Europe Industrial Wax Market Forecast 2020-2028
The industrial wax market of Europe is evaluated to record a CAGR of 3.73% over the forecast period of 2020-2028. The mandatory regulations for the cosmetics and personal care industry have led to a rising demand for waxes based on biodegradable materials. The main feature differentiating bio-based waxes from mineral-based waxes is the use of renewable raw materials, which helps to meet social, economic, and environmental sustainability.
The European industrial wax market is divided into countries such as France, Belgium, Italy, Poland, the UK, Russia, Germany, and the rest of Europe like Norway, Sweden, Denmark. In Russia, large oil reserves and increasing demand for fossil-based waxes from various applications are contemplated to drive the market. The fastest-growing application of industrial waxes during the projected period is the tire & rubber application. Candle application has the largest share, which is attributed to the growing use of candles in houses, hotels, and commercial uses. The shifting of base oil producers in the oil and gas industry and the reduction of paraffin wax supply will contribute to the growth of the market in Russia. The Polish packaging industry, whose production rose by 6.5% last year, and the cosmetics industry, which is growing significantly, will contribute towards market growth.
In the rest of the Europe region, the candle was the largest application in 2019, and cosmetics is expected to be the fastest-growing application during the estimated period. In Sweden, the market is estimated to grow annually by 2.8% (CAGR 2020-2023). In the automobile market of Norway, there is an increased preference for hybrid and electric vehicles. This will raise the demand for tire & rubber, which will, in turn, increase demand for industrial wax.
Evonik Industries AG, HCI wax, Exxon Mobil Corporation, The Blayson Group Ltd., NK Lukoil PAO, etc. are some of the well-known companies operating in the market.
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