All updated as on -
The size of the wax market was estimated at $10.9 billion in 2022. During the projection period (2023–30), the wax industry is anticipated to expand from USD 11.11 billion in 2023 to USD 15.15 billion, registering a compound annual growth rate (CAGR) of 5.50%. Synthetic wax is increasingly in demand across a range of industries due to its outstanding features, including high gloss, good water repellency, and exceptional chemical resistance. These factors are the main market drivers accelerating global expansion.
Because of 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.
At room temperature, wax is the organic compound that is bendable and hydrophobic. It consists of lipids and higher alkanes that are soluble in nonpolar organic solvents but insoluble in water. Mineral, natural, and synthetic waxes can be produced using petroleum-based substances such base oil, natural gas, polyethylene, plants, and animals. In coating and printing compounds, wax is often employed. It is well-liked in the paint, coating, and printing ink sectors because to properties including mark and scratch resistance, rub resistance, and water repellency. It is used in a wide range of inks, including flexographic, gravure, letterpress, and lithographic. The coating and printing industries also use wax for its blockage-preventing, friction-improving, anti-setting, and anti-sagging qualities.
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 colored and scented candles. Candles are now used more as a luxury than as a light source. Nowadays, candles are utilized as ornamental items and are a wonderful present. As a result, the demand for wax rises as more individuals use candles of their choice, including ones that are fragrant and of a hue that brightens the atmosphere.
It's probable that Asia Pacific Excluding Japan (APEJ) will continue to dominate the wax market globally. Growth is being seen in the packaging, electronics, and automotive industries in China and India. As a result, there is an increasing need for various types of high-quality wax that can be used in the aforementioned industries. A growing demand for various types of wax is also being driven by the expansion of spa, aromatherapy, and stress-relieving practices throughout the world, notably in Malaysia, Thailand, and India. These are a few of the driving forces behind the APEJ wax industry.
It is anticipated that demand would rise across a range of industries due to the product's remarkable features, including its high gloss, potent water repellency, and exceptional chemical resistance. Worldwide demand for wax is also increasing as synthetic wax is increasingly used due to its resistance to chemicals and water, enhanced stability under polishing, and resistance to scratches, scuffs, and metal marks. Synthetic wax, in particular polyethylene wax, has a lower molecular weight than Fischer-Tropsch, microcrystalline, and paraffin wax types. The synthetic wax is tough because of this differentiation. It can also be utilized as a component in coatings and inks due to its variety of slide characteristics and hardness.
The worldwide wax industry is very competitive as a result of the substantial contribution made by international firms to continued capacity increase, product diversity, and innovation. In order to thrive in this cutthroat market, businesses are using a variety of strategic planning and execution initiatives to increase their operational effectiveness while also expanding their worldwide market presence. Wax is frequently used in coating and printing compositions. It is widely used in the paint, coating, and printing ink industries because of its mark and scratch resistance, rub resistance, and water repellency properties. It is a component used as an additive in flexographic, gravure, letterpress, and lithographic inks. By minimizing blockage, boosting friction, preventing setting, and reducing sagging, wax also plays crucial roles in the coating and printing industries.
Report Coverage
Global Wax research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Wax report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Wax competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Wax market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Wax market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Wax market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Akzo Nobel N.V., Cepsa, 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.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Wax market based on the below-mentioned segments:
Global Wax Market, By Type
Paraffin/Mineral Wax
Synthetic Wax
Natural Wax
Others
Global Wax market, By Application
Candles
Packaging
Emulsions
Hot Melts
Floor Polishes
Others
Global Wax market, Regional Analysis
Because of 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.
At room temperature, wax is the organic compound that is bendable and hydrophobic. It consists of lipids and higher alkanes that are soluble in nonpolar organic solvents but insoluble in water. Mineral, natural, and synthetic waxes can be produced using petroleum-based substances such base oil, natural gas, polyethylene, plants, and animals. In coating and printing compounds, wax is often employed. It is well-liked in the paint, coating, and printing ink sectors because to properties including mark and scratch resistance, rub resistance, and water repellency. It is used in a wide range of inks, including flexographic, gravure, letterpress, and lithographic. The coating and printing industries also use wax for its blockage-preventing, friction-improving, anti-setting, and anti-sagging qualities.
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 colored and scented candles. Candles are now used more as a luxury than as a light source. Nowadays, candles are utilized as ornamental items and are a wonderful present. As a result, the demand for wax rises as more individuals use candles of their choice, including ones that are fragrant and of a hue that brightens the atmosphere.
It's probable that Asia Pacific Excluding Japan (APEJ) will continue to dominate the wax market globally. Growth is being seen in the packaging, electronics, and automotive industries in China and India. As a result, there is an increasing need for various types of high-quality wax that can be used in the aforementioned industries. A growing demand for various types of wax is also being driven by the expansion of spa, aromatherapy, and stress-relieving practices throughout the world, notably in Malaysia, Thailand, and India. These are a few of the driving forces behind the APEJ wax industry.
It is anticipated that demand would rise across a range of industries due to the product's remarkable features, including its high gloss, potent water repellency, and exceptional chemical resistance. Worldwide demand for wax is also increasing as synthetic wax is increasingly used due to its resistance to chemicals and water, enhanced stability under polishing, and resistance to scratches, scuffs, and metal marks. Synthetic wax, in particular polyethylene wax, has a lower molecular weight than Fischer-Tropsch, microcrystalline, and paraffin wax types. The synthetic wax is tough because of this differentiation. It can also be utilized as a component in coatings and inks due to its variety of slide characteristics and hardness.
The worldwide wax industry is very competitive as a result of the substantial contribution made by international firms to continued capacity increase, product diversity, and innovation. In order to thrive in this cutthroat market, businesses are using a variety of strategic planning and execution initiatives to increase their operational effectiveness while also expanding their worldwide market presence. Wax is frequently used in coating and printing compositions. It is widely used in the paint, coating, and printing ink industries because of its mark and scratch resistance, rub resistance, and water repellency properties. It is a component used as an additive in flexographic, gravure, letterpress, and lithographic inks. By minimizing blockage, boosting friction, preventing setting, and reducing sagging, wax also plays crucial roles in the coating and printing industries.
Report Coverage
Global Wax research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Wax report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Wax competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Wax market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Akzo Nobel N.V., Cepsa, 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. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Wax Market from 2021 to 2030.
- Market Forecast for Wax Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Wax competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Wax
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Wax market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Wax market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Akzo Nobel N.V., Cepsa, 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.
Primary Target Market
- Market Players of Wax
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Wax market based on the below-mentioned segments:
Global Wax Market, By Type
Paraffin/Mineral Wax
Synthetic Wax
Natural Wax
Others
Global Wax market, By Application
Candles
Packaging
Emulsions
Hot Melts
Floor Polishes
Others
Global Wax market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
You will get in-depth and extensive wax market market research and competitor analysis for your business to help you develop more profound insights into the wax market Market.
Through INFINITIVE Data Expert is a professional Market Research services, I will identify the wax market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.