Petroleum Waxes Market - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027embed
Petroleum waxes are soft colorless solids obtained from petroleum. Petroleum waxes are of three types, namely paraffin wax, microcrystalline wax, and petroleum jelly.
Petroleum Waxes Market - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027 Petroleum waxes are soft colorless solids obtained from petroleum. Petroleum waxes are of three types, namely paraffin wax, microcrystalline wax, and petroleum jelly. Although these waxes are slightly translucent, addition of some chemicals can impart color to these waxes. It is tasteless and odorless. Also, it is insoluble in water, slightly soluble in ethanol, and sparingly soluble in solvents such as diethyl ether and hexane. Petroleum waxes are formed as a byproduct when lubricating oil is sent for refining process. Purity or grade of petroleum wax is based on the amount oil content present in the wax. Request PDF Brochure of Report: https://www.coherentmarketinsights.com/insight/request-pdf/2777 Market Dynamics Increasing application of petroleum waxes in industrial coatings, candles, defoaming agent, surface finishing agents, cosmetics, plastic & rubber processing aids, pharmaceuticals, and electrical insulations is expected to drive the demand for petroleum waxes. This in turn is expected to fuel growth of the petroleum waxes market over the forecast period. It is also used in lubricants, preservatives for histology (tissue) samples, friction reducers on surfaces, and in solid-propellant for hybrid rocket-motors. In 2015, 41.5% of the market revenue was generated by sales of candles, which is one of the major applications of petroleum waxes. This is owing to its increasing use for aromatherapy in spa, hotels, and other commercial buildings. However, volatile prices of crude oil and harmful emissions are major factors that are expected to restrain the petroleum waxes market growth. Market Outlook On the basis of region, the global petroleum waxes market is segmented into North America, Latin America, Asia Pacific, Middle East, and Africa. Asia Pacific holds dominant position in the petroleum waxes market, owing to increasing demand for products such as candles, lubricants, and cosmetics in the region. China, India, Japan, South Korea, Singapore, Taiwan, and Thailand are the major consumers of petroleum waxes, as it has wide range of applications in a variety of industries including automotive, chemicals, and construction. Moreover, increasing population and rising disposable income in emerging economies such as China and India in the region is expected to increase demand for consumer goods using petroleum waxes. This in turn is expected to fuel growth of the petroleum waxes market over the forecast period. North America is another major consumer for petroleum waxes, especially in rubber latex for automotive industry and coatings for construction and furniture industry. Due to economic meltdown, Europe is expected to witness comparatively slower growth than other regions. Browse In-Depth Analysis Research Report: https://tinyurl.com/y5ahz3pb Key Players Some of the major players operating the global petroleum waxes market include BASF SE, Clariant International Ltd., Evonik Industries AG, Exxon Mobil Fuels & Lubricants, Honeywell International, Lubrizol Corp., Dow Corning, and Blended Waxes Inc. among others. About Coherent Market Insights: Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity. Contact Us: Mr. Shah Coherent Market Insights 1001 4th Ave, #3200 Seattle, WA 98154 Tel: +1-206-701-6702 Email: [email protected]