Global Industrial Wax Market: Key Highlights
Global Industrial Wax Market: Key Market Dynamics
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Global Industrial Wax Market: Regional Overview
Asia-Pacific region is expected to account for the largest share of the industrial wax market during the forecasted period. This growth can be attributed to the growing market for candle making, packaging, coatings & polishes, and tires & rubber in emerging economies such as China, India, and Japan. China is expected to dominate the market in this region owing to raw materials availability and cheap labor. China is the largest paraffin wax exporter in the world. India is an emerging country for the industrial wax market. The growing population is expected to boost the cosmetic and personal care demand, subsequently increasing the industrial wax demand in the candle application.
North America industrial wax market is expected to grow at a sustainable growth rate during the forecasted period. Increasing demand from multiple applications such as candles, cosmetics and personal care, tire & rubber, and hot melt adhesive are driving the market. The US accounts for the largest share of the industrial wax market in North America. Growing demand for packaging and candle applications is expected to boost the industrial wax market.
Global Industrial Wax Market: Key Players Overview
Exxon Mobil Corporation one of the largest publicly traded energy providers and chemical manufacturers company across the globe. The company operates through the following segments: Upstream, Downstream and Chemical. The Upstream segment produces crude oil and natural gas. The Downstream segment manufactures and trades petroleum products. The Chemical segment offers petrochemicals.
The Royal Dutch Shell is a Netherland based energy and petrochemical company. The company operates through following business segments, Integrated Gas, Upstream, Downstream and Corporate. The Integrated Gas segment is engaged in the liquefaction and transportation of gas and the conversion of natural gas to liquids to provide fuels and other products. The Upstream segment engaged in the exploration for and extraction of crude oil, natural gas and natural gas liquids, The Downstream segment is engaged in oil products and chemicals manufacturing, and marketing activities. The company has a global reach with its service in around 70 countries.
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