Petroleum Wax Market in Algeria, Ghana, Nigeria, and Ivory Coast: Introduction
The petroleum wax market in Algeria, Ghana, Nigeria, and Ivory Coast was valued at ~US$ 71 Mn in 2019 and is anticipated to expand at a CAGR of ~5% during the forecast period. Among types, the petroleum jelly segment held a dominant share of the petroleum wax market in Algeria, Ghana, Nigeria, and Ivory Coast in 2019, primarily due to high demand from industries such as cosmetics and pharmaceutical. Among applications, the cosmetics segment constituted a significant share of the petroleum wax market in Algeria, Ghana, Nigeria, and Ivory Coast in 2019, owing to rise in the disposable income and changing buying pattern of consumers in these countries. The petroleum wax market in Nigeria is likely to expand at a substantial pace during the forecast period, owing to significant investments in the cosmetics & personal care industry in the country.
Key Drivers of Petroleum Wax Market in Algeria, Ghana, Nigeria, and Ivory Coast
Petroleum wax is an excellent anti-rusting agent and water repellant. These properties of petroleum wax make it useful in various industries such as marine, leather, telecommunications, packaging, and metalworking. Petroleum wax is used for applications wherein rusting or water can cause severe damage to equipment as well as operations. Petroleum wax is used in the treatment of pain in the hands, the feet, the joints, and the muscles. In this treatment, warm oil-based wax is employed to obtain relief from pain. It provides relaxation to stiff muscles; relaxes chronic joints; and improves blood circulation. This treatment helps patients with bursitis, arthritis, and other chronic pain. Furthermore, petroleum wax is employed in various drugs, creams, and ointments for lubrication. Due to these benefits, petroleum wax witnesses high demand from the pharmaceutical industry.
Nigeria to Lead Petroleum Wax Market
Nigeria dominated the Algeria, Ghana, Nigeria, and Ivory Coast petroleum wax market in 2019, owing to growth in industrialization and rise in the disposable income of consumers in the country. Demand for petroleum wax is expected to be high in the country during the forecast period also. The petroleum wax market in Ivory Coast is estimated to expand considerably during the forecast period, led by significant development of infrastructure related to oil and gas refineries in the country.
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Major Developments in Petroleum Wax Market in Algeria, Ghana, Nigeria, and Ivory Coast
In January 2019, Brenntag AG acquired Chemgrit Cosmetics (Pty) Ltd., an independent distributor of specialty chemicals based in South Africa with its focus on personal care and cleaning industries. The deal was valued at US$ 5.9 Mn. Furthermore, in March 2017, Exxon Mobil Corporation introduced a new product under the petroleum wax category. This semi-refined petroleum wax was called Waxrex 1280.
The petroleum wax market is led by multinational players operating across the globe. Prominent players operating in the petroleum wax market in Algeria, Ghana, Nigeria, and Ivory Coast are Sonneborn LLC. Sasol, Kerax Limited, Exxon Mobil Corporation, Honeywell International Inc., Orbichem, H&R GROUP, RDR Energy, ZA PETROCHEM (PTY) LTD, and Brenntag Asia Pacific Pte Ltd.