August 26, 2022 10:30 ET | Source: Transparency Market Research Transparency Market Research
Albany, New York, UNITED STATES
Wilmington, Delaware, United States, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2018, the value of the global wax market stood at US$ 8.49 Bn, according to a study by Transparency Market Research. The Insights on the Wax Market expect the market to develop at a CAGR of 2.62% during the forecast period, from 2019 to 2027. The global market value of wax is expected to attain value of US$ 10.73 Bn by 2027. Wax finds use in a variety of industries, including those that deal with food, paints, elastic, materials, hardware, packaging, inks and coatings, electrical, medicines, and beautifying agents. With such extensive range of usage Along these grounds, it is anticipated that advancements and expansion in end-use industries would spark a significant amount of interest in wax application. The production of paraffin wax has reduced in the last few years, nevertheless, this is offset by the increase in the making of natural and synthetic waxes, which is expected to accelerate growth of the global wax market.
Wax is frequently used as base materials, additives, and in the making of many other products. Importance of surface insurance and surface shine in the making of earthenware are growing along with the value of finished products in the metals business. This is probably going to increase the use of wax in crafting earthenware, which is likely to boost the global wax market. Wax serves as an important corrosion inhibitor in all of the metal works as well, thus it is predicted to be used more frequently in the assembly of metal objects. They are widely used in material industries since they resist water. They are also used as shields in the electrical and hardware industries, which is estimated to drive sales of wax market.
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Key Findings of Market Report
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Global Wax Market: Key Players
Some of the key market players are
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