Wax Market Trends

Global Wax Market Overview

Wax Market size was valued at USD 10.5 Billion in 2022. The Wax industry is projected to grow from USD 11.0 Billion in 2023 to USD 15.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.50% during the forecast period (2023 - 2032). Due to its superior qualities, including high gloss, excellent water repellency, and exceptional chemical resistance, synthetic wax is becoming more and more in demand across a variety of industries, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Wax Market Trends

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  The growing demand in various industries because of its superior properties is driving the market growth

  
  

Due to the product's great qualities, including its high gloss, strong water repellency, and exceptional chemical resistance, it is projected that demand will increase across a variety of industries. Additionally, the demand for wax is rising globally due to growing adoption of synthetic wax due to its resilience to chemicals and water, improved stability against polishing, and resistance against scratch, scuff, and metal marks. The molecular weight of synthetic wax, particularly polyethylene wax, is lower than that of paraffin, microcrystalline, and Fischer-Tropsch wax types. This distinction makes the synthetic wax tough. Additionally, because of its range of slip properties and hardness, it can be used as an ingredient in coatings and inks.

Due to the significant involvement of international corporations in ongoing capacity growth, product diversification, and innovation, the global wax sector is extremely competitive. Companies are through a number of strategic planning and execution programs to improve their operational efficiency and simultaneously extend their market presence globally in order to survive in this competitive market type. In coating and printing formulations, wax is often used. Due to its characteristics of mark & scratch resistance, rub resistance, and water repellency, it is extensively used in the paint, coating, and printing ink industries. It is used as an additive in a number of inks, including flexographic, gravure, letterpress, and lithographic. Wax also serves essential roles in the coating and ink industries by preventing obstruction, increasing friction, preventing setting, and preventing sagging.

The demand for wax has increased in nations including India, China, Brazil, the United States, Germany, and the United Kingdom due to the expansion of the polymer manufacturing, pharmaceutical, food, and personal care industries. It is projected that the rapidly expanding demand for the product will support global improvements in the wax sector. These applications include textiles, agriculture, and adhesives. The chemical molecules that make up waxes are solids that are pliable and hydrophobic at room temperature. These include lipids and higher alkanes that are soluble in nonpolar, organic solvents but insoluble in water. Mineral, natural, and synthetic waxes, as well as other wax-related goods, are created using petroleum-based materials like base oil and natural gas, chemicals like polyethylene, or plants and animals.

The increase in demand for wax from the candle and packaging sectors is the main reason behind the market's expansion. Another factor fueling the market's expansion is the expansion of the personal care sector in the Asia-Pacific region. The market for wax is expanding due to consumer demand for home décor items like coloured and scented candles. Candles are now used more as a luxury than as a light source. Nowadays, candles are utilised as ornamental items and are a wonderful present. As a result, there is a greater need for wax due to the trend of individuals using candles of their choosing, including colour and scent, to brighten up the ambiance of the place. The industry is also seeing an increase in demand for the use of bio-based waxes. Consumers' worries about the possible negative health impacts of chemical items are the main cause of this desire. As a result, the wax market is transitioning towards organic or green products. Bio-based products are created by a number of cosmetics and care product firms. Thus, driving the Wax market revenue.

Wax Market Segment Insights

Wax Product Type Insights

The Wax Market segmentation, based on Product Type, includes mineral wax, synthetic wax, and natural wax. Mineral wax segment dominated the global market in 2022. This is due to the increasing use of the substance in cosmetic formulation and the explosive growth in demand for cosmetics in emerging and developing nations.

Figure 1: Wax Market, by Product Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Wax Application Insights

The Wax Market segmentation, based on Application, includes candles, packaging, plastics & rubber, pharmaceuticals, cosmetics & toiletries, fire logs, adhesives, and others. Candles segment dominated the Wax Market in 2022. The rising popularity of aromatherapy through scented candles, which have become a necessary home item, is responsible for the high share.

Wax Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Wax market dominated this market in 2022 (45.80%). Rising living standards and increased industrialization, particularly in nations like China and India, are credited with the expansion. Moreover, China’s Wax market held the largest market share, and the Indian Wax market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: WAX MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The North America Wax Market is expected to register significant growth from 2023 to 2032. This is due to the presence of numerous personal care and cosmetics firms, including Colgate-Palmolive, Maybelline, Avon, Unilever, Johnson & Johnson, and Procter & Gamble. Over the course of the forecast period, it is anticipated that demand for paraffin wax would increase as a result of the substantial product development brought on by the rising popularity of cosmetics. Further, the U.S. Wax market held the largest market share, and the Canada Wax market was the fastest growing market in the North America region.

Europe Wax market accounted for the healthy market share in 2022. The regional wax sector is anticipated to increase as a result of young people's increasing use of cosmetic items such creams, lotions, sunscreens, and makeup. Further, the German Wax market held the largest market share, and the U.K Wax market was the fastest growing market in the European region

Wax Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their Product Type lines, which will help the Wax market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new Product Type launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Wax Industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Wax Industry to benefit clients and increase the market sector. In recent years, the Wax Industry has offered some of the most significant advantages to medicine. Major players in the Wax market, including 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, and Mitsui Chemicals, Inc., are attempting to increase market demand by investing in research and development operations.

The integrated oil and gas firm Exxon Mobil Corp. (ExxonMobil) searches for, develops, and produces crude oil, natural gas, and natural gas liquids. In addition to producing, transporting, trading, and selling petroleum products, it also refines crude oil and creates both base stocks and finished lubricants. Additionally, ExxonMobil produces and sells a large range of speciality goods in addition to commodity petrochemicals like olefins, aromatics, polyethylene, and polypropylene plastics. It runs through a network of production facilities, transit hubs, and distribution facilities. North America, Latin America, Asia Pacific, Europe, the Middle East, and Africa are all operational regions for the company. The U.S. city of Irving, Texas, serves as the company's headquarters. ExxonMobil said in January 2022 that it will simplify its organisational structure by integrating chemical and downstream businesses and centralising technology and engineering.

An integrated energy and chemical corporation is Sasol Ltd (Sasol). It creates and operates manufacturing facilities to generate a variety of goods, such as liquid fuels, chemicals, and low-carbon power. It also develops and commercialises innovations. Industrial heating fuels, naphtha, and illuminating paraffin transport fuels are among the products offered by the company. Other products include lubricants and lubricant base oils, liquefied petroleum gas, automotive and industrial lubricants, greases, cleansers, and degreasers, as well as automobile and burner fuels. Additionally, it produces base chemicals, vital care chemicals, methane-rich gas, and natural gas. It runs through a network of strategic business units with a focus on the customer and upstream, regional operating hubs. The Middle East, Africa, the Americas, Asia, and Europe are all operational hubs for the organisation. South Africa's Sandton is home to Sasol's headquarters. Sasol Limited and DKSH Management Limited (Switzerland) signed into a distribution agreement in August 2021 for the marketing, distribution, and logistics of Sasol's chemicals and wax products in the European market.

Key Companies in the Wax market include

• 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.

Wax Industry Developments

March 2021 In India, Turtle Wax introduced Hybrid Ceramic Graphene Paste Wax. The brand's patent-pending graphene technology is utilised in the new Graphene paste wax. According to Turtle Wax, this mixture of 10 waxes contains silicon dioxide ceramic and graphene.

Wax Market Segmentation

Wax Product Type Outlook

• Mineral wax


• Synthetic Wax


• Natural Wax

Wax Application Outlook

• Candles


• Packaging


• Plastics & Rubber


• Pharmaceuticals


• Cosmetics & Toiletries


• Fire Logs


• Adhesives


• Others

Wax Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America