Wax Market Size & Share - Industry Growth | 2031 (2024)

Wax Market size was valued at USD 9.69 billion in 2019 and is poised to grow from USD 10.1 billion in 2023 to USD 14.16 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024-2031).

Wax has been witnessing tremendoum demand from various industries because of its outstanding characteristics such as high gloss, good water repellence, and superior chemical resistance. However, the global wax market is highly fragmented owing to the strong presence of local and multinationals players that are aggressively focusing rapid expansion, product innovation, and diversification through R&D activities, mergers and acquisition, and joint venture. Moreover, most of the players are focusing on sustainable strategic planning and execution programs to increase their operational efficiency and market reach globally.

It has been found that wax is heavily used in printing and coating formulations. Morover, it is consumed in production of printing ink coating and paint industries as the product is known to offer superior scratch as mark and scratch resistance, rub resistance, and water repellence. Wax in the coating and ink industry enables blockage, improvement efficiency in friction, anti-setting, and anti-sagging. It includes lipids and higher alkanes that are non-soluble in water but are soluble in non-polar, organic solvents. Today, the global wax market is flooded with numerous types of wax products such as mineral, natural, and synthetic wax. It is produced from petroleum-based products such as natural gas, base oil, and chemicals such as polyethylene, and plants and animals

US Wax Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

For better understanding, the global wax market is segmented as per product type, application and region. Wherein, we have further segmented product type into mineral, synthetic and natural to gain rightful insights about the market. Moving further, the application Wax Market segment is further segmented into candles, packaging, plastic & rubber, pharmaceuticals, cosmetics & toiletries and others. Based on region, the global wax market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.

Wax Market Analysis by Product Type

By product type, the mineral wax segment was holding more than 65% of the global wax market in 2021 and is expected to maintain its market position in the years to come. Mineral waxes are pure and contain no trace of alcohol or esters and these products are extracted from coal, petroleum, lignite, and shale oil through the fractional distillation process. On the other hand, synthetic wax segment is growing at the fastest CAGR in line with increasing demand for paper & paperboard, building boards, cosmetics & personal care, adhesives, and ink and coating sectors.

Wax Market Analysis by Application

By application, the candle segment accounted for over 30% of the global wax market in 2021. According to National Candle Association, around 7 out of 10 households use candles for stress-related therapies and scented candles as home fragrance products. Apart from this, factors such as easy product availability and storng prence of different type of candles through multiple distribution channels such as décor, merchandise stores, and online platforms have aided significant demand for candles globally. Followed by candle, packaging segent is second largest contributor to the global wax market.

Wax Market Driver

• Growing demand for aromatherapy through scented candles and their easy availability in a variety of sizes, shapes, and product range like birthday, taper, utility, teal light container to novelty candles are projected to add fuel to the wax market during the forecasted period.
• Market growth is further supported by rising utilization of cosmetic products such as creams, lotions, sunscreens, and makeup.
• Emerging economies in Southeast Asian countries like Indonesia and Malaysia are anticipated to reflect steady economic growth in the future. The demand for packaging and printing ink is projected to rise in the Asia Pacific region.

Wax Market Restraint

• Fluctuating price of raw material used in the production of wax and their availability. Since petroleum is the major raw material used for production of wax producers often have to face change in their price. This further reduces their profit market and negatively affect operation.
• Strong presence of substitutes in the major applications proves to be a key restraint for wax market growth.

Global wax market is fairly concentrated with a few big and medium-sized market participants accounting for a large portion of of the overall wax market revenue. Wherein, China National Petroleum Corporation, Exxon Mobil Corporation, Sasol, and Evonik Industries are holding prominent position in the global market.

Wax Market Top Players Company Profiles

• Sasol Limited
• ExxonMobil Corporation
• Royal Dutch Shell plc
• Total SA
• China National Petroleum Corporation (CNPC)
• Lukoil
• Sinopec Corp
• BASF SE
• Clariant AG
• Evonik Industries AG
• Honeywell International Inc.
• The International Group, Inc.
• The Dow Chemical Company
• Nippon Seiro Co., Ltd.
• The Lubrizol Corporation
• Akzo Nobel N.V.
• The Blayson Group Ltd.
• Calumet Specialty Products Partners, L.P.
• Koster Keunen, Inc.
• Micro Powders, Inc.

Wax Market Recent Developments

• January 2022: ExxonMobil announced to streamline its business structure by combining chemical and downstream companies and centralizing technology and engineering.
• August 2021: Sasol Limited, one of the key players in the global wax market, entered into a distribution agreement with DKSH Management Limited (Switzerland) for marketing, distribution, and logistics for Sasol's chemicals and wax products in the European market.
• March 2021: Turtle Wax launched Hybrid Ceramic Graphene Paste Wax in India. The new Graphene paste wax uses the brand’s patent-pending graphene technology. Turtle Wax claims that it is a blend of 10 waxes that infuse silicon dioxide ceramic and graphene.

• Rising disposable income, growing spending on home interior, and improving living standard of living people across the world are driving demand for coloured and scented candles to enlighten the house environment and enjoy pleasant smell.
• Growing demand for cosmetics and industrial products containing natural raw materials such has bio-based wax. The demand is further supported by growing awareness among consumers about the ill effects chemical products might have on their health. As a result, more consumers shifting towards bio or green products and effect is also evident in global wax market. Therefore, several cosmetic and care products manufacturers have started developing bio-based products to address consumers’ needs.
• Rapidly exapanding cosmetics and personal care industry as everyone want to look beautiful and ehanace their appearance. The growth further boosted by rising dominane of social media and want to look beautiful on the platform mentality, especially in south Asian countries has a significant influence on the wax market

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.

According to our analysis, the mineral wax segment is the largest contributor to the global wax market. The segment accounted for over 65% market share and is expected to continue performing the same in the years to come. By application, the candle segment dominated the wax market by holding more than 30% in 2021. Whereas, the Asia Pacific remained the largest consumer of wax aroud global wax market due to large population base, and high demand for paints and coating in real estate and automobile industry.

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wax Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Wax Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.