Wax Additives Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
During the forecast period, the wax additives market is estimated to grow with a CAGR of over 5%.
Wax additives are widely used in paints and coatings, construction, and automotive industries. The outbreak of COVID-19 resulted in hindrances in construction activities. Due to semiconductor chip shortage and other supply chain disruptions, automotive manufacturing was also affected severely. The demand for wax additives was thus relatively affected. Another wide use of wax additives is in candle manufacturing, which was majorly affected by the slowdown in the tourism industry during the pandemic.
Key HighlightsThe wax additives market is consolidated in nature. Some of the major players in the market include Lubrizol Corporation, Honeywell, BASF SE, Arkema Group, Evonik Industries, and others.
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