach $14.3 billion by 2026, at a CAGR of 4.8%.
The increasing demand for industrial wax from applications, such as candles, packaging, and coating and polishes, and growing acceptance of synthetic waxes are expected to drive the industrial wax market.
The fossil-based waxes segment is the largest type of: the industrial wax market. These waxes are largely used in candle making, packaging, and coatings of commercial products.
In addition, these waxes are used in the cosmetics industry as they are considered extensively safe and are derived from various processes of crude oil refining.
Petroleum wax has a high-gloss characteristic, which makes it a suitable ingredient for polishes and is commonly used in floors, furniture, cars, and footwear.
The market in the tire and rubber application is projected to witness the highest growth rate during the forecast period. Industrial waxes are added to the compounds of rubber and tires to protect them from ozone and UV lights.
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|Title Annotation:||market watch|
|Date:||May 1, 2019|
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