Global Wax Market is expected to reach a market size of US$ 14 billion by 2028 growing with a CAGR of 5%: Ken Research

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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

Synthetic Wax

• Gas to Liquid Wax

• Polymer Wax

Natural Wax

• Beeswax

• Vegetable Wax

By Application

• Candles

• Packaging

• Wood & Fire Logs

• Plastic & Rubber

• Adhesive

• Cosmetics

• Pharmaceuticals

• Others (Rheology, Soap wax, Floor Polishes)

By Geography

North America

• USA

• Canada

• Mexico

Europe

• France

• Italy

• Germany

• Spain

• UK

Asia Pacific

• China

• India

• Japan

• South Korea

• Australia

LAMEA

• Latin America

• Middle East

• Africa

Key Players

• 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.

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Global Wax Market Size, Segments, Outlook, and Revenue Forecast 2022-2028: Ken Research

Global Wax Market and is expected to reach a market size of US$ 14 billion by 2028: Ken Research

 Wax is a broad category of organic compounds that are lipophilic and bendable solids at room temperature that tend to melt at a higher temperature. It includes lipids and higher alkanes that are insoluble in water but soluble in nonpolar, organic solvents.  Wax is generally derived from petroleum and bio-based resources which are extracted from crude oil refining. These materials include base oil, natural gas, compounds like polyethylene, plants, and the skin of animals. Wax has applications across paints, bundling, hardware, electrical, ink and coatings, elastic, pharmaceuticals, and beautifying agents.

According to Ken Research Analysis, the Global Wax Market was valued at US$ 5 billion in 2017. Furthermore, owing to the growing demand for wax in various industries for its superior properties like high gloss acting as water and chemical resistance, it is estimated to be US$ 10 billion in 2022 and is expected to reach a market size of US$ 14 billion by 2028 growing with a CAGR of 5%.

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Key Trends by Market Segment

By Product Type:  The petroleum and mineral wax segment held the largest market share in 2021 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.
• Petroleum and mineral wax have widespread availability, low cost, ease of manufacturing, and catering to the need of various end users are driving the growth of the petroleum and mineral wax market.
• China’s National Development and Reform Commission, stated that the domestic sales of apparel and knitwear stood at around US$ 172.4 billion for the first 11 months of 2019, which represents a growth of about 3% Y-o-Y over the same period in 2018, hence leading to increase in demand for petroleum and mineral wax.

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By Application: The candle segment held the largest market share in 2021, 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. Candles are considered the most appropriate gifts for Christmas, birthdays, housewarming parties, and others and thus are always in higher demand during the festive seasons.
• According to European Candle Manufacturers Association approx. 140 tons were exported in 2021 as compared to 124 tons in 2020.

By Geography: 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.
• 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.

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Competitive Landscape

The Global Wax Market is highly competitive with ~350 players which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in candle manufacturing, plastic, and rubber, adhesive, cosmetic, and pharmaceutical products. Large global players constitute ~10% of competitors, while regional players represent the second largest number of competitors. Some of the major players in the market include 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., and among others.

Conclusion

The Global Wax Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 is forecasted to continue positive growth during the forecast period primarily driven by the growing demand for wax in various industries because of its superior properties like high gloss, water, and chemical resistance. Though the market is highly competitive with approximately 350 participants, few global players control the dominant share and regional players also hold a significant share. The market size is estimated to be US$ 10 billion in 2022 and is expected to reach a market size of US$ 15 billion by 2028 growing with a CAGR of 5%. Asia Pacific is the dominating region, owing to the rising living standards and increasing industrialization.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.

Market Taxonomy

By Product Type      

• Petroleum and Mineral Wax
• Paraffin Wax

 Microcrystalline Wax

• Synthetic Wax
• Gas to Liquid Wax

  Polymer Wax

• Natural Wax
• Beeswax
• Vegetable Wax

By Application

• Candles
• Packaging
• Wood & Fire Logs
• Plastic & Rubber
• Adhesive
• Cosmetics
• Pharmaceuticals
• Others (Rheology, Soap wax, Floor Polishes)
• North America

By Geography          

USA

• Canada
• Mexico

Europe

• France
• Italy
• Germany
• Spain
• UK

Asia Pacific

•  China
• India
• Japan

South Korea

•  Australia
• LAMEA
• Latin America
• Middle East
• Africa

Key Players  

• 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.

5 Key Insights on US$ 15 Bn Opportunity in Global Wax Market

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Driven by Superior Properties like High Gloss, Water Repellant, and Chemical Resistance, the Global Wax Market is forecasted to Cross US$ 14 Bn by 2028 says Ken Research Study.

Wax is a broad category of organic compounds that are lipophilic and bendable solids at room temperature that tend to melt at a higher temperature. It includes lipids and higher alkanes that are insoluble in water but soluble in nonpolar, organic solvents.  Wax is generally derived from petroleum and bio-based resources which are extracted from crude oil refining. These materials include base oil, natural gas, compounds like polyethylene, plants, and the skin of animals. Wax has applications across paints, bundling, hardware, electrical, ink and coatings, elastic, pharmaceuticals, and beautifying agents.

 “Ken Research shares 5 key insights on this ~US$ 15 billion market from its latest research study”

1.   Wax Market Has Seen Stable Growth After an Increase in Investments and Collaboration

The Global Wax Market is expected to witness stable growth during the forecast period, owing to its superior properties like high gloss, which acts as a good repellant against water and chemical resistance. The Global Wax Market was valued at US$ 8 billion in 2017, It is estimated to be US$ 10 billion in 2022 and is expected to reach a market size of US$ 14 billion by 2028 growing with a CAGR of 5%.  Asia Pacific is the dominating region in the Global Wax Market, owing to the rising living standards and increasing industrialization.

2.   The Increased Demand for Wax by Cosmetic and Pharmaceutical End-user Industries are Major Growth Driver for the Global Wax Market.

• The increase in demand for wax from the candle and packaging industry along with the growth in the personal care industry is the major factor driving the market growth of the Wax Market. The increasing demand for bio-based wax owing to the consumer’s concern about the adverse effect of chemical products.
• In July 2021, Charlotte Tilbury launched a lip scrub consisting of natural products like shea butter and beeswax to buff away dead skin cells. It is meeting the demand for natural wax, recently in demand by consumers.
• According to European Candle Manufacturer Association, the consumption of candles in the European Union increased from 622 tons in 2015 to 806 tons in 2021, witnessing a CAGR of ~5%.

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3.   USA-China Trade War Conflicts is Key Restraining Factor for Market Growth

The USA-China trade war is a major challenge for the Wax Market. The USA government has imposed regulatory rules to support the domestic and paraffin wax and candle business in the country.

The USA government has imposed 108.3% anti-dumping duties on Chinese candle products to help in the growth of the domestic paraffin wax and candle industry, impacting the wax business across the globe.

4.   The Candle Segment is Likely to Hold a Significant Market Share During the Forecast Period

The Wax Market is anticipated to be dominated by the candle segment. The increased usage of candles by therapists to create a peaceful environment in the therapy room, lighting candles in prayers and meditation, etc. are some of the significant factors driving the growth of the candle segment. For instance, in March 2021, Yankee Candle, the launch of the third annual Scent of the year, Discovery, is likely to bring together a combination of fragrances and ignite the feeling of energy, connection, and desire to embrace new experiences. These initiatives like product launches taken by industry players is likely to boom the growth of the candle segment, hence providing an opportunity for the wax market to grow.

5.   Asia Pacific is the Largest Market for Wax Owing to the Rising Standard of Living and Increasing Industrialization

Asia Pacific is expected to dominate the Global Wax Market during the forecast period. 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 is also a major factor propelling the growth in the Asia Pacific region.

China is one of the largest producers, consumers, and importers of beeswax in the world, and India is one of the largest producers of beeswax in the world. 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. China is the largest adhesive consumption market in the region in terms of both production and consumption. The increasing consumption of adhesives in industries, such as furniture, construction, etc., further fuels the growth of the wax market in the region.

In March 2021, Calumet Specialty Products Partners acquired Paralogics, LLC, a manufacturer of candle and industrial wax mixtures, and Calumet Specialty Products Partners now has a blending and formulating capacity of 20 million pounds/year.

For more information on the research report, refer to the below link:

Global Wax Market: Ken Research

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