NEW YORK, Nov. 21, 2016 /PRNewswire/ -- "Global industrial wax market to witness CAGR of 4.7% during forecast period"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.Industrial wax performs better in candles, packaging and coatings & polishing applications than its substitutes, as it has good viscosity, moisture control, and lubrication properties. This has increased the demand for industrial wax for the candle, packaging and coating & polishing applications. The shrinking supply of paraffin wax, increasing prices of synthetic and bio-based wax, are the major restraints in the global industrial wax market. "Industrial wax market in tire & rubber industries to register fastest growth"The industrial wax market in the tires & rubber segment is projected to grow at the highest rate during the forecast period. Industrial wax is added to compounds of rubbers and tires during the manufacture of the tire blends and flexes in order to protect the rubbers and tires from ozone and UV light. Wax is also applied on tires and rubbers to protect them from cracking. "Candles; the largest application of industrial wax"The candle making application is estimated to be the largest application for industrial wax. This application is growing due to the increasing demand for fragrant candle products and decorative items. The use of candles for religious and therapeutic purposes has increased the market for candles manufactured from vegetable based materials. Industrial wax is preferred for the manufacture of candles as it exhibits good extrudability properties, and hence candles can be produced in all types of shapes and sizes. " Asia-Pacific is the largest and the fastest-growing market for industrial wax"The Asia-pacific region is estimated to be the largest and the fastest-growing market for industrial wax. The high growth rate in the region is due to the high demand from countries such as China, Japan and India. China is estimated to be the largest market for industrial wax in the Asia-Pacific region, followed by Japan and India. India is estimated to be the fastest-growing market in the Asia-Pacific region. Growth in the candle making, packaging and coating & polishing industries has increased the demand for industrial wax in the region.Extensive primary interviews were conducted to determine and verify the market size for several segments and sub-segments and information gathered through secondary research. The break-up of primary interviews is given below.- By Company Type - Tier 1 - 58%, Tier 2 - 33%, and Tier 3 - 9%- By Designation - C level - 50%, Director level - 33%, and Others - 17%- By Region - North America - 35%, Europe - 30%, Asia-Pacific - 14%, Middle East & Africa - 14%, and South America - 7%.The companies profiled in this market research report are Sinopec Limited ( China), Royal Dutch Shell Plc ( The Netherlands), Petroleo Brasileiro S.A. (Petrobras) ( Brazil), Exxon Mobil Corp. (U.S.), Sasol Limited ( South Africa), OJSC Lukoil ( Russia), Numaligarh Refinery Limited ( India), HCl WAX ( China), The Blayson Group Ltd (UK) and International Group, Inc. ( Canada).