Based on the PMR analysis, ever-expanding end-use industries will give a push to the industrial wax market. Further, strategic developments across regions will influence the global market between 2018 and 2026.
The estimated value of the industrial wax market in 2018 is US$8,860.8 million, which is expected to expand at a CAGR of 4.5% and reach US$12,556.8 million by the end of 2026. In addition, the industrial wax market is projected to create an incremental $ opportunity worth US$3,696.0 million during the forecast period.
Industrial Wax Market: Dynamics
Huge demand from end-use sectors will create a favorable macroeconomic environment for the global industrial wax market. In the last couple of years, there is a significant growth in the end use industries such as, in the petrochemical industry, including pharmaceuticals, cosmetics and plastics industries across the world, this growth is expected to create a key driver for the industrial wax market in the coming future.
Significant growth in the global economy, acquisitions and joint ventures are likely to become a more frequent industry phenomenon in the region. Key players from end-use industries are looking forward to gaining increasing incremental $ opportunity from the business portfolios and also to gain market share in terms of volume and value by entering into strategic partnerships. As a result, the global industrial wax market is estimated to witness a healthy growth over the forecast period
Industrial Wax Market: Forecast
The global industrial wax market is estimated to grow and become 1.4X during the forecast period due to the expected growth in packaging, adhesive and sealant sectors.
By region, Western Europe, followed by North America, is projected to dominate the global industrial wax market over the forecast period. Moreover, China is estimated to remain the most opportunistic region in South East Asia industrial wax market. In terms of value, China is projected to create an incremental $ opportunity worth US$800 million in the global industrial wax market during the forecast period.
By application, the packaging segment is expected to dominate the industrial wax market, with a value of US$1,500 million in 2018. The adhesive and sealant segment is projected to account for 15.4% of the market value share in the global industrial wax market during the forecast period. In terms of growth, the pharmaceutical segment is projected to grow at a sluggish growth rate as compared to the packaging segment in the global industrial wax market during the latter half of the forecast period.
By type, the fossil-based segment is projected to dominate the global industrial wax market over the forecast period. In terms of volume, the fossil-based segment is expected to hold approximately two-thirds of the market share in 2018 and is expected to dominate the industrial wax market throughout the forecast period. In terms of incremental $ opportunity, the segment is expected to create an opportunity worth US$2,200 Million between 2018 and 2026. In addition, the synthetic based segment is estimated to hold more than one-tenth of market share in terms of value and volume in the global industrial wax market.