LONDON--(BUSINESS WIRE)--Jul 12, 2019--
The global industrial wax market is expected to post a CAGR of over 3% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has released a new market research report on the global industrial wax market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increased demand for industrial wax from the personal care industry. Industrial wax is used in cosmetic and personal care product formulations to enhance the viscosity and consistency of personal hygiene products. Moreover, with the increase in demand for personal care products, many companies are coming forward to supply wax to cater to the needs of the personal care and cosmetics industry. For instance, the International Group Inc. provides high-quality wax that is safe and non-toxic, which can be used in the formulation of a wide range of cosmetic products. The personal care market is expected to grow exponentially as consumers are ready to spend more on products that offer better benefits and performance. Thus, the augmented demand for personal care and cosmetic products will drive the global industrial wax market during the forecast period.
As per Technavio, industrial research and development activities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global industrial wax market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global industrial wax market: Industrial research and development activities
The growing applications for industrial wax have spurred R&D activities in the global industrial wax industry. Several researchers are collaborating with companies that have hands-on experience in offering quality waxes and are in the process of developing new technologies to further extend the areas of applications. One such R&D effort aims at creating high-performance wax for use in wax 3D printers. 3D printing with wax is an emerging technology in which wax is used as an alternative to plastic. For instance, Solidscape Inc. is involved in working with wax pattern 3D printers that are used in jewelry designing. The company produces high-quality models using 3D wax for flawless castings. Other than jewelry printing, wax is now widely used in 3D printing in the medical field, with a wide range of research activities currently going on in the field. In addition, the new trend of inclining towards bio-degradable waxes will set the stage for future wax supply and demand balance.
“Apart from industrial research and development activities, the emergence of technology to convert recycled plastics into wax and the growing inclination for bio-based wax in industrial applications are some other major aspects that are expected to boost market growth during the forecast period,” says a senior analyst at Technavio.
Global industrial wax market: Segmentation analysis
This market research report segments the global industrial wax market by application (candle manufacturing, packaging, cosmetics, coatings and polishes, and others) and geographical regions (APAC, North America, Europe, MEA, South America).
The APAC region led the market in 2018, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to the increase in the number of refineries engaged in the production of industrial wax.
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SOURCE: Technavio Research
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PUB: 07/12/2019 08:00 AM/DISC: 07/12/2019 08:01 AM