According to a new report published by Allied Market Research, titled, Wax Market by Type, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global wax market was valued at $9,322 million in 2016, and is projected to reach at $11,780 million by 2023, registering a CAGR of 3.4% from 2017 to 2023.
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Waxes are a mixture of hydrophobic organic materials that turns into solid state at a temperature of 20C, and melts at temperature higher than 40C up to 140C. Wax offers superior resistance towards temperature. The key sources of producing wax are petroleum, plants, animals, and natural gases. Paraffin/mineral wax, synthetic wax, and natural wax are the three types of waxes available in the market.
High adoption rate of waxes in the packaging applications and their superior properties such as heat and water resistance make them…