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Global Wax Market Overview
"The Wax Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."
Wax is a mixture of hydrophobic organic substances of medium chain length. Waxes are hydrocarbons composed of hydrogen (H) and carbon (C) atoms. Wax constitutes the major component of any candle. The various properties of wax which make it lucrative to use are solid at room temperature but liquid at higher temperatures, primary hydrocarbon in structure, water repellent, insoluble in water, low reactivity, low toxicity, and low odor.
Natural waxes are esters of fatty acids and long-chain alcohols, whereas synthetic waxes are long-chain hydrocarbons. Waxes are made from various materials, including animal fats, insect secretions, waxy plants, vegetable fats and oils, and petroleum-based materials. Paraffin is the most commonly used candle wax today. Beeswax, soy wax, palm wax, gels, and synthesized waxes are also used in candle-making, as are blends of waxes. Waxes burn with a yellow flame due to the presence of carbon.
Increasing adoption of wax in packaging and package coating applications due to properties such as heat and water resistance is the major factor driving the global wax market. In addition, raw materials for several cosmetics products, printing inks, pharmaceuticals, adhesives, textile, food packaging, and improving the standard of living demanding for blended palm and soy waxes in candles with fragrance and color are expected to boost the demand for the wax market globally. Candles account for the second-largest use of waxes in North America, after packaging and package coatings. However, the high cost of synthetic and natural wax restricts the growth of the wax market.
The shift from petroleum waxes to synthetic and vegetable waxes continues to gain momentum. Sack wax de-oilers are turning into a healthy option to paraffin wax supply. Anti-aging is a dominant trend in cosmetics; waxes are used as thickeners or emulsifiers in various types of antiaging creams is the trend witnessed in the wax market, which is fuelling the market.
Asia Pacific wax market currently dominates the global wax market due to the expansion of the packaging industry in the region. In addition, the wax market in the Asia Pacific is anticipated to register a high CAGR during the upcoming years due to the presence of many players in this region who are purchasing wax which in the lead accounting for higher sales of wax. A key portion of the wax produced in China is exported to the U.S and European countries.
Global Wax Market Segmentation:
Segmentation based on type:
- Paraffin/Mineral Wax
- Synthetic Wax
- Natural Wax
Segmentation based on application:
- Floor Polishes
- Cosmetics & Toiletries
- Plastic & Rubber
- Others (including paints, ink, pharmaceuticals, food, etc.)
Segmentation based on region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Sinopec International Petroleum Exploration & Production Corporation
- Royal Dutch Shell plc.
- Exxon Mobil Corporation
- Sunoco, Inc.
- Shell Oil Company
- The Blayson Group Ltd
- The Lubrizol Corporation
- Honeywell International Inc.
- Cargill, Inc.
- Evonik Industries AG
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