Wax market will exhibit a CAGR of 3.1% and reach USD 9,249.2 million by 2027, the market value as per 2019 was USD 7,288.9 million.
Fortune Business Insights™ in a recent report, titled, “Wax Market Size, Share & Industry Analysis, By Product Type (Petroleum, Synthetic, Mineral and Animal & Plant), By Application (Candles, Packaging, Coating & Polishes, Hot-melt Adhesives, Cosmetic & Toiletries, Plastic & Rubber and Others) and Regional Forecast, 2019-2027.”
Wax market Drivers and Restraints :
The emergence of end use industries, such as rubber, plastic, cosmetics, packaging, and candles is surging in the developing regions, namely, Latin America, Africa, and Asia Pacific. But the growth is low in the developed regions, such as Europe and North America. Hence, the ongoing industrialization is anticipated to create more opportunities for such end use industries in the countries situated in these regions. The demand for paraffin wax is high as it is used the most in corrugated packaging. This type of packaging is specially used to pack furniture, food, and similar other goods. The expansion of packaging sector in the developing regions worldwide would contribute to the wax market growth in the coming years. However, animal and plant-based wax involves high manufacturing cost. It may hamper growth.
List of Significant Manufacturers in Wax market are:

• Sasol Limited (South Africa)
• Sinopec (China)
• Royal Dutch Shell PLC (Netherlands)
• Exxon Mobil Corporation (USA)
• The International Group Inc. (Canada)
• Petróleo Brasileiro S.A. (Brazil)
• The PJSC Lukoil Oil Company (Russia)
• PDVSA (Petróleos de Venezuela, S.A.) (Venezuela)
• Kerax Limited (UK)
• DEUREX AG (Germany)
• Numaligarh Refinery Limited (India)
• Strahl & Pitsch, Inc. (USA)
• Poth Hille & Co Ltd. (UK)
• Cargill, Inc. (USA)
• Samin Chemical (Iran)

To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/wax-market-102783

Some of the key industry developments Wax market Include:
• February 2020: Sasol, an integrated energy and chemical company based in South Africa, inaugurated the completion of its FT Wax Expansion Project (FTWEP). It would strengthen South Africa’s position in the wax industry. The company will now be able to produce high quality waxes equipped with unique characteristics.