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.
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