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GLOBAL INDUSTRIAL WAX MARKET 2020-2028

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After a detailed analysis, Triton Market Research has concluded that the industrial wax market is expected to display an upward trend and is estimated to grow at a CAGR of 4.16% in terms of revenue over the forecast period of 2020 to 2028. The market is predicted to reach $12067.22 million by the year 2028.
Industrial wax is a white or yellowish hydrophobic solid at room temperature and is an organic substance. It is a free-flowing liquid at a slightly higher temperature.
Though insoluble in water, waxes are soluble in nonpolar solvents. As waxes have a major proportion of hydrocarbons containing more than 20 carbon atoms, they are of complex composition.
More than 80% of the industrial waxes used globally are based on petroleum feedstock. The industry is growing steadily towards the use of bio-based waxes and synthetic waxes with the decreasing supply from manufacturers of paraffin wax.
Synthetic wax is a good replacement to fill the demand-supply gap in the industrial wax market. The bio-based waxes are particularly preferred by some specific applications, namely food, cosmetics, and personal care.
https://www.tritonmarketresearch.com/reports/industrial-wax-market#request-free-sample Within this report from Triton on the industrial wax market, the market definition and the key insights regarding the industry are discussed. Also, the market attractiveness matrix, vendor scorecard, value chain analysis and Porter’s five force analysis are studied for the industrial wax Industry.
Market drivers like the growing preference for synthetic waxes and changes in technology are influencing the market positively. The industry is facing market restraints like a fall in the supply of paraffin wax and the rising price of synthetic and bio-based waxes.
Key opportunities like rising population and growing per capita income can be leveraged by the industry to get towards the projected growth. Challenges such as a decline in the use of fossil based wax in the packaging industry are faced by the industry at this moment.
Geographies covered for the global industrial wax market: • North America: United States and Canada • Europe: United Kingdom, Germany, France, Italy, Spain, Russia and Rest of Europe • Asia-Pacific: China, Japan, India, South Korea, ASEAN countries, Australia & New Zealand and Rest of Asia-Pacific • Latin America: Brazil, Mexico and Rest of Latin America • The Middle East and Africa: United Arab Emirates, Turkey, Saudi Arabia, South Africa and Rest of Middle East & Africa The global industrial wax market is segmented as : • Market by Type: o Fossil-based Waxes o Synthetic-based Waxes o Bio-based Waxes • Market by Application: o Candles o Packaging o Coatings & Polishes o Hot Melt Adhesives o Tires & Rubber o Cosmetics & Personal Care o Food o Others Some of the prominent players in the industrial wax market are China Sinopec (China Petrochemical Corporation), Royal Dutch Shell Plc (Shell International BV), Evonik Industries AG, ExxonMobil Corporation, Sasol Limited, Lukoil (PJSC Lukoil), Numaligarh Refinery Limited, HCI Wax (Hong Chang International), The Blayson Group Ltd and The International Group Inc. The strategic analysis for each of these companies in the industrial wax market is covered in detail.
Company profiles help to dive into the information about the key market players in this industry and how much hold they have on the market. The immense growth opportunities are attracting new companies to rush into the market and thus accelerate the degree of competition.
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