The Industrial wax market was USD 7.3 billion in 2020 and is projected to reach USD 8.9 billion by 2025, at a CAGR of 4% from 2020. This is due to the growing demand for industrial waxes from various applications. The candle market is the largest application segment of industrial waxes. Colored candles and candles with fragrances are gaining more importance in Homedecore industries for ambiance improvement and other purposes. Bio-based wax demand is growing in food, packaging, cosmetics & personal care, and other applications, due to environmental regulations in developed regions such as North America and Europe. Growing population and faster GDP growth rates in countries such as China, India, and other Asian countries boost the industrial wax market growth.
Traditionally, the candles were used as a lightening tool only; however, now, it plays a pivotal role in the festival ceremonies, home decoration, and handicrafts. In European and North American countries, many candles are used daily and even at festival ceremonies due to their religious beliefs, lifestyle, and living habits. With the candle product advancement, such as product shape, style, color, and fragrance, customers are fascinated to buy these products. Changing consumer behavior and the growing popularity of candles based craft materials and related decoration and interior designing has translated the traditional candle industry into an advanced, innovative, and brand-conscious industry.
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In candle manufacturing, industrial wax, such as paraffin, microcrystalline and synthetic wax, is the main raw material. To support sustainable development, the advancement of products, and to impact aesthetic/design in the products, the traditional paraffin wax is now replaced with microcrystalline and synthetic wax in candle manufacturing.
The candle industry has evolved steadily over the recent past, and most of the manufacturing facilities have shifted towards the Asia Pacific region. According to Eurostat, over 657 kilotons of candles were produced in the EU-28 countries, whereas import of the candles had grown by 2.7% in the same year. It has been observed that, in the top 10 importers of candles, the U.S. and nine European countries accounted for 16.5% and 46.5% of overall imports. In contrast, China and Poland had accounted for 26.2% and 26.9% of overall export. Thus, with the candle segment’s steady growth, industrial wax demand is expected to increase steadily over the forecast period.
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