The report further mentions that the wax market size was valued at USD 7,288.9 million in 2019 and is expected to reach USD 9,249.2 million by 2027, thereby exhibiting a CAGR of 3.1% during the forecast period.

Information source:

https://www.fortunebusinessinsights.com/wax-market-102783

Segment-

Petroleum Segment to Grow Considerably Backed by Rising Usage of Paraffin

In terms of product type, the market is segregated into animal & plant, mineral, synthetic, and petroleum. Out of these, the petroleum segment held 63.5% wax market share in 2019 and would grow considerably throughout the forecast period. Petroleum products mainly consist of micro-crystalline type, petrolatum, and paraffin. Paraffin is the most commonly used product worldwide.