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Petroleum Wax Market in Algeria, Ghana, Nigeria, and Ivory Coast to Reach Valuation of ~US$ 120 Mn by 2030

Petroleum Wax Market in Algeria, Ghana, Nigeria, and Ivory Coast

Key Drivers of Petroleum Wax Market in Algeria, Ghana, Nigeria, and Ivory Coast

Petroleum wax is an excellent anti-rusting agent and water repellant. These properties of petroleum wax make it useful in various industries such as marine, leather, telecommunications, packaging, and metalworking.

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Petroleum wax is used for applications wherein rusting or water can cause severe damage to equipment as well as operations. Petroleum wax is used in the treatment of pain in the hands, the feet, the joints, and the muscles. In this treatment, warm oil-based wax is employed to obtain relief from pain.

It provides relaxation to stiff muscles; relaxes chronic joints; and improves blood circulation. This treatment helps patients with bursitis, arthritis, and other chronic pain. Furthermore, petroleum wax is employed in various drugs, creams, and ointments for lubrication. Due to these benefits, petroleum wax witnesses high demand from the pharmaceutical industry.

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Nigeria to Lead Petroleum Wax Market

Nigeria dominated the Algeria, Ghana, Nigeria, and Ivory Coast petroleum wax market in 2019, owing to growth in industrialization and rise in the disposable income of consumers in the country.

Demand for petroleum wax is expected to be high in the country during the forecast period also. The petroleum wax market in Ivory Coast is estimated to expand considerably during the forecast period, led by significant development of infrastructure related to oil and gas refineries in the country.

Major Developments in Petroleum Wax Market in Algeria, Ghana, Nigeria, and Ivory Coast

In January 2019, Brenntag AG acquired Chemgrit Cosmetics (Pty) Ltd., an independent distributor of specialty chemicals based in South Africa with its focus on personal care and cleaning industries. The deal was valued at US$ 5.9 Mn. Furthermore, in March 2017, Exxon Mobil Corporation introduced a new product under the petroleum wax category. This semi-refined petroleum wax was called Waxrex 1280.

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Competition Landscape

The petroleum wax market is led by multinational players operating across the globe. Prominent players operating in the petroleum wax market in Algeria, Ghana, Nigeria, and Ivory Coast are Sonneborn LLC. Sasol, Kerax Limited, Exxon Mobil Corporation, Honeywell International Inc., Orbichem, H&R GROUP, RDR Energy, ZA PETROCHEM (PTY) LTD, and Brenntag Asia Pacific Pte Ltd.

Petroleum Wax Market in Algeria, Ghana, Nigeria, and Ivory Coast: Segmentation

Petroleum Wax Market, by Type

Paraffin Wax
Microcrystalline Wax
Petroleum Jelly

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Petroleum Wax Market, by Application

Candles
Packaging
Cardboard Coating
Cosmetics
Others (including Food, Ink, and Rubber)

Petroleum Wax Market, by Country

Algeria
Ghana
Ivory Coast
Nigeria

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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