The India Wax Market is anticipated
to grow at an impressive rate in the projected period. Wax is an organic
compound that is ductile and aquaphobic at an average temperature. It contains
higher alkane series and fatty acids that typically melt at 40 degrees Celsius.
Due to the viscosity of the liquid, it is impenetrable in water but solvable in
natural and non-polar solvents. Waxes are extracted from different sources like
plants, animals, and petroleum. Characteristically, natural wax contains
unsaturated bond and involve various functional groups such as fatty acid,
primary and secondary alcohol, ester, aldehydes, and ketones.
In comparison, synthetic
waxes consist of long chain aliphatic carbon, which lacks function groups. Wax
is used to make candles, waterproofing, crayons, friction reducer, coating
& polish, tires, electric appliances, matchsticks, fabrics, and cosmetic
products. Due to the growing population, there will be an increase in the
demand for the product mentioned above. Many initiatives or policies are run by
the government, indirectly impacting the wax market's growth. Furthermore,
growing awareness about bio-wax and technological advancement are other factors
expected to impact the market's growth through 2028 positively.
Growing Food Preservation and
Coating Led Increase in Demand
As the population grows, the
demand for food is expected to increase worldwide. There is a massive scarcity
of food in the world due to the limited amount of resources. According to the
Central Institute of Post-Harvest Engineering and Technology (CIPHET), in 2020,
as per their estimation, more than 16% of fruit and vegetables get destroyed
due to the lack of proper storage and technology. Government and private market
players are working and taking initiatives to safeguard and tackle this drastic
situation. The government has established many research institutions for food
preservation through coating technology. All this effort is going to impact the
growth of the food preservation market and indirectly drive the increasing
trend in the wax market.
Due to lifestyle changes,
people sleeping, eating, and exercise habit are changing. Due to this, there is
a change in the tradition of the people and the demand of the people. According
to Statista, in the financial year 2021, the total number of tires produced in
India is estimated to be 169.07 million units and is expected to grow in the upcoming
period. Thus, the increasing growth of the tire industry is expected to
increase the demand for the wax market as the wax is used to enhance the
friction and low cracking abilities of tires. Apart from these, resin is used
to make candles, waterproofing, crayons, friction reducer, coating &
polish, tires, electric appliances, matchsticks, fabrics, and cosmetic
products. Thus, the change in demand for any product can influence the demand
for wax in the market. Furthermore, government policy, rising bio-wax, and the
effort of marketers are indirectly propelling the demand for wax. All the
factors mentioned above led to increasing demand for wax products in the market
and are expected to drive the growth of the wax market.
Effect of Synthetic Wax on
Health is Hindering the Market Growth
Synthetic wax can be a toxic
compound if not used safely and appropriately. It contains many volatile
organic compounds like phthalates, carcinogenic components, paraffin, toluene,
benzene, and lead wicks. Apart from this, secondary pollutants such as
formaldehyde are compounds that can affect the health of human beings as well
as pollute the environment. Thus, the toxicity of Synthetic wax is expected to
hinder the growth of the PVC market. Due to changes in global relations and
war, there are considerable differences in demand and supply quantities,
leading to fluctuating prices and demand quantity. But there are different
strategies marketers and the government opted to lower the disturbance's
effect.
Rising Awareness About the
Bio-Wax is Driving Growth
The people in the countries
are opting for bio-wax due to the growing awareness and ill effects of
synthetic wax. As people are showing their interest in bio-waxes, governments
and Corporate are investing in R&D to make products more efficient and
sustainable. All these efforts are creating favorable conditions for the
growing market of wax. Almost 4600 crores rupees are allocated by the
Government of India under the PMKSY scheme till 2026 to establish the necessary
food processing unit in India.
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Market Segmentation
India
wax market is segmented based on type, and end user. Based
on type, market is divided into petroleum
& mineral wax, synthetic wax, and natural wax. Based
on end-user industry, market is divides into candles, packaging,
cosmetics, pharmaceuticals, adhesives, and others.
Market Players
Gandhar Oil Refinery India
Ltd, Numaligarh Refinery Limited, Indian Oil Corporation Ltd, Suntek Group,
WAXOILS PRIVATE LIMITED, MLA Group of Industries, Petroleum Product Mfg.
Society, Eastern Petroleum Pvt. Ltd. are the major market player in Indian wax
market.
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Attribute
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Details
|
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Base
Year
|
2021
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Historic
Data
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2018 – 2020
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Estimated
Year
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2022
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Forecast
Period
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2023 – 2028
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Quantitative
Units
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Revenue
in USD Million, and CAGR for 2017-2021 and 2022-2028
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|
Report
coverage
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Revenue
forecast, company share, competitive landscape, growth factors, and trends
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Segments
covered
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·
Type
·
End User Industry
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Regional
scope
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·
North
·
South
·
East
·
West
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|
Key
companies profiled
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Gandhar
Oil Refinery India Ltd, Numaligarh Refinery Limited, Indian Oil Corporation
Ltd, Suntek Group, WAXOILS PRIVATE LIMITED, MLA Group of Industries, Petroleum
Product Mfg. Society, Eastern Petroleum Pvt. Ltd.
|
|
Customization
scope
|
10% free
report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing
and purchase options
|
Avail
customized purchase options to meet your exact research needs. Explore purchase options
|
|
Delivery
Format
|
PDF and Excel through
Email (We can also provide the editable version of the report in PPT/Word
format on special request)
|
Report Scope:
in this report, India Wax Market
has been segmented into following categories, in addition to the industry
trends which have also been detailed below:
- India Wax Market, By Type:
- Petroleum & Mineral Wax
- Synthetic Wax
- Natural Wax
- India Wax Market, By End User Industry:
- Candles
- Packaging
- Cosmetics
- Pharmaceuticals
- Adhesives
- Others
- India Wax Market, By Region:
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in India Wax Market.
Available Customizations:
With
the given market data, TechSci Research offers customizations according to a
company’s specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and profiling of
additional market players (up to five).
India Wax Market is an
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report or want to confirm the date of release, please contact us at [email protected]