Global refined wax market is expected to reach a steady CAGR of 4.9% in the forecast period of 2019 to 2026.
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Drivers: Global Refined Wax Market
- Growing Demand of soy wax in households due to its natural credentials
- Increasing demand of refined wax from skincare and therapy sectors
Restraints
- Black soot deposition by candle burning create hurdles for homeowners
- Chewing gum can trigger TMJ (temporomandibular joint disorder) in jaw and also creates gastrointestinal problems
Opportunity
- Wax production for candles and other daily usage products in developing countries
Challenge
- Low refinery operating rates in developed countries is shrinking wax production
Market Trends:
Global refined wax market is segmented into two notable segments which are type and application.
- On the basis of type, the market is segmented into natural wax, synthetic wax and specialty wax. The synthetic wax is expected to dominate the global refined wax market.
- On the basis of application, the market is segmented into building materials, candles & hotmelts, chlorinated paraffins, adhesive and coating, cosmetics and pharmaceuticals, chewing gum, crayons, fire logs, food, plastic processing, printing inks & lacquers, polishes, road construction, textile industry, tire & rubber, packaging and others
Major Players: Global Refined Wax Market
Some of the major players operating in this market are The International Group, Inc., Calumet Specialty Products Partners, L.P., Sage Oil LLC, Tannin Corporation, Exxon Mobil Corporation, The Lubrizol Corporation, American Refining Group, Inc., Ergon, Inc., Sonneborn LLC, Sudbury Boat Care Products, Health & Beauty Natural Oils Co., Inc., DEUREX AG, michelman, inc., SQI Group, BASF SE, Clariant, Mitsui Chemicals, Inc., Lion Chemtech Co., Ltd., ceronas GmbH, ALTANA, SCG Chemicals Co., Ltd., Cangzhou Bee Source Wax Co., Ltd and Changge Huading Wax Industry Co.,Ltd.
