Wax Market Insights:
Wax Market is valued at USD 9.9 Billion in 2021, registering a CAGR of 4.4% during the forecast period (2022-2030), and the market is expected to be worth USD 14.6 Billion by 2030.
Wax is included under the category of fats which are hydrocarbons with melting points over 40°C which results in a dense fluid after the melting. Primarily, wax is utilized for coating purposes in multiple industries. The wax is also significantly used as a base material and additive to fasten industrial processing. Furthermore, the demand for wax in the cosmetic and healthcare industries is constantly on the surging level owing to numerous advantages like sustainability, high melting point, biodegradability, renewability, and other eco-friendly attributes.
Additionally, wax also finds applications across a wide range of industries such as paints, coatings, elastic, cosmetic agents, and others. Thus, due to the increased growth in the mentioned industries, the global wax market is anticipated to witness a significant increase during the forecast period. Wax is used extensively as a base material or added substance along with significant products of metals and earthenware. Additionally, this is used as a protector in the electrical and hardware industries. Thus, wax has several industrial applications as the base substance for manufacturing processes.
Furthermore, waxes are widely used for producing candles. Candles have a huge share in terms of volume and value in the market of wax. Due to the advancement in candle products like style, color, fragrance, and shape, a huge pool of customers is available which propels the market demand.
Market Dynamics:
Driver
The rising demand for candles has accelerated the usage of wax and the companies manufacture a wide variety of candles in numerous colors, shapes, and sizes. The increasing popularity of candle-based crafts, and interiors have evolved the traditional wax market into an advanced and innovative market which propels the market growth of the wax in the forecasted period. The rare properties like hydrophobicity, malleability and high solubility in nonpolar organic solvents facilitate the surged usage of wax in several industries. The list of such industries comprise textiles, pharmaceuticals, coatings, paints, packaging, and others. Thus, the above-mentioned features of wax are driving the market towards profitability and growth during the projected period.
Restraint
The fluctuations in the prices of raw materials like crude oil, which is the primary material in the manufacturing of petroleum-based waxes and environmental concerns of wax decomposition are the major factors that hamper the growth of the market. The market’s response to the US-China trade disputes is one of the factors restraining the market growth of wax as the US government imposed anti-dumping duties on Chinese candle commodities for strengthening the domestic market.
Opportunities
Global favorable growth in the oil exploration market is anticipated for the market growth of wax as it is manufactured during the oil exploration process. This is anticipated to create new opportunities for the market during the forecasted period. Furthermore, advantages like anti-caking, incredible insulation, and UV- resistance is anticipated to propel the market demand in industrial applications in the coming years. Bio-based waxes like beeswax, carnauba wax, and candelilla wax are replacing paraffin and synthetic wax in personal care and cosmetic product production, enabling growth opportunities in the market.
COVID-19 Analysis
The outbreak of the pandemic COVID-19 led to the complete or partial closure of manufacturing facilities and the prolonged lockdown has affected the wax market drastically across the globe. COVID-19 has stagnated manufacturing activities in many different industries like cosmetics, packaging, and chemicals. Furthermore, disruption in the supply chain caused a disturbance in the supply of raw materials to the mentioned industries.
Wax Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016 – 2030 |
| Market Size in 2030 (USD Billion) | 14.6 billion |
| CAGR (2022-2030) | 4.4% |
| By Type | Petroleum wax, Synthetic wax, Mineral wax, Bio wax |
| By Form | Flakes, Granules, Powder |
| By Application | Candles, Packaging, Emulsion, Floor Polishes, Adhesives, Cosmetics, Rubber, Coating, and Pharmaceutical |
| By End-use | Cosmetic & Personal care, Automotive, Food & Beverages, Pharmaceutical, Rubber & Plastic, Textile, Building & construction |
| By Geography | North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa |
| Key Players | Nippon Serio Co. ltd, Exxon Mobil Corporation, Sasol Limited, Sinopec Corp, China National Petroleum Corporation, HollyFrontier Corporation, BP P.L.C, The International Group, Inc., Evonik Industries AGB |
Market Segment Analysis:
By Type
Based on the type segment, the wax market is categorized into petroleum wax, synthetic wax, mineral wax, and bio wax. Petroleum wax mainly includes paraffin, microcrystalline, and petrolatum type. Paraffin is mainly produced and consumed across the globe. Furthermore, features like high versatility and low reactivity make it preferable for large number of industrial applications. Additionally, paraffin is economically cheaper as compared to other types. Furthermore, The synthetic segment contributed second largest share among the type segment and is anticipated to witness sudden growth during the forecast period. The low content of oil in synthetic type opens a gateway for many applications like coating, adhesives, candles, lubricants, polishes, and textiles.
By Form
Based on form segment, the market is divided into flakes, granules, and powder. Wax granules are a type of wax that is formed into tiny bead-like structures. These are available in multiple shapes, colors, and fragrances. Thus, the high utilization of granulated wax for manufacturing instant candles due to the reduced need for melting is expected to augment the segment’s demand. Furthermore, powder and flake wax forms are also anticipated to witness substantial growth during the projected period. The oil of flake paraffin wax is largely used in applications such as decorative candles, high-quality candles, and others coupled with cosmetic products like mascara, skin masks, creams, and lip and chapsticks. Additionally, the wax powder offers an innovative application in terms of hair removal products.
By Application
Based on application, the market is segmented into candles, packaging, emulsion, floor polishes, adhesives, cosmetics, rubber, coating, and pharmaceutical. The candle category has dominated the market globally and this increasing trend is to be maintained throughout the forecast period. The rising demand for scented candles especially for aromatherapy and interior decor is propelling the growth of the segment. Furthermore, their (scented candles) consideration is the most appropriate gift for different occasions. Further, the cosmetic industry is expected to grow as the fastest segment throughout the forecasted period. In the cosmetic industry, waxes are used as thickening agents, SPF agents, and enhancing and waterproofing agents. They are primarily utilized in the production of lipsticks, sunscreens, lip balms, mascaras, and foundations.
By End-use
Based on the end-use segment, the market is categorized into cosmetic & personal care, automotive, food & beverages, pharmaceutical, rubber & plastic, textile, building & construction industries. Cosmetic & personal care is estimated to hold the major contribution to the wax market statistics. Owing to the rising demand for wax in the manufacturing of skincare, the cosmetics product is anticipated to increase the demand for wax. Furthermore, paraffin wax and carnauba wax are typically used in food coating as they are safe to ingest and offer a variety of benefits for the quality and protection of food. In terms of building & construction industries, the wax is significantly used for floor polishing and bonding of concrete to strengthen the tiles.
By Geography
The regional segment includes Europe, North America, Latin America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region is holding the largest share of the global market. Countries like China, Japan, and India are the key players in the market. The huge availability of raw materials besides the positive growth of end-user industries in this area is driving the growth of the market shortly. Furthermore, Europe holds the second largest share of the global market due to the highest number of automobile manufacturers. North America is the third largest contributor in the market of wax globally.
Wax Market Competitive Landscape:
The main manufacturers of wax are executing numerous growth strategies to cope with the increasing demand from a variety of industrial applications. The market of wax is observed to be significantly evolving with many multinationals incorporated in joint ventures, mergers & acquisitions, and project expansions. The key players in the market are—
- Nippon Seiro Co., Ltd
- Exxon Mobil Corporation
- Sasol Limited
- Sinopec Corp
- China National Petroleum Corporation
- HollyFrontier Corporation
- BP P.L.C
- The International Group, Inc.
- Evonik Industries AGB
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