Global Industrial Wax Market projected to reach US$ 12,854 million by 2034 with growing applications

From GlobeNewswire: 2024-11-06 06:00:00

The global Industrial Wax Market is projected to reach US$ 8,356.7 million by 2024, with a 4.4% CAGR expected through 2034. Paraffin wax usage in packaging and other industrial applications is driving market growth, with an increasing focus on developing sustainable wax substitutes. North America and East Asia are key regions contributing to market revenue.

Key players in the Industrial Wax Market include Sasol, Indian Oil Corporation, and Royal Dutch Shell. Market competition is expected to intensify as industrial wax applications expand. Recent developments include the introduction of specialty waxes for textiles and 3D printing-compatible formulations to drive market growth.

In March 2022, Sasol sold Sasol Wax GmbH to AWAX s.p.a., while Calumet Speciality Products acquired Paralogics Company in March 2020. These acquisitions aim to expand the companies’ product portfolios and access higher-margin markets. The Industrial Wax Market is segmented by product type and application, with a focus on candle, cosmetics, and packaging industries.

Other related studies by Fact.MR include the Wax Market, Wax Additive Market, Carnauba Wax Market, Hydrocarbon Waxes Market, and Microcrystalline Wax Market, offering comprehensive insights into market trends and growth projections. As a market research leader, Fact.MR provides accurate data and strategic recommendations to empower businesses and enhance market positioning. Contact Fact.MR for customized research solutions and detailed market reports.



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