Wax market Size, Share and 2020 Trends Analysis | Industry Forecast to 2027
Wax market will exhibit a CAGR of 3.1% and reach
USD 9,249.2 million by 2027, the market value as per 2019 was USD 7,288.9 million.
Fortune
Business Insights™ in a recent report, titled, “Wax Market Size, Share & Industry
Analysis, By Product Type (Petroleum, Synthetic, Mineral and Animal &
Plant), By Application (Candles, Packaging, Coating & Polishes, Hot-melt
Adhesives, Cosmetic & Toiletries, Plastic & Rubber and Others) and
Regional Forecast, 2019-2027.”
Wax
market Drivers
and Restraints :
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.
List of Significant Manufacturers in 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 Venezuela, S.A.) (Venezuela)
•
Kerax Limited (UK)
•
DEUREX AG (Germany)
•
NIPPON SEIRO CO. LTD. (Japan)
•
Numaligarh Refinery Limited (India)
•
Strahl & Pitsch, Inc. (USA)
•
CALWAX (USA)
•
Poth Hille & Co Ltd. (UK)
•
Cargill, Inc. (USA)
•
Samin Chemical (Iran)
To gain
more insights into the market with a detailed table of content and figures,
Click Here: https://www.fortunebusinessinsights.com/wax-market-102783
Some of the key industry developments Wax market Include:
·
February
2020: Sasol, an integrated energy and chemical company based in South
Africa, inaugurated the completion of its FT Wax Expansion Project (FTWEP). It would
strengthen South Africa’s position in the wax industry. The company will now be
able to produce high quality waxes equipped with unique characteristics.
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