KEY FINDINGS The Europe industrial wax market is estimated to grow $ 3,036.79 million by 2026 with a 3.08% of CAGR during the forecasting years. The major reasons responsible for this growth are the changing technology in the market and the increased recognition to synthetic wax. The market revenue in the year 2016 was $ 2,259.36 million. Additionally, Europe is also the second largest producer and supplier of industrial wax in the world.
MARKET INSIGHTS The industrial wax market encompasses segments like application and type. In the type segment the demand for bio-based wax is increasing at a significant pace, majorly due to the proliferation in awareness concerning harmful effects of mineral-based wax on the environment and obligatory regulations for the use of bio-based wax in cosmetics and personal care industry. The demand for industrial wax is anticipated to be high in application like candles, packaging, coatings & polishing, and others. France, Germany, Netherland, U.K, Poland, Russia, and rest of Europe are the countries analyzed in the Europe market. Germany holds the largest market share in the Europe region. It has the largest economy in the region and is the biggest importer of wax. The total import in the year 2016 was 94.8 KT which was boosted by 13% from the year 2015. Amid the overall wax imports in 2016, mineral wax and paraffin wax had the highest market share 65.4% and 32.1% respectively.
COMPETITIVE INSIGHTS The some of the key players in the industrial wax market are The Blayson Group Ltd., Evonik Industries, Sinopec Corp, Royal Dutch Shell Plc, Numaligarh Refinery Ltd., International Group Inc., Sasol Ltd, Lukoil PJSC, Oil Co., HCI, and Exxon Mobil Corp.