Wax Industry Overview
The global wax market size was valued at USD 9.8 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030.
The demand for the product is anticipated to be driven by the growing demand in various industries because of its superior properties such as high gloss, good water repellency, and outstanding chemical resistance. The market is highly competitive in nature owing to the major involvement of multinationals in constant capacity expansion and product diversification and innovation. To sustain in this competitive market type, companies are undergoing several strategic planning and execution programs to increase their operational efficiency and increase market presence globally.
Gather more insights about the market drivers, restraints, and growth of the Global Wax market
Wax finds major applications in coating and printing formulations. It is highly utilized in paint, coating, and printing ink industries owing to its features scratch as mark and scratch resistance, rub resistance, and water repellency. It is applied as an additive to a variety of inks including letterpress, lithographic, gravure, and flexographic. Other functions of wax in the coating and ink industry include in blockage, improvement in friction, anti-setting, and anti-sagging.
Waxes are the members of organic compounds that are malleable and hydrophobic solids at ambient temperatures. It includes lipids and higher alkanes that are insoluble in water but are soluble in nonpolar, organic solvents. Various wax products including mineral, natural, and synthetic wax are produced from petroleum-based products such as base oil and natural gas, chemicals such as polyethylene, and plants and animals.
Browse through Grand View Research's Petrochemicals Industry Research Reports.
Carnauba Wax Market - The global carnauba wax market size was USD 246.0 million in 2015 and is expected to witness significant growth over the next eight years due to growing use in confectionery products.
North America Paraffin Wax & Emulsions Market - The North America paraffin wax & emulsions market size was estimated at USD 575.97 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.3% from 2021 to 2028.
Key Companies profiled:
Some prominent players in the global Wax market include
- Sinopec Corp
- China National Petroleum Corporation
- HollyFrontier Corporation
- BP P.L.C
- Nippon Seiro Co., Ltd
- Baker Hughes Company
- Exxon Mobil Corporation
- Sasol Limited
- The International Group, Inc.
- Evonik Industries AG
- BASF SE
- Dow
- Honeywell International Inc.
- Royal Dutch Shell P.L.C
- Mitsui Chemicals, Inc.
Order a free sample PDF of the Wax Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment