Wax is utilized widely as added substances, base materials, and to help preparing. Since the significance of completed products such in metals, surface shine, and surface insurance in earthenware production is expanding, the utilization of wax will likewise build, driving the market. Wax likewise fills in as a consumption inhibitor in metal works, along these lines finding their application in assembling metal items. They repulse water and along these lines, discover their application in material businesses. In addition, they are utilized as protectors in hardware and electrical businesses. In 2018, the global wax market stood at US$ 8.49 Bn progressing at a CAGR of 2.62% between 2019 and 2027, the market’s opportunity is likely to touch US$ 10.73 Bn by the end of 2027.
Candles to Remain Key Segment in Global Wax Market
On the basis of application, the global wax market is segmented into In terms of product types, the report segments the global wax market into petroleum and mineral wax, synthetic wax, and natural wax. In 2018, petroleum and mineral wax segment dominated the market. However, over the forcast period, synthetic wax segment is projected to be the largest growing product type. Synthetic wax accounted for around 11% of the overall market in 2018. Additionally, in the coming years, the natural wax segment is expected to register lucrative growth.
In terms of end-use industries, the global wax market has been classified into candles, packaging, wood and fire-logs, rubber, adhesive, cosmetics, and other end-use industries. Of these, candles accounted for the largest share in the market in the year 2018 by accounting more than 41% of the market.
Global Wax Market: Research Methodology
This TMR report on the global wax market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. The competition scenario of the global wax market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data and the current trends, researchers of the global wax market arrived at predictions and estimations, and calculated the market forecast.
This report uses an analytical triangulation method to estimate the numbers of the global wax market, by using both bottom-up and top-down approaches
This detailed assessment of the global wax market, along with an overview of the market, is provided based on a careful examination of avenues related to the market. Analysts’ conclusions on how the global wax market is set to expand are based on carefully vetted primary and secondary sources.
Highlights of Wax Market
A recent research report published by Transparency Market Research projects the global wax market to expand at a CAGR of 2.62% during the period between 2019 and 2027. The report, titled “Wax Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 – 2027,” estimates the global wax to reach US$ 10.73 Bn by 2027, from US$ 8.49 bn in 2018.
Global Wax Market – Key Developments
In February 2018, Sasol announced that the company had inaugurated the full completion of its US$ 780 Million Fischer-Tropsch Wax Expansion Project (FTWEP). Phase 2 of the project began its operation in March 2017, while phase 1 was commissioned in 2015. The company announced that with completion of this project, South Africa is now one of the leading countries of wax production globally. Moreover, FTWEP is one of a number of the major capital investments made by the company in South Africa country.
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