Industrial Wax Market Size Demand Growth Analysis 2022-2029

The Industrial Wax Market is expected to grow at a CAGR of 4.0% during the forecast period 2022-2029. North America region has the highest market share in the Industrial Wax Market, and it is further continuing its dominance during the forecast period.

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Our research report gives wide perceptions of the latest trends and development prospects of the market analysis, detailed segmentation analysis, volume, size, share, growth drives, and opportunities in the market. In-depth regional and country-level illustration of the competitive landscape depends on several phases and status of clinical trials over the prominent economies of the globe, and also report contains a number of major companies profiled in the relevant market.

Market Drivers:

Generally, candles were just utilized for lighting; However, they now play a significant role in handicrafts, home décor, and festival ceremonies. In Europe and North America, a lot of candles are used every day and even at festival ceremonies because of people's religious beliefs, lifestyle, and habits. Clients are enchanted by the progression of light items, for example, item shape, style, variety and scent.

The traditional candle industry has evolved into a sophisticated, innovative, and brand-conscious sector as a result of shifting consumer behavior as well as the rising popularity of candle-based craft materials, interior decoration, and other related products. The primary raw material utilized in the production of candles is industrial wax, which includes paraffin, synthetic wax, and microcrystalline wax. In order to support sustainable development, product advancement, and product aesthetics and design, microcrystalline and synthetic wax is currently being used in candle manufacturing. The majority of candle manufacturing facilities have relocated to Asia-Pacific in recent years, marking a steady evolution in the sector. The EU-28 countries produced over 657 kilograms of candles in the same year, according to Eurostat, while imports increased by 2.7%. In the top ten candle importers, the United States and nine European nations accounted for approximately 16.5% and 46.5% of all imports, respectively. Poland and China, on the other hand, generated 26.2% and 26.9% of all exports, respectively.

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Market Segmentation:

By Type:
• Fossil-based wax
• Synthetic Wax
• Bio-based Wax

By Application:
• Candles
• Packaging
• Coatings & Polishes
• Hot-melt Adhesives
• Cosmetics & Personal Care
• Others

Geographical Classification:
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East
• Africa

Major Companies Listed:

China Petroleum and Chemical Corporation, Royal Dutch Shell PLC, Exxon Mobil Corporation, Sasol Limited, Numaligarh Refinery Limited, Petroleo Brasilerio S.A., NK Lukoil PAO, The Blayson Group, BP Plc and HCI Wax.

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This release was published on openPR.