Wax Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Wax Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of wax Market

The wax market size was valued at USD 7.2889 billion in 2020, and the market is now projected to grow to USD 9.2492 billion in 2028 exhibiting a CAGR of 3.1% during the forecast period of 2024-2032.

The wax market was affected by what could be termed as the COVID-19 pandemic since supply and demand were altered. Restriction in mobility through the lockdown affected production and supply chain thereby delaying raw material acquisition of paraffin wax from petroleum. At the same time, demand was volatile; make up and washing sectors sales declined but packaging and hygiene products increased which are beneficial for wax use. In the course of industry recovery, manufactures started to preference green or bio based waxes, which could due to the changing consumer preferences and the strategic approach of recovery in the market.

The global wax market, particularly, has recently experienced the increased use of environment friendly or bio based wax. Natural waxes such as soy, beeswax and palm wax that are applied for candles, cosmetics, and personal products are some of the favorite products that the consumers are running after. Other pattern is rise in demand of synthetic and micro crystalline waxes particularly in packaging and automotive industries because of their toughness. With the help of the advancement in technology, the wax processing has been carried out in better ways with quality production and specific utilization. Furthermore, paraffin waxes are still in demand despite of loads of stiff competition by environmentally friendly wax products. Thus, all the above mentioned factors are contributing towards wax market growth.

The wax market is mainly fueled by the rising demand in cosmetics and personal care, coupled with home décor products especially candles. A growing trend in the desire of customers to get natural and organic solutions makes bio-based waxes, such as soy and beeswax, more popular. This includes packaging industry and automotive industry where waxes are used for their ability to provide a protective and shiny coat to product surfaces. That is why the development of technologies has influenced the increase in the quality of waxes and the expansion of their application areas. Also, the need to use environmental-friendly product in economies coupled with rising environmental issues is pushing users towards finding sustainable wax across industries.

Comprehensive Analysis Wax Market

Wax market can be segmented based on type of wax and its processing area it is useful for various industry purpose. Product types include the petroleum based and synthetic wax, mineral wax, and wax that are derived from animal plants and the latter has its own unique qualities that make it appropriate for use in specific occasions. It applies for candles with wax content, for packaging and coating & polishing and for hot melt adhesive with very high cohesive strength. Waxes are also used in the cosmetics & toiletry industry and in the plastic & rubber industry for lubricating & protective purposes, and in a number of specialized uses, this clearly indicates the versatile use and requirement of wax in various markets.

Globally, Asia-Pacific region dominates the wax market due to increase in industrialization and urbanization followed by high demands for wax in cosmetic, packaging and automotive industries among others. And due to the availability of raw material, cheap labor and rapidly expanding market, countries like China and India are dominating the production. In particular, growth is further driven by the higher need of candles, natural and organic ones in particular. Apart from this, North American and European regions are also large markets of bio based waxes and environment products but due to growing economy and industries Asia-Pacific covers the top position in international market.

Key players in this sector include Sasol Limited (South Africa), Sinopec (China), Royal Dutch Shell PLC (Netherlands), Exxon Mobil Corporation (USA), The International Group Inc. (Canada), Petróleo Brasileiro S.A. (Brazil), The PJSC Lukoil Oil Company (Russia), PDVSA (Petróleos de Venezuela, S.A.) (Venezuela), Kerax Limited (UK), DEUREX AG (Germany).

One of the modern tendencies of wax market is the multi-faceted tendency towards the usage of natural and / or organic waxes, especially for the production of candles. Soy wax, bees wax and palm wax have also become popular due to the general consumer demand for products that can be biodegraded and which are made of renewable sources. These natural waxes burn clearer, and therefore are more desirable over paraffin wax, although this is not always the case. Furthermore, there is a constant evolution in techniques of adding fragrance as well as the emergence of new organic and hand-made candles market that show tendency to sustainable growth.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2018

Unit Value (USD Million) Volume (Kilo Tons)

SegmentationBy Product Type

Petroleum

Synthetic

Mineral

Animal & Plant

By Application

Candles

Packaging

Coating & Polishes

Hot-melt Adhesives

Cosmetic & Toiletries

Plastic & Rubber

Others

By Geography

North America (U.S. and Canada)

Europe (Germany, UK, France, Italy, and Rest of Europe)

Asia-Pacific (China, India, Japan, ASEAN and Rest of Asia- Pacific)

Latin America (Brazil, Argentina, Mexico and Rest of Latin America)

Middle East & Africa (Middle East and Africa)

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