At 3% of CAGR, Industrial Wax Market Anticipated to Grow $12.95 Billion by 2027 |KeyPlayer are Numaligarh Refinery Limited., Sasol Limited, Royal Dutch Shell Plc, etc.

Apr 29, 2020 (CDN Newswire via Comtex) -- Industrial Wax Market Overview 2020 Forecast 2027

The Industrial Wax Market is expected to reach USD 12.95 Billion by 2027, according to a new report by Reports and Data. Industrial waxes are solid substances that melt and transform into a liquid state at slightly higher temperatures. Various types of waxes are available in the market, such as bio-based, fossil-based, and synthetic waxes. Industrial wax display excellent properties and thus, find a broad range of applications in pharmaceutical, packaging, plastics, cosmetics, candles, and other sectors.

The Key players in the Industrial Wax Market include The Blayson Group Ltd, HCI Wax, The PJSC Lukoil Oil Company, Exxon Mobil Corporation, The International Group, Inc., Numaligarh Refinery Limited., Sasol Limited, Royal Dutch Shell Plc, Petroleo Brasileiro S.A., and China Petroleum & Chemical Corporation.

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Enhanced demand from the personal care industry, cosmetics, and personal care industries are observing visible growth worldwide because of the rise in consumer interest for personal hygiene and beautification products. Industrial wax is utilized in cosmetic and personal care product formulations to improve the thickness and texture of these products. Various types of wax are being used in several cosmetic products. With the rise in demand for personal care products, several companies are coming ahead to supply wax to provide to the needs of the personal care and cosmetics business.

North America is the most advanced market for industrial wax, owing to the availability of higher quality of infrastructure and technology. The region is also commencing in product innovation along with research and development for industrial wax. The North America industrial wax market is expected to rise with a CAGR of 3.9% during the forecast period.

For the purpose of this study, Reports and Data have segmented the market on the basis of Application, Type, Sales Channel, and region:

Application Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2020-2027)