What Is the Size of Global Wax Industry?
Global Wax market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F.
The Wax Market is largely driven by growing demand for wax in various industries for its superior properties like high gloss acting as water and chemical resistance.
Increasing demand for wax from the candle and packaging industry and increasing consumer concern towards the adoption of bio-based wax is driving the growth of the Global Wax Market.
The increasing consumer concern about the adverse effect of the chemical products such as polymer wax, and paraffin wax in the cosmetics industry is leading to the increase in demand for bio-based wax.
Fluctuations in raw material prices, USA-China trade war conflicts, and the rising cost of synthetic and bio-based waxes are major challenges for the Global Wax Market. The price and supply volatility of crude oil impacts the growth of petroleum wax, as the petroleum wax is separated from a wax oil mixture by centrifuging it at a lower temperature.
Furthermore, COVID-19 negatively impacted the Global Wax Market. The COVID-19 pandemic led to the partial or complete shutdown of production activities in various industrial areas such as packaging, cosmetics, and candle making. Supply chain disruption affected the logistics of raw materials. As a result, production declined for various industries which depended on wax.
Global Wax Market by Product Type
The Global Wax Market is segmented by Product type into Petroleum and Mineral Wax (Paraffin Wax and Microcrystalline Wax), Synthetic Wax (Gas to Liquid Wax and Polymer Wax), Natural Wax (Beeswax and Vegetable Wax).
The petroleum and mineral wax segment held the largest market share in 2022 of the Global Wax Market according to Ken Research analysis.
The growth is primarily attributed to the growing demand for petroleum and mineral wax from different end-user sectors such as lighting, packaging, cosmetics, pharmaceutical, and coatings.
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Global Wax Market by Application
The Global Wax Market is segmented by Application into Candles, Packaging, Wood & Fire Logs, Plastic & Rubber, Adhesive, Cosmetics, Pharmaceuticals and Others (Rheology, Soap wax, Floor Polishes).
The candle segment held the largest market share in 2022, owing to the growing demand for aromatherapy through scented candles.
The use of candles has become a critical household essential, for relaxation, stress reduction, and home decor. The increasing number of distribution channels such as decor, mass merchandise stores, and e-commerce platforms aided the demand for candles worldwide.
Global Wax Market by Geography
The Global Wax Market is segmented by geography into North America, Europe, Asia- pacific and LAMEA.
Asia Pacific is expected to account for the largest share among all regions within the total wax market, during the forecast period 2022-2028
The growth is primarily due to the rising living standards and increasing industrialization, specifically in countries like China and India. The low labor, raw material, and operational costs are also major factors propelling the growth in the Asia Pacific region. The region’s usage of cosmetic and personal care goods is expanding owing to the result of increased attention on personal appearance, and an aging population.
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China is one of the largest producers, consumers, and importers of wax, and India is one of the largest producers of beeswax in the world. India has the potential to keep 200 million bees council capable of producing over 15 kilotons of beeswax, according to the Economic Advisory Council Beekeeping Development Report 2019.
By Product Type
Petroleum and Mineral Wax
- Paraffin Wax
- Microcrystalline Wax
- Gas to Liquid Wax
- Polymer Wax
- Vegetable Wax
- Wood & Fire Logs
- Plastic & Rubber
- Others (Rheology, Soap wax, Floor Polishes)
- South Korea
- Latin America
- Middle East
- Sasol Ltd.
- BASF SE
- Exxon Mobil Corporation
- Sinopec Corp
- Holly Frontier Corporation
- Royal Dutch PLC
- Honeywell International Inc.
- Baker Huges Company
- Mitsui Chemicals Inc.
- Nippon Seiro Co., Ltd
- China National Petroleum Corporation
- BP PLC.
For more insights on the market intelligence, refer to below link: –
Global Wax Market Size, Segments, Outlook, and Revenue Forecast 2022-2028: Ken Research