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Global Wax Industry’s Resilience Amid Macroeconomic Turbulence

The global wax industry saw a strong recovery from the COVID-19 crisis; however, it was accompanied with high volatility, both on the supply side and in key wax applications. The supply of waxes experienced changes as several wax-producing Group I base stock refineries closed down during the period from 2020 to mid-2023, while synthetic wax suppliers expanded their capacities.

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