Wax Market expected to reach USD 14.2 billion by 2030

 Wax Industry Overview

The global wax market size is expected to reach USD 14.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.3% from 2020 to 2030. The growth is majorly driven by growing inclusion of wax as a performance additive in the plastics industry on account of its rising utilization as water and solvent-based mold release agent. Wax has become one of the critically utilized materials globally with widespread application across multiple industries. It is used in the automotive industry for vehicle polishing, hair removal, packaging applications, and as an additive in the food industry.

 

Wax Market Segmentation 

Grand View Research has segmented the global wax market on the basis of product type, application, and region:

 

Based on the Product Type Insights, the market is segmented into Mineral Wax, Synthetic Wax, and Natural Wax

  • The mineral wax segment dominated the market and accounted for the largest revenue share of 67.8% in 2021. This is attributed to the growing inclusion of products in cosmetic formulation and the surge in cosmetics demand across developing and emerging economies.
  • Paraffin wax is one of the commonly extracted waxes from the oil industry as a by-product, which ensures continuous diligent sourcing and ease of producing the wax. Paraffin product type is broadly utilized in the formulation of candles as it has the unique property to retain both scent and color for an extremely long duration. 
  • The synthetic wax segment is estimated to be the fastest-growing segment in the near future, wherein the growth is attributable to rising demand for paper and paperboard and building boards. 

 

Based on the Application Insights, the market is segmented into Candles, Packaging, Plastic & Rubber, Pharmaceuticals, Cosmetics & Toiletries, Fire Logs, Adhesives, and Others

  • The candles application segment dominated the market and accounted for the largest revenue share of 31.5% in 2021. This high share is attributable to the growing demand for aromatherapy through scented candles. Use of candles has become a critical household essential. 
  • The packaging application segment accounted for the second-largest revenue share in 2021. This can be traced to increasing utilization in coating, treatment, impregnation, and lamination of primary food contact materials such as paper, boards, and aluminum. 

 

Wax Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

The key manufacturers of wax are implementing various growth strategies to keep up with the rising demand from various applications. In order to gain further access to the global and regional markets, the companies are integrating forward through the value chain. 

 Some of the prominent players 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.

 

Order a free sample PDF of the Wax Market Intelligence Study, published by Grand View Research.

 

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