The Asia Pacific industrial wax market is predicted to grow considerably and set a record CAGR of 5.25% over the estimated period of 2020-2028. The rapid growth of the market in the region is attributed to increased government expenditure, a growing population, and increasing per capita income. The growing demand for industrial waxes in the region and the growing GDP is expected to boost the market further.
The industrial wax market of the Asia Pacific market is further surveyed by segmenting the region into countries like South Korea, Japan, India, Vietnam, Indonesia, Australia & New Zealand, Thailand, China, and the rest of Asia Pacific including Malaysia, Taiwan, Sri Lanka, and others. In Australia, the rising need for convenience and growing concerns over the impact of packaging waste on the environment among consumers is making them move towards reusable and recyclable waste materials. The packaging manufacturers and brand owners are opting for more sustainable packaging materials. The development of the packaging and automotive industry will boost the industrial wax market. In countries like Thailand, the growing cosmetics and packaging industry will benefit the market.
Indonesia’s crude oil market is expanding owing to investments and rising exports, which is further surging the adoption of crude oil in the country. So the production of industrial wax is expected to grow at a good rate. Vietnam’s real GDP growth rate is predicted to be around 6.5% in 2020 and 2021. The population is growing rapidly, and an emerging middle class is expected to reach 26% of the population by 2026. These growth factors will benefit the Vietnam industrial wax market. The region of the rest of Asia Pacific includes developing countries, and the developing economic activities in these countries will drive the market growth further.
HCI, Numaligarh Refinery Ltd., Exxon Mobil Corporation, Sinopec Corp, etc. are some of the prominent companies operating in the market.
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- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
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