Wax Industry: in-depth Research on Major Suppliers, Business Standards, Technology Trends and Market Forecast to 2021-20

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Companies covered in the wax market are Sasol Limited (South Africa), Sinopec (China), Royal Dutch Shell PLC (Netherlands), Exxon Mobil Corporation (USA), The International Group Inc. (Canada), Petróleo Brasileiro S.A. (Brazil), The PJSC Lukoil Oil Company (Russia), PDVSA (Petróleos de V

 

The global wax industry growth is set to gain impetus from their increasing usage in a wide range of applications, such as plastic rubber additives, candle manufacturing, cosmetics, adhesives, polishes, and coatings. Wax also provides protection to packaged goods from moisture. The report further mentions that the wax market was valued at USD 7,288.9 million in 2019 and is expected to reach USD 9,249.2 million by 2027, thereby exhibiting a CAGR of 3.1% during the forecast period.

Source:

https://www.fortunebusinessinsights.com/wax-market-102783

Segment-

Petroleum Segment to Grow Considerably Backed by Rising Usage of Paraffin

In terms of product type, the market is segregated into animal plant, mineral, synthetic, and petroleum. Out of these, the petroleum segment held 63.5% wax market share in 2019 and would grow considerably throughout the forecast period. Petroleum products mainly consist of micro-crystalline type, petrolatum, and paraffin. Paraffin is the most commonly used product worldwide. It is highly versatile and possesses a low reactive nature.

Drivers Restraints-

Increasing Demand from Packaging Industry to Propel Growth

The emergence of end use industries, such as rubber, plastic, cosmetics, packaging, and candles is surging in the developing regions, namely, Latin America, Africa, and Asia Pacific. But the growth is low in the developed regions, such as Europe and North America. Hence, the ongoing industrialization is anticipated to create more opportunities for such end use industries in the countries situated in these regions. The demand for paraffin wax is high as it is used the most in corrugated packaging. This type of packaging is specially used to pack furniture, food, and similar other goods. The expansion of packaging sector in the developing regions worldwide would contribute to the wax market growth in the coming years. However, animal and plant-based wax involves high manufacturing cost. It may hamper growth.

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