27-Jul-2022 | Facts and Factors
According to Facts and Factors, the global wax market size was valued at USD 9,482.70 million in 2021 and is predicted to increase at a CAGR of 4.10 % to USD 12,068.03 million by 2028. The study examines the market in terms of revenue in each of the major regions, which are classified into countries.
Due to its remarkable properties such as high gloss, good water repellency, and superior chemical resistance, wax is in high demand in a variety of industries. Because multinational corporations are heavily involved in rapid expansion, product innovation, and diversification, the market is highly fragmented. Companies are implementing long-term strategic planning and execution plans to improve operational efficiency and expand their worldwide market reach in order to survive in this competitive market. Food packaging and cosmetics are two industries where bio-based wax is in high demand. The extensive use of naturally occurring waxes in the food and cosmetics industries has fuelled demand for bio-based waxes. The expanding food packaging business is also opening up new market prospects.
Browse the full “Wax Market Size, Share, Growth Analysis Report By Product Type Outlook (Mineral wax, Synthetic Wax, Natural Wax), By Application Outlook (Candles, Packaging, Plastics & Rubber, Pharmaceuticals, Cosmetics & Toiletries, Fire Logs, Adhesives, Others), and By Region - Global Industry Insights, Comparative Analysis, Trends, Statistical Research, Market Intelligence, and Forecast 2022 – 2028" report at https://www.fnfresearch.com/wax-market
The increased demand for various types of candles, such as colorful and scented candles, is driving the market for industrial wax. Candles are becoming increasingly valuable as luxury items and appealing gifts. The increasing use of candles for dim lighting and perfume to enhance the ambiance of the place is a significant trend that is driving market expansion. The rising popularity of scented candles as gifts is expected to fuel the candle industry, resulting in market growth. The growing cosmetics industry is expected to drive market expansion. It's used on paper to create low-cost wrapping materials that keep water, humidity, and grease out. In addition, qualities like slip resistance, water resistance, and anti-scratch are utilized in the coating industry for automobiles.
Segmental Overview
Based on the product, the mineral wax sector led the market. This is due to the increasing use of goods in cosmetic formulations and the increased demand for cosmetics in developing and emerging nations. Mineral waxes are completely free of esters and alcohol, unlike beeswax and plant-based waxes. Fractional distillation is used to extract these products from coal, petroleum, lignite, and shale oil. Microcrystalline, paraffin, petrolatum, and ceresin are a few of the most well-known mineral waxes. Paraffin wax is one of the most regularly extracted waxes as a by-product from the oil industry, ensuring consistent supply and ease of production.
Based on the application, the candles category led the global market, and this trend is expected to continue for the foreseeable future. This segment's rise is being fuelled by the rising demand for scented candles for home décor and aromatherapy. Candles are available in a wide range of scents, sizes, shapes, and prices. Furthermore, they are said to be the best gift for many events such as Christmas, birthdays, housewarming celebrations, and so on. According to the National Candle Association, the majority of candle consumers in the United States utilize purchased candles within a week after purchase.
Regional Overview
This market was controlled by the Asia Pacific. Increased demand from leading markets such as packaging, candle manufacturing, tires & rubber, and coatings & polishes has contributed to this expansion. China, Japan, and India, among other growing countries, are seeing high demand from the aforementioned industries. The region's increased building activity raised the demand for waxes, which are utilized in hot-melt adhesive applications. Consumers in emerging countries have more discretionary cash, which is driving an increase in wax usage for cosmetics and home decor uses. China is the world's greatest producer and user of candles, which can be linked to the region's increasing urbanization and population growth.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 9,482.70 Million |
Projected Market Size in 2028 |
USD 12,068.03 Million |
CAGR Growth Rate |
4.10% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Sinopec Corp, China National Petroleum Corporation, HollyFrontier Corporation, BP P.L.C, Nippon Seiro Co., Ltd., Baker Hughes Company, Exxon Mobil Corporation, Sasol Limited, The International Group, Inc., Evonik Industries AG, BASF SE, Dow, and Others |
Key Segment |
By Product Type, Application, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Key Players Insights
The report contains qualitative and quantitative research on the global Wax Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the major companies operating in the global wax market are Sinopec Corp, China National Petroleum Corporation, HollyFrontier Corporation, BP P.L.C, Nippon Seiro Co., Ltd., Baker Hughes Company, Exxon Mobil Corporation, Sasol Limited, The International Group, Inc., Evonik Industries AG, BASF SE, Dow, Honeywell International Inc., Royal Dutch Shell P.L.C, Mitsui Chemicals, Inc., and others.
The Global Wax Market is segmented as follows:
By Product Type Outlook
- Mineral wax
- Synthetic Wax
- Natural Wax
By Application Outlook
- Packaging
- Plastics & Rubber
- Pharmaceuticals
- Cosmetics & Toiletries
- Fire Logs
- Adhesives
- Others
By Region Outlook
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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