List of Profitable Business Ideas in Wax and Polish Manufacturing Industry.
Wax from Slack Wax, Polyethylene Wax, Compound Wax, Chlorinated Paraffin Wax, PE Wax Emulsion, Bee Wax, Wax Crayon, Petroleum Jelly, Shoe Polish, Floor Polishing, Metal Polishing, Leather Polishing and Candle Making.
Wax is used extensively as additives, base materials, and to aid processing. Since the importance of finished goods such in metals, surface gloss, and surface protection in ceramics is increasing, the use of wax will also increase, driving the market. Wax also works as a corrosion inhibitor in metal works, thus finding their application in manufacturing metal products. They repel water and thus, find their application in textile industries. Moreover, they are used as insulators in electronics and electrical industries.
Waxes find their application across industries such as textiles, paints, packaging, electronics, electrical, inks and coatings, rubber, pharmaceuticals, food, and cosmetics. Thus, a growth in these end user industries also spells a heightened demand for wax. Since a majority of the aforementioned industries have been witnessing a growth in the recent years and this includes electronics, packaging, food, cosmetics and pharmaceuticals, the market for wax is experiencing a healthy growth. The production of paraffin wax has decreased over the years, but this is balanced by the higher production of synthetic and natural waxes, which is boosting the growth of the market worldwide.
With the increasing demand for eco-friendly and renewable products. Manufacturers are focusing on developing bio-based wax, such as vegetable wax. Meanwhile, the cosmetic industry is also using wax as an active ingredient in skin care products, as it helps in decreasing dehydration and retains moisture for a long time. Synthetic wax is also being used on a large scale as a substitute to natural wax. Synthetic wax is gaining traction as it is more durable. It is also being largely used in the automotive sector as it requires less effort to apply. It stays for a long-time on a car, eliminating the need for frequent application. It also attracts less dust while adding shine and protection.
The Industrial Wax market is projected to reach USD 10.07 billion by 2021, at a CAGR of 4.5% from 2016 to 2021 and USD 12.84 billion by 2026, at a CAGR of 4.7% from 2016 to 2026. With the better stabilization of global oil prices by 2020-2021, advances in synthetic wax manufacturing and the increased use of wax in corrugated packaging, it is estimated that industrial wax would depict slightly higher growth rates in the long term forecast.
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