NORTH AMERICA INDUSTRIAL WAX MARKET 2020-2028


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A Triton Market Research report on the North American industrial wax market has determined that the industry would exhibit growth at a CAGR of 4.21% in the estimated years between 2020 and 2028. The countries evaluated in the North American industrial wax market are: •         Canada •         The United States The US is a major importer of industrial wax, especially from countries like China.
The gradual reduction in the wax production capabilities has pushed the industrial wax users towards the Fischer-Tropsch (FT) wax. The rising adoption of the FT waxes, rather than paraffin wax, is likely to fuel the demand for synthetic wax in the forthcoming years.
The supply gap that was produced due to the closing of Group I base oil, is giving potential opportunities for synthetic and bio-based wax in the market. The FT waxes are able to fill the void created by the reduction in paraffin wax supply.
Hence, synthetic wax is expected to witness substantial growth as compared to fossil-based wax. https://www.tritonmarketresearch.com/reports/north-america-industrial-wax-market#request-free-sample The Canadian packaging industry is beneficial for the growth of the industrial wax market in the country.
There is an increase in the demand for packaging products that can be utilized on multiple consumption occasions, thereby complying with the concerns regarding recycling and sustainability. The packaging industry is involved in sectors like food, alcoholic & non-alcoholic drinks, beauty & personal care.
The packaging innovations in these segments are centered on portability mostly by favoring smaller pack sizes or by using materials that are used for different consumption occasions. Industrial wax is used in the packaging industry and thus the growth in this sector will subsequently lead to the growth in the industrial wax market in the region.
Established in 1945, International Group Inc is a company providing synthetic, petroleum and non-petroleum wax products. The company has its headquarters in Toronto, Ontario, Canada.
The company provides products, including microcrystalline wax, paraffin wax, polyethylene wax and synthetic waxes.  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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