Global Wax Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product Type (Petroleum & Mineral Wax, Synthetic Wax, and Natural Wax), Application (Candles, Packaging, Wood & Fire Logs, Plastic & Rubber, Adhesive, Cosmetics, and Pharmaceuticals), Region (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa (LAMEA))

Market Overview

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%.

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.  Several manufacturers of cosmetics and care products develop bio-based products. Burt’s Bees USA launched beeswax-based balms and sold one balm per second across the globe in 2020.

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.
• According to Packaging Machinery Manufacturers Institute, the packaging companies produce over 8.1 million tons of packaging products wax per year in Mexico, which is likely to be a restraint of the market.

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.

• The production of candles in the European Union was affected during the pandemic crisis producing approx. 738 tons of candles in 2020 which increased to 817 tons of candle production post-COVID-19 in 2021. 

Scope of the Report

The Global Wax Market is segmented by product type and application. The product segment is further classified into paraffin and mineral wax, synthetic wax, and natural wax. In addition, the report also covers market size and forecasts for the four major regions' Wax Markets. The revenue used to size and forecast the market for each segment is US$ billion.

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.

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 Pacificis 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.

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.

Recent Developments Related to Major Players

• In August 2021, Sasol Ltd. signed a distribution deal with DKSH Management Ltd. (Switzerland) for the marketing and distribution of Sasol’s chemicals and wax products in the European Market.
• In November 2021, HollyFrontier acquired Puget Sound Refinery for approx. US$ 600 million. With this acquisition, the company expects to enhance its business, particularly in the Pacific Northwestern region.
• In May 2019, Exxon Mobil Corporation, an American multinational oil, and gas corporation invested US$ 2 billion to expand its chemical plant located in Baytown, Texas. The expansion enables the company to enter the linear alpha olefin market. The new unit can produce 400 kilotons of Vistamaxx performance polymer per year.

Conclusion

The Global Wax Market 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.

Key Topics Covered in the Report

• Snapshot of Global Wax Market
• Industry Value Chain and Ecosystem Analysis
• Market size and Segmentation of the Global Wax Market
• Historic Growth of the Overall Global Wax Market and Segments
• Competition Scenario of the Market and Key Developments of Competitors
• Porter’s 5 Forces Analysis of the Global Wax Industry
• Overview, Product Offerings, and SWOT Analysis of Key Competitors
• COVID-19 Impact on the Overall Global Wax Market
• Future Market Forecast and Growth Rates of the Total Global Wax Market and by Segments
• Market Size of Application/End-user Segments with Historical CAGR and Future Forecasts
• Analysis of the Wax Market
• Major Production/Consumption Hubs in the Major within Each Region
• Major Production/Supply and Consumption/Demand Hubs within Each Major Country
• Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
• Overview of Notable Emerging Competitor Companies within Each Region 

Notable Emerging Companies Mentioned in the Report

• Nova wax
• RAD Living
• The Philotree
• Umbr Tree
• Applefall

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

• Candle Manufacturers
• Wax Raw Material Suppliers
• Wax Products Manufacturers
• Traders and Distributors of Paraffin Wax
• Regulatory Authorities for Wax/Chemical Industry
• Government Ministries and Departments for Petrochemicals
• Wax Industry Association
• Petrochemical Research and Development Institutes
• Venture Capitalists Targeting Wax Industry
• Investment Banks Targeting Wax Industry
• Environmental Regulatory Authorities 

Time Period Captured in the Report

• Historical Period: 2017H-202H
• Forecast Period: 2022E-2028F

Frequently Asked Questions

• What is the Study Period of this Market Report?

The Global Wax Market is covered from 2017–2028 in this report, which includes a forecast for the period 2022-2028.

• What is the Future Growth Rate of the Global Wax Market?

The Global Wax Market is expected to witness a CAGR of about 5% over the next six years.

• What are the Key Factors Driving the Global Wax Market?

Increasing demand for wax from the candle and packaging industry and increasing consumer concern are expected to be the primary driver of this market.

• Which is the Largest Product Segment within the Global Wax Market?

Petroleum and Mineral Wax held the largest share of the Global Wax Market.

• Who are the Key Players in the Global Wax Market?

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 are the major companies operating in the Global Wax Market.