Wax Market expected to reach USD 14.2 billion by 2030
Wax Industry Overview The global wax market size is expected to reach USD 14.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.3% from 2020 to 2030. The growth is majorly driven by growing inclusion of wax as a performance additive in the plastics industry on account of its rising utilization as water and solvent-based mold release agent. Wax has become one of the critically utilized materials globally with widespread application across multiple industries. It is used in the automotive industry for vehicle polishing, hair removal, packaging applications, and as an additive in the food industry. Wax Market Segmentation Grand View Research has segmented the global wax market on the basis of product type, application, and region: Based on the Product Type Insights, the market is segmented into Mineral Wax, Synthetic Wax, and Natural Wax The mineral wax segment dominated t...