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Transparency Market Research, New York: Waxes are majorly used as base materials, added substances, and to assist in preparing. There are wide range of products such as synthetic wax, petroleum and mineral wax, and natural wax available in the wax market. These products find application in gamut of end-use industries such as inks and coatings, paints, bundling, materials, electrical, hardware, elastic, sustenance, beautifying agents, and pharmaceuticals.
Analysts at TMR highlight that growing opportunities from various end-use industries will help the global wax market garner prominent growth during the forecast period of 2019 to 2027 and reach to the valuation of approximately 10.73 Bn by the end of 2027.
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Key Findings of Wax Market Report
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Wax Market: Key Driving Factors and Promising Avenues
Wax is gaining popularity owing to gamut of properties such as anti-caking and excellent insulation. Apart from this, wax is known for offering resistance from moisture, odor, and micro-organisms. As a result, it is increasingly used in the manufacturing of rubber, adhesives, packaging, cosmetics, wood and fire-logs, and candles. Thus, growing use in all these industries will spur the demand in the global wax market.
Wax is gathering prominent usage as a protector in hardware and electrical sector. This factor is stimulating demand avenues in the global wax market.
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Wax Market: Competitive Assessment
Major players in the global wax market are concentrating on strengthening their production capabilities. This move is helping vendors ensure the continuous supply of products to end-use industries. In addition to this, they are increasing efforts to grow their regional presence.
The list of well-entrenched players operating in the global wax market includes following names: Sasol Wax, The International Group, Inc. (IGI), Exxon Mobil Corporation, China National Petroleum Corporation (CNPC), Total Petrochemicals & Refining USA Inc, Lukoil, Petróleos de Venezuela SA., Sinopec Limited, and Royal Dutch Shell plc.
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Wax Market: Regional Landscape
The wax market shows presence in many regions such as Europe, North America, Latin America, Japan, and Asia Pacific excluding Japan. Of them, Asia Pacific is one of the prominent regions in the global wax market. The product is in high demand among producers of candles, bundling, glues, and beautifying agents.
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The wax market can be segmented as follows:
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