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The foundation of a strong nation today hinges on how effectively its refineries utilize petrochemicals, which have become the backbone of manufacturing, agriculture, healthcare, and many other sectors. In India, petrochemicals are pivotal in propelling the nation towards becoming an economic superpower. The growth trajectory of this sector is expected to remain upward due to shifting consumer preferences, ongoing innovations, and increasing consumer demand.

Plastics are essential materials for our life because they bring safety and hygiene to our society," said paper co-authors Masazumi Tamura, associate professor in the Research Center for Artificial Photosynthesis in the Advanced Research Institute for Natural Science and Technology in Osaka City University, and Keiichi Tomishige, professor in the Graduate School of Engineering in Tohoku University. "However, the growth of the global plastic production and the rapid penetration of plastics into our society brought mismanagement of waste plastics, causing serious environmental and biological issues such as ocean pollution."

Global “Industrial Wax Market” to its vast repository and growth prospects of the market provides the historical as well as present growth factors of the global market. Industrial Wax Market help stakeholders identify the opportunities as well as challenges. It consists of changing market trends, latest developments, growth opportunities, challenges, and detailed competitive analysis about the emerging and behemoth market players. The Global Industrial Wax market 2021 provides a complete assessment of the industry including definitions, classifications, applications and industry chain structure, which is beneficial for companies regardless of their size and revenue. 

Increasing use of paraffin wax in flexible packaging as a good barrier against odour and gas transmission is likely to drive growth in coming years. Expansion of the food & beverage sector in various countries including China, India,the  and Brazil is expected to drive industry growth over the upcoming period. In addition, rising consumption of chlorinated paraffin as a flame retardant and plasticizer in flexible PVC is likely to drive market growth over the next nine years. Paraffin waxes are petroleum-sourced products, and therefore volatile petroleum prices along with harmful emissions are likely to restrain industry growth over the forecast period. 

Market Overview

The Global Wax Market was valued at 7 million tons in 2020 and the market is projected to register a CAGR of over 2.5% during the forecast period (2021-2026).

Due to COVID-19, the lockdown regulations and a deficient number of workers havethe  led to the decline in production of various chemicals and other industries such as cosmetics, packaging, rubber, candle, and adhesives. The supply of raw materials to the industries decreased and causes the disturbance in supply and demand balance. Owing to all these factors, the oil market is negatively impacted by COVID-19 and the production of wax is decreased.