Reports And Data

The growth of the market is governed by various factors such as growing demand from cosmetic industry

NEW YORK CITY, NEW YORK, UNITED STATES, August 3, 2022 /EINPresswire.com/ -- The industrial wax market is expected to reach USD 9,719.4 Million by 2028, according to a new report by Reports and Data. Industrial waxes are solid substances that melt and transform into a liquid state at slightly higher temperatures. Various types of waxes are available in the market, such as bio-based, fossil-based, and synthetic waxes. Industrial wax display excellent properties and thus, find a broad range of applications in pharmaceutical, packaging, plastics, cosmetics, candles, and other sectors.

Enhanced demand from the personal care industry, cosmetics, and personal care industries are observing visible growth worldwide because of the rise in consumer interest for personal hygiene and beautification products. Industrial wax is utilized in cosmetic and personal care product formulations to improve the thickness and texture of these products. Various types of wax are being used in several cosmetic products. With the rise in demand for personal care products, several companies are coming ahead to supply wax to provide to the needs of the personal care and cosmetics business.

North America is the most advanced market for industrial wax, owing to the availability of higher quality of infrastructure and technology. The region is also commencing in product innovation along with research and development for industrial wax. The North America industrial wax market is expected to rise with a CAGR of 3.9% during the forecast period.

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Top Key players: The Blayson Group Ltd, HCI Wax, The PJSC Lukoil Oil Company, Exxon Mobil Corporation, The International Group, Inc., Numaligarh Refinery Limited., Sasol Limited, Royal Dutch Shell Plc, Petróleo Brasileiro S.A., and China Petroleum & Chemical Corporation.

Further key findings from the report suggest

The Industrial Wax Market is estimated to reach USD 9,719.4 Million by 2028, at a CAGR of 3.7% during the forecast period.
The application in candles accounted for the largest share of 25.3% of the market in 2018.
The online sales channel segment accounted for a larger share of 62.8% of the market in 2018.
The synthetic based type is expected to witness the highest CAGR of 4.1% during the forecast period.
The largest share is accounted by the Asia Pacific region with the share of 29.3% of the market in 2018 due to the generation and consumption of packaging products, candles, and coatings. Countries such as India, China, and Japan are among the principal markets for packaging, coatings & polishes, candle making, and tires & rubber. The growth led to accelerated industrialization, growing demand from various applications, and increasing government spending.
Various players are developing strategies to mark their presence in the industry.
Rising per capita income has observed more consumption of the product, which has encouraged the growth of the market. The accelerated increase in demand for color candles is also impacting the growth of the market.

To know more about the report@ https://www.reportsanddata.com/report-detail/industrial-wax-market

Segments covered in the report:

Application Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2018-2028)

Candles
Cosmetics & Personal Care
Packaging
Coatings & Polishes
Others

Type Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2018-2028)

Fossil based
Synthetic based
Bio based

Sales Channel Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2018-2028)

Offline
Online

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Regional Outlook:

North America
US.
Canada
Mexico
Europe
Germany
UK.
France
Italy
Spain
Sweden
BENELUX
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Israel
Rest of MEA

About Us:
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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