A new Report by Delvens, titled "Industrial Wax Market” offers a comprehensive analysis of the industry, which comprises insights on the Global analysis. The report also includes competitor and regional analysis, and contemporary advancements in the market, the global Industrial wax market size is projected to reach USD 9.1 billion by 2026 at a CAGR of 4.2% from USD 7.5 billion in 2021 during the forecast to 2028.
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Recent Developments
ExxonMobil announced to proceed with a USD 2 billion investment to expand the chemical plant in Baytown, Texas, creating approximately 2,000 jobs.
Shell Eastern Petroleum Ltd (“Shell”) launched two new wax products, Slackwax 60 and Slackwax 120, at its Pulau Bukom manufacturing site in Singapore. Shell intends to manufacture 60 kilotonnes of these products annually, serving customers in Asia, Europe and the US.
Regional Analysis
Asia-Pacific holds the largest share in the industrial wax market due to growing economies such as Japan, China, India, and other APAC countries namely Indonesia, and South Korea.
Key Players of Industrial Wax Market:
· ExxonMobil
· Royal Dutch Shell PLC
· Sinopec
· Sasol Ltd
· CEPSA
· Hollyfrontier Corporation
· Calumet Specialty Products Partners
· Gandhar Oil refinery
· Numaligarh Refinery Limited
· Petróleo Brasileiro
· THE PJSC Lukoil Oil Company and More
The manufacturing activities have been interrupted and the disturbed supply chain has resulted in a decline for industrial wax in major countries such as U.S., UK, Germany, and France. Moreover, decreased demand for cosmetics, candles, and consumer products across the globe has weakened the demand for wax market.
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Bio-based wax demand is growing in packaging, cosmetic, food, various applications, due to environmental policies in developed regions like North America and Europe. Growing population and high gross domestic product growth rates in countries like India, China, and different Asian countries boost the Industrial wax market.
Growing demand for the cosmetics & personal care products, and increased adoption of waxes in the tire & rubber market are some of the factors that have supported long-term expansion for Industrial wax Market.
Industrial wax Market is segmented into type, application, and geography.
On the basis of Type
· Fossil-based wax
· Synthetic wax
· Bio-Based wax
On the basis of Application
· Candles
· Packaging
· Coatings & Polishes
· Hot-melt Adhesives
· Tires & Rubber
· Cosmetics & Personal Care
· Food
On the basis of Region
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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Reasons to Acquire
· Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
· Gain authentic and granular data access for Industrial wax market so as to understand the trends and the factors involved behind changing market situations
· Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
· In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
In addition to the market data for Industrial wax Market, Delvens offers client-centric report and customized according to the company’s specific demand and requirement.
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