The industrial wax market is expected to display an upward trend and is estimated to grow at a CAGR of 4.16% in terms of revenue over the forecast period of 2020 to 2028. The market is predicted to reach $12067.22 million by the year 2028.
Industrial wax is a white or yellowish hydrophobic solid at room temperature and is an organic substance. It is a free-flowing liquid at a slightly higher temperature. Though insoluble in water, waxes are soluble in nonpolar solvents. As waxes have a major proportion of hydrocarbons containing more than 20 carbon atoms, they are of complex composition. More than 80% of the industrial waxes used globally are based on petroleum feedstock.
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