ASIA-PACIFIC INDUSTRIAL WAX MARKET 2020-2028

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A Triton Market Research report has estimated that the industrial wax market in the Asia-Pacific region would grow at a CAGR of 4.77% during the period 2020-2028. The countries studied in the Asia-Pacific industrial wax market are: •         South Korea                                     •         China •         ASEAN countries •         Japan •         India •         Australia & New Zealand •         Rest of APAC countries Foreign investments are primarily driving the growth in the Chinese market.
The cheap labor rates and readily available raw materials are boosting the production sector in the country. The country’s industrial sector is a lucrative market for global investors and several collaborations & mergers or joint ventures have been signed between foreign companies and Chinese corporations.
With the excellent globalization and substantial capital investments & developmental projects in line in the infrastructure segment, China is trying to retain its position in the global market. It is one of the largest exporters of paraffin wax in the world.
An increase in the supply of synthetic waxes has been witnessed, which is anticipated to contribute to the industrial wax market growth in China. https://www.tritonmarketresearch.com/reports/asia-pacific-industrial-wax-market#request-free-sample India is a leading exporter of refined petroleum commodities.
A constant increase in the refining capacity is observed in India. Industrial wax is produced in the refining of crude oil.
With the continuous growth in the country's oil & gas industry, coupled with other wax types like beeswax and vegetable wax, the industrial wax market is likely to witness rapid growth in India. The growing purchasing power of the consumers is anticipated to fuel the demand for cosmetics and personal care, thereby augmenting the demand for industrial wax in the candle application.
The booming automotive industry in India is pushing the demand for tire & rubber applications, which is also an end-user segment of the industrial wax market. Established in 2000, Sinopec Corp is one of the leading oil & gas companies.
It is headquartered in Beijing, China. Sinopec’s operations include exploration, production, extraction, transmission & sales and oil refining.
The company is also involved in the production, sales, storage and transportation of products like petrochemicals, chemical fertilizers, chemical fibers and other chemical products.  Some of the eminent players of the industrial wax are ExxonMobil Corporation, Numaligarh Refinery Limited, The International Group Inc, Evonik Industries AG, Royal Dutch Shell Plc (Shell International BV), HCI Wax (Hong Chang International), The Blayson Group Ltd, Lukoil (PJSC Lukoil), Sinopec Corp (China Petrochemical Corporation) and Sasol Limited.
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