Home Speciality Chemicals Global Wax Market Size, Top Share | Growth Analysis to 2031

Wax Market

Wax Market Size, Share & Trends Analysis Report By Product (Mineral, Synthetic, Natural), By Applications (Candles, Packaging, Plastic and Rubber, Pharmaceuticals, Cosmetics and Toiletries, Fire Logs, Adhesives, Others ) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRSC55358DR
Study Period 2019-2031 CAGR 4.11%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 10.21 Billion
Forecast Year 2031 Forecast Year Market Size USD 14.65 Billion
Largest Market Asia Pacific Fastest Growing Market Europe
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Market Overview

The global wax market size was valued at USD 10.21 billion in 2022. It is estimated to reach USD 14.65 billion by 2031, growing at a CAGR of 4.11% during the forecast period (2023–2031). The global wax market is boosted by the surging demand for wax in numerous applications owing to its superior properties like UV resistance, anti-caking, moisture resistance, outstanding insulation, etc. Moreover, there is also a surge in the demand for synthetic wax from various industries like textile, food packaging, coating, and ink sectors, boosting the market growth.

Wax is a diverse range of organic compound that is solid, lipophilic, and pliable at room temperature. They consist of higher alkanes and lipids, which typically have melting points above 40 °C (104 °F) and melt to form liquids with low viscosity. Wax is characterized by long aliphatic alkyl chains, although aromatic compounds may also be present. Wax is insoluble in water but soluble in nonpolar organic solvents like hexane, benzene, and chloroform.

Wax is primarily utilized in the industrial sector as components of complex formulations, frequently for coatings. The primary application for polyethylene and polypropylene waxes is in formulating plastic colorants. Paints receive matte effects (i.e., non-glossy finishes) and wear resistance from waxes. As dispersions, polyethylene waxes are incorporated into inks to reduce friction. They are used as release agents, anti-slip agents in furniture, and corrosion inhibitors. 

Market Dynamics

Global Wax Market Drivers

Rising Demand for Wax in Several Applications

Rising demand for wax in various applications, including candles, packaging, rubber and plastic processing, cosmetics and toiletries, fire logs, adhesives, building boards, pharmaceuticals, and household and automotive polishes, will propel the overall industry growth in the coming years. High wax usage is anticipated to accelerate market expansion over the projected period due to the product's benefits, which include resistance to UV rays, anti-caking properties, superior insulation, and resistance to germs, moisture, and odor.

Additionally, the need for wax has been heightened due to the growth of the polymer processing, pharmaceutical, culinary, and personal care sectors in several countries, including India, China, Brazil, the United States, Germany, and the United Kingdom. The significantly increasing demand for the product in adhesives, agriculture, and textile applications is anticipated to contribute to the growth of the global wax market.

Growing Acceptance for Synthetic Wax Worldwide

The rising acceptance of synthetic wax due to its greater stability against polishing, resistance to chemicals and water, and resistance against scratch, scuff, and metal marks is anticipated to drive the market over the predicted years. The demand for synthetic wax is expected to increase due to its application in the textile, food packaging, coating, and ink sectors. It acts as a lubricating agent in fabrics, thus imparting suppleness and softness to the treated fabric, which is fast to repeated washing.

Synthetic wax enhances scuff and scratch resistance in the ink printing process by decreasing the offsetting of stacked sheets and blocking, thereby modifying the coefficient of slip and friction. Similarly, the demand for synthetic wax in the coatings sector is expected to register substantial growth on account of its several properties such as mar resistance, anti-blocking, slip of formability, anti-settling, and anti-sagging, as well as abrasion and metal marking resistance.

Global Wax Market Restraint

Volatility in Raw Material Prices

Paraffin wax is obtained from crude oil while producing distillate (light) lubricating oil. Therefore, the raw materials for paraffin wax, microcrystalline wax, and semi-crystalline wax are carbon compounds and petroleum. Volatility in raw material prices is a restraint for using wax in industrial, consumer, and commercial applications. Petroleum companies supply raw materials to wax manufacturing companies. Variations in crude oil prices and fluctuations in international oil prices are the major factors that cause volatility in raw material prices.

Furthermore, the discovery of large-scale, technically recoverable shale gas deposits in North America has lowered the demand for crude oil. This trend has notably changed the oil and gas sector dynamics over the past year. The volatility in crude oil prices has directly influenced the manufacturing cost of its downstream derivative products. Fluctuating prices of raw materials and the difficulty in sourcing them are expected to be the major challenges for wax manufacturers, restraining the market growth over the forecast period.

Global Wax Market Opportunities

Higher Demand from Emerging Economies

In developing nations of Asia-Pacific, Africa, and Latin America, end-user industries such as candles, packaging, cosmetics, plastic, and rubber are expanding faster than in developed nations of North America and Western Europe. Therefore, rapid industrialization in these nations is anticipated to create growth opportunities for the global market in these regions.

Corrugated packaging, which is used to pack furniture, food, and other items, widely utilizes paraffin wax. Therefore, the healthy expansion of the packaging industry in these developing economies is driving the market's expansion. As per the Packaging Industry Association of India, packaging is the fifth largest industry and one of the fastest-growing industries in India, with an annual growth rate of 22 to 25%. In Latin America, Mexico is the largest packaging market. According to the Packaging Machinery Manufacturers Institute, Mexico's packaging manufacturers produce more than 8.1 million tons of packaging products annually.

Regional Analysis

Based on region, the global wax market share is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Asia-Pacific Dominates the Global Market

Asia-Pacific is the most significant global market shareholder and is anticipated to exhibit a CAGR of 4.51% during the forecast period. Asia-Pacific is expected to be the fastest-growing market for wax over the forecast period. Growing construction activities, mainly in rapidly emerging economies like China and India, have driven the demand for adhesives in the past. Moreover, technological developments in Korea and Japan have spurred the growth of adhesives to address the industry's customization needs, consequently improving the demand for adhesives in the region. This, in turn, is expected to positively influence the wax market growth over the forecast period.

Additionally, emerging economies, like Indonesia and Malaysia, among other Southeast Asian countries, are estimated to reflect steady economic growth from 2023 to 2031. The presence of multiple global printing ink manufacturers in the region due to low raw material prices and easy availability of skilled labor is anticipated to boost demand for wax in the industry. High growth in the color masterbatches and plastic sectors is anticipated to further propel the demand for wax over the coming years.

Europe is estimated to exhibit a CAGR of 3.61% over the forecast period. Europe has several multinational cosmetic brands, including Unilever Group, Procter & Gamble Co., Kao Corp., L'Oréal Group, Estée Lauder Cos, Inc., and Colgate-Palmolive Co. The presence of these personal care manufacturing companies with an established brand presence across European countries has led to the dominance of cosmetics and personal care applications in the European wax market. Anti-aging products have evolved as the most popular segment owing to the increasing number of consumers giving importance to personal appearance and maintaining youthful skin. These factors, along with increasing R&D activities and the launch of advanced and innovative products in the region, are expected to spur the wax market growth over the forecast period. On the contrary, the highly regulated European market conditions and the stringent REACH regulations regarding wax production, handling, and movement are expected to limit the consumption of adhesives, cosmetics, and packaging produced from wax in the region. This is anticipated to be a restraining factor for the market over the forecast period.

In North America, economic growth is driven by the augmented demand for wax from niche applications such as fire logs and anti-oxidation agents for tires. The growing use of wax in the building industry as a water-repellent in producing wood-based composite boards such as oriented strand, particleboard, and medium-density boards is anticipated to drive the market. Looking at the lucrative opportunities to expand the wax business in the region, key wax manufacturers such as HollyFrontier Corporation, Baker Hughes, Incorporated, ExxonMobil Corporation, International Group, Incorporated, Honeywell International Corporation, and Dow Chemicals have penetrated the market space. In addition, numerous personal care and cosmetics companies in North America, such as Colgate-Palmolive, Maybelline, Avon, Unilever, Johnson & Johnson, and Procter & Gamble, are anticipated to boost the paraffin wax market. Increasing demand for cosmetics has led to extensive product development, which is anticipated to increase demand for paraffin wax during the forecast period.

In Central and South America, the global market is anticipated to benefit from an expansion in the production of plastics and rubber in Argentina, Brazil, and Columbia. The emergence of construction companies in Chile and Peru owing to stable economic growth is anticipated to present potential to increase market growth in the region. Similarly, the establishment of vehicle manufacturing units in the region will likely directly impact the demand for automobile coatings and polishing in the foreseeable future. Due to urbanization and rising population, the growth of various industries, such as medical devices, FMCG, furniture, and electronics, is anticipated to fuel the demand for wax used in packaging applications.

Report Scope

Report Metric Details
By Product
  1. Mineral
  2. Synthetic
  3. Natural
By Applications
  1. Candles
  2. Packaging
  3. Plastic and Rubber
  4. Pharmaceuticals
  5. Cosmetics and Toiletries
  6. Fire Logs
  7. Adhesives
  8. Others 
Company Profiles Sinopec Corp China National Petroleum Corporation HollyFrontier Corporation Dow Baker Hughes Company Sasol Limited Evonik Industries AG BASF SE Honeywell International Inc. Mitsui Chemicals Inc. Exxon Mobil Corporation Royal Dutch Shell P.L.C
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Singapore Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global wax market is segmented by product and application.

Based on product, the global wax market share is divided into mineral, synthetic, and natural wax. 

The mineral wax segment is the largest revenue contributor to the market and is expected to exhibit a CAGR of 4.02% throughout the forecast period. Mineral waxes are free of esters and alcohol, unlike beeswax and plant-based waxes. The fractional distillation method extracts these compounds from coal, petroleum, lignite, and shale oil. Microcrystalline, paraffin, petrolatum, and ceresin are some of the most widely recognized mineral lubricants. In the category of mineral waxes, microcrystalline waxes offer a wide range of physical and thermal properties. Due to these properties, these wax products are used extensively, including adhesives, cosmetics, chewing gums, and cheese wax formulations.

In addition, many mineral waxes are utilized in the cosmetics industry, including petrolatum, paraffin, ceresin, ozokerite, and microcrystalline wax. The safety protocols established by regulatory authorities globally ensure that these waxes are effectively purified after extracting from the crude oil refining process. Ceresin and ozokerite waxes are largely extracted from shale and coal, whereas petroleum derivatives include microcrystalline and paraffin waxes.

Natural wax has several properties, including water repellency, chemical resistance, scuff resistance, toughness, high gloss, oil retention, luster, and non-toxicity. It is categorized into animal and insect wax and vegetable wax. The animal and insect wax category includes ambergris wax, tallow wax, beeswax, and lanolin wax. In contrast, the vegetable wax category includes soy wax, carnauba wax, Japanese wax, rice-bran wax, candelilla, and ouricury wax.

Further, natural wax is subcategorized into fossil wax and non-fossil wax. Fossil wax includes montan and petroleum wax, whereas non-fossil wax includes animal and vegetable wax. The raw materials required to produce natural wax are readily available and renewable. Natural waxes are less greasy, harder, and comparatively brittle than fat, providing excellent resistance to oxidation, microbial degradation, and moisture. These factors make the application of natural waxes vivid in the cosmetics industry.

Based on application, the global wax market is segmented into candles, packaging, plastic and rubber, pharmaceuticals, cosmetics and toiletries, fire logs, adhesives, and others. 

The candles segment owns the highest market share and is estimated to exhibit a CAGR of 4.21% during the forecast period. Candles are available in various shapes and sizes, and the product range includes birthday candles, taper candles, utility candles, pillar candles, tea lights, jar/container candles, novelty candles, floating candles, outdoor candles, and liturgical candles. These are used for several purposes, such as in aromatherapy for relaxation, stress reduction, and home decor. Korona Candles S.A., Sc Johnson & Son, Inc., Yankee Candle Company, Inc., Bolsius International BV, Vila Hermanos Cereria S.A., Gala-Kerzen GmbH, Suomen Kerta Oy, Gies Kerzen GmbH, Balthasar + Co. AG, Delsbo Candles AB, and Cereria Pernici Srl are the major players in the candle market. Numerous retail outlets provide consumers convenient access to a wide selection of candles, defining the market. The rising prevalence of retail outlets selling candles—from specialty boutiques to discount department stores to online marketplaces—has helped fuel the global candle market.

Wax is an essential commodity in the plastic and rubber industry, wherein polyethylene wax is observed to be one of the substantially used products. High-density polyethylene wax ensures strength in tires, while polyethylene homopolymer wax acts as an excellent lubricant on the mechanical properties and curing rates. Therefore, in distinguished rubber processing methods, wax finds application in milling, internal mixing, and calendaring operations. Various types of wax, such as microcrystalline wax, paraffin wax, liquid paraffin, industrial petrolatum, yellow soft paraffin, and anti-ozone wax, are used as plastic additives to enhance and improve the process parameters as well as finished products in the plastics industry. For instance, wax is used as a nucleating and bead-coating agent in the polystyrene processing of polyvinyl chloride, polyethylene, and homopolymer. As an anti-blocking agent, wax can also be added externally and internally in the processing applications of thermoplastic elastomers.

Market Size By Product

Market Size By Product
  • Mineral
  • Synthetic
  • Natural
  • Recent Developments

    • October 2023- AAK highlighted its most recent candle wax innovation, Golden Wax® 419, which assists candle manufacturers, wax blenders, and candle supply companies by providing an easy-to-use plant-based wax solution that improves the aesthetics of container candles and satisfies trending label claims.
    • April 2023- Carrière Frères introduced a collection of scented taper candles. The collection is handcrafted in Normandy, France, using 100 percent vegetable wax derived from organic European rapeseed.

    Top Key Players

    Wax Market Share of Key Players

    Wax Market Share of Key Players
    Sinopec Corp China National Petroleum Corporation HollyFrontier Corporation Dow Baker Hughes Company Sasol Limited Evonik Industries AG BASF SE Honeywell International Inc. Mitsui Chemicals Inc. Exxon Mobil Corporation Royal Dutch Shell P.L.C Others

    Frequently Asked Questions (FAQs)

    What is the size of wax market?
    The global wax market size was valued at USD 10.21 billion in 2022.
    The global market growing at a CAGR of 4.11% from (2023–2031).
    The global market size is projected to reach USD 14.65 billion by 2031.
    The global market is segmented based on product, application and region.
    The prominent players in the global market are Sinopec Corp, China National Petroleum Corporation, HollyFrontier Corporation, Dow, Baker Hughes Company, Sasol Limited, Evonik Industries AG, BASF SE, Honeywell International Inc., Mitsui Chemicals, Inc., Exxon Mobil Corporation, Royal Dutch Shell P.L.C, and others.

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