Wax Market was valued at US $10.77 Bn. in 2022, and it is expected to reach US $ 13.12 Bn. by 2029 with a CAGR of 2.87% during the forecast period.Wax Market Overview:
Waxes are a broad category of organic compounds that are lipophilic and bendable solids at room temperature. Higher alkanes and lipids, with melting temperatures often above 40 °C, melt to produce low viscosity liquids. Waxes are soluble in organic, nonpolar solvents but not in water. Plants and animals produce many types of natural waxes, which are found in petroleum.To know about the Research Methodology :- Request Free Sample Report
Wax Market Dynamics:
Consistent rise in candle manufacturing, together with product advancements: Traditionally, candles were primarily used as a source of light; however, they play an important role in festival celebrations, home décor, and handicrafts. Because of their religious beliefs, lifestyles, and living patterns, many European and North American cultures use candles daily and even at festival events. Customers are enthralled by the advancements in candle products, such as product shape, style, color, and scent. The conventional candle industry has evolved into an advanced, inventive, and brand-conscious enterprise as a result of changing consumer behavior and the growing popularity of candles-based craft materials and related décor and interior design. As per the Eurostat, approximately 857 kilotons of candles were manufactured in the EU-28 countries in 2019, while candle imports increased by 3.7%. The United States and nine European countries accounted for 18.5% and 48.5% of total candle imports, in the top ten importers. China and Poland, on the other hand, accounted for 28.2 percent and 29.2% of total exports. As a result of the constant growth of the candle segment, the wax demand is expected to grow steadily over the forecast period.Reducing the use of Paraffin wax in packaging:
In North America and Europe, wax is in high demand for packaging purposes. The demand for packaging, on the other hand, is dropping. The health risks of paraffin wax used in food packaging are now a major concern for the food packaging industry. Natural waxes are thus becoming more widely used in the food packaging business in North America and Europe. Also, regulatory agencies such as the FDA and the European Union have imposed limitations on the usage of paraffin waxes. The burgeoning meat packaging sector might also be blamed for the surging need for natural waxes.In the cosmetics sector, the need for bio-based products is growing:
People in industrialized countries have altered their preferences from synthetic to green or bio-based items as their health and wellbeing concerns have grown. As a result of these developments, several cosmetics and personal care product producers have begun to develop bio-based products. As a result, bio-based waxes such as carnauba wax, beeswax, and candelilla wax, among others, are replacing synthetic and paraffin wax in cosmetic and personal care product manufacturing providing growth opportunities for the market.The market's reaction to the US-China trade conflict:
The US government slapped anti-dumping duties on Chinese candle products to help the domestic paraffin wax and candle industry. The United States government has imposed an anti-dumping tariff of 108.3% on Chinese candle products, regardless of their shape or size. This has a major impact on the wax business across the globe challenging the market growth.Wax Market Segment Analysis:
Based on Type, the wax market is segmented into as follows, Fossil-based Wax, Synthetic Wax, Bio-based Wax, and Others. In 2022, the Fossil-based Wax segment was dominant and held xx% of the overall market share in terms of revenue. The market's growth is supported by constant demand from end-use sectors such as lighting, packaging, cosmetics, and coatings, among others. Because of its widespread availability, low cost, ease of manufacture, adaptability for a variety of industrial applications, and performance attributes, paraffin wax is primarily used in these sectors. Rubber, textiles, wood coatings, paper & printing, industrial coatings, and structures are just a few of the industries where they're used. Microcrystalline waxes are used in a variety of industries, including cosmetics, food, packaging, coatings, and other industrial uses.Based on Application, the wax market is segmented as follows, Candles, Packaging, Coatings, Polishing, Hot Melt Adhesive, Tire & Rubber, Cosmetics, Personal Care, Food, and Others. In 2022, the Candles segment was dominant and held more than xx% of the overall market share in terms of revenue, and the segment is expected to remain dominant over the forecast period. The candled segment accounts for a significant portion of the global wax market in terms of demand. The wax is the most important component of a candle. The leading manufacturers are working on the development of new items to attract customers as consumer preferences, lives, and habits change. According to the National Candle Association, the Christmas/Holiday season accounts for about 45% of total candle sales, while the rest of the year accounts for 55%. There are almost 10,000 distinct varieties of candles on the market. Candles come in several forms and sizes on the market, including floating, tapers, pillars, jar candles, and birthday candles, among others.
Wax Market Regional Insights:
In 2022, the Asia Pacific region was dominant and held more than 35% of the overall market share in terms of revenue. Over the forecast period, it is expected to be the largest and fastest-growing regional market. This increase can be because of the increased construction activity around the world, which is driving demand for adhesives, which is one of the most common uses for waxes. Furthermore, technological advancements have also uplifted adhesive demand in the region. This is expected to have a favorable impact on market growth during the forecast period. In recent years, Asia-Pacific demand has risen to new heights, and the region has emerged as a key export engine for cosmetics and personal care products. India is a developing economy with a lot of potential for future market growth. The country's usage of cosmetic and personal care goods is expanding as a result of increased attention on personal appearance, an aging population, and a higher standard of living. The beauty and wellness business in the country has grown over the last decade, reaching US $16 billion in 2022. The presence of major international personal care brands in Europe, such as L'Oréal Group and Colgate-Palmolive Co., is expected to propel the region's development. In addition, the regional market is likely to be driven by increased R&D efforts and the introduction of new and novel products over the forecast period. Because of the existence of personal care and cosmetics firms like Maybelline, Unilever, and Johnson & Johnson, North America is expected to grow significantly with a CAGR of xx% over the forecast period.Recent Developments:
1. In August 2022, for marketing, distribution, and logistics of Sasol's chemicals and wax products in the European market, Sasol Ltd has signed a distribution deal with DKSH Management Ltd (Switzerland). 2. In March 2022, Calumet Specialty Products Partners acquired Paralogics, LLC (U.S.), a manufacturer of the candle and industrial wax mixtures, and now has a blending and formulating capacity of 20 million pounds/year. The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global market dynamics, structure by analyzing the market segments and project the global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report investor's guide.Wax Market Scope: Inquire before buying
Global Wax Market Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2017 to 2022 Market Size in 2022: US $ 10.77 Bn. Forecast Period 2023 to 2029 CAGR: 2.87% Market Size in 2029: US $ 13.12 Bn. Segments Covered: by Type 1. Fossil-based Wax 2. Synthetic Wax 3. Bio-based Wax 4. Others by Application 1. Candles 2. Packaging 3. Coatings 4. Polishing 5. Hot Melt Adhesive 6. Tire & Rubber 7. Cosmetics 8. Personal Care 9. Food 10. Others Wax Market, by Region
North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe) Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina, Columbia and Rest of South America)Wax Market, Key Players are
1. Sinopec Corp. 2. China National Petroleum Corp. 3. HollyFrontier Corp. 4. BP PLC 5. Nippon Seiro Co., Ltd. 6. Baker Hughes 7. Exxon Mobil Corp. 8. Sasol Ltd. 9. International Group Inc. 10. Evonik Industries AG 11. BASF SE 12. Honeywell International Inc. 13. Royal Dutch Shell Plc 14. Mitsui Chemicals 15. Cepsa 16. Eni SPA 17. OthersFrequently Asked Questions:
1. What is the forecast period considered for the Wax market report? Ans. The forecast period for the wax market is 2023-2029. 2. Which key factors are hindering the growth of the Wax market? Ans. The reducing use of paraffin wax in various industries is the only key factor expected to hinder the growth of the market during the forecast period. 3. What is the compound annual growth rate (CAGR) of the Wax market for the next 6 years? Ans. The Wax market is expected to grow at a CAGR of 2.87% during the forecast period (2023-2029). 4. What are the key factors driving the growth of the Wax market? Ans. The continuous growth in candle production and product advancement across the globe are the key factors expected to drive the growth of the market during the forecast period. 5. Which are the worldwide major key players covered for the Wax market report? Ans. Sinopec Corp., China National Petroleum Corp., HollyFrontier Corp., BP PLC, Nippon Seiro Co., Ltd., Baker Hughes, Exxon Mobil Corp., Sasol Ltd., International Group Inc., Evonik Industries AG, BASF SE, Honeywell International Inc., Royal Dutch Shell Plc, Mitsui Chemicals, Cepsa, Eni SPA, and Others.
1. Preface 1.1. Market Definition and Key Research Objectives 1.2. Research Highlights 2. Assumptions and Research Methodology 2.1. Report Assumptions 2.2. Abbreviations 2.3. Research Methodology 2.3.1. Secondary Research 2.3.1.1. Secondary data 2.3.1.2. Secondary Sources 2.3.2. Primary Research 2.3.2.1. Data from Primary Sources 2.3.2.2. Breakdown of Primary Sources 3. Executive Summary: Global Wax Market Size, by Market Value (US $Bn) 3.1. Global Market Segmentation 3.2. Global Market Segmentation Share Analysis, 2022 3.2.1. Global 3.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 3.3. Geographical Snapshot of the Wax Market 3.4. Geographical Snapshot of the Wax Market, By Manufacturer share 4. Global Wax Market Overview, 2022-2029 4.1. Market Dynamics 4.1.1. Drivers 4.1.1.1. Global 4.1.1.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.2. Restraints 4.1.2.1. Global 4.1.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.3. Opportunities 4.1.3.1. Global 4.1.3.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.4. Challenges 4.1.4.1. Global 4.1.4.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.5. Industry Trends and Emerging Technologies 4.1.6. Porter Five Forces Analysis 4.1.6.1. The threat of New Entrants 4.1.6.2. Bargaining Power of Buyers/Consumers 4.1.6.3. Bargaining Power of Suppliers 4.1.6.4. Threat of Substitute Products 4.1.6.5. Intensity of Competitive Rivalry 4.1.7. Value Chain Analysis 4.1.8. Technological Roadmap 4.1.9. Regulatory landscape 4.1.10. Impact of the Covid-19 Pandemic on the Global Wax Market 5. Supply Side and Demand Side Indicators 6. Global Wax Market Analysis and Forecast, 2022-2029 6.1. Global Wax Products Market Size & Y-o-Y Growth Analysis. 7. Global Wax Market Analysis and Forecasts, 2022-2029 7.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 7.1.1. Fossil-based Wax 7.1.2. Synthetic Wax 7.1.3. Bio-based Wax 7.1.4. Others 7.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 7.2.1. Candles 7.2.2. Packaging 7.2.3. Coatings 7.2.4. Polishing 7.2.5. Hot Melt Adhesive 7.2.6. Tire & Rubber 7.2.7. Cosmetics 7.2.8. Personal Care 7.2.9. Food 7.2.10. Others 8. Global Wax Market Analysis and Forecasts, By Region 8.1. Market Size (Value) Estimates & Forecast By Region, 2022-2029 8.1.1. North America 8.1.2. Europe 8.1.3. Asia-Pacific 8.1.4. Middle East & Africa 8.1.5. South America 9. North America Wax Market Analysis and Forecasts, 2022-2029 9.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 9.1.1. Fossil-based Wax 9.1.2. Synthetic Wax 9.1.3. Bio-based Wax 9.1.4. Others 9.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 9.2.1. Candles 9.2.2. Packaging 9.2.3. Coatings 9.2.4. Polishing 9.2.5. Hot Melt Adhesive 9.2.6. Tire & Rubber 9.2.7. Cosmetics 9.2.8. Personal Care 9.2.9. Food 9.2.10. Others 10. North America Wax Market Analysis and Forecasts, By Country 10.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 10.1.1. US 10.1.2. Canada 10.1.3. Mexico 11. U.S. Wax Market Analysis and Forecasts, 2022-2029 11.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 11.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 12. Canada Wax Market Analysis and Forecasts, 2022-2029 12.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 12.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 13. Mexico Wax Market Analysis and Forecasts, 2022-2029 13.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 13.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 14. Europe Wax Market Analysis and Forecasts, 2022-2029 14.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 14.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 15. Europe Wax Market Analysis and Forecasts, By Country 15.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 15.1.1. U.K 15.1.2. France 15.1.3. Germany 15.1.4. Italy 15.1.5. Spain 15.1.6. Sweden 15.1.7. CIS Countries 15.1.8. Rest of Europe 16. U.K. Wax Market Analysis and Forecasts, 2022-2029 16.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 16.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 17. France Wax Market Analysis and Forecasts, 2022-2029 17.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 17.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 18. Germany Wax Market Analysis and Forecasts, 2022-2029 18.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 18.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 19. Italy Wax Market Analysis and Forecasts, 2022-2029 19.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 19.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 20. Spain Wax Market Analysis and Forecasts, 2022-2029 20.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 20.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 21. Sweden Wax Market Analysis and Forecasts, 2022-2029 21.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 21.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 22. CIS Countries Wax Market Analysis and Forecasts, 2022-2029 22.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 22.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 23. Rest of Europe Wax Market Analysis and Forecasts, 2022-2029 23.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 23.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 24. Asia Pacific Wax Market Analysis and Forecasts, 2022-2029 24.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 24.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 25. Asia Pacific Wax Market Analysis and Forecasts, by Country 25.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 25.1.1. China 25.1.2. India 25.1.3. Japan 25.1.4. South Korea 25.1.5. Australia 25.1.6. ASEAN 25.1.7. Rest of Asia Pacific 26. China Wax Market Analysis and Forecasts, 2022-2029 26.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 26.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 27. India Wax Market Analysis and Forecasts, 2022-2029 27.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 27.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 28. Japan Wax Market Analysis and Forecasts, 2022-2029 28.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 28.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 29. South Korea Wax Market Analysis and Forecasts, 2022-2029 29.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 29.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 30. Australia Wax Market Analysis and Forecasts, 2022-2029 30.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 30.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 31. ASEAN Wax Market Analysis and Forecasts, 2022-2029 31.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 31.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 32. Rest of Asia Pacific Wax Market Analysis and Forecasts, 2022-2029 32.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 32.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 33. Middle East Africa Wax Market Analysis and Forecasts, 2022-2029 33.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 33.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 34. Middle East Africa Wax Market Analysis and Forecasts, by Country 34.1. Market Size (Value) Estimates & Forecast by Country, 2022-2029 34.1.1. South Africa 34.1.2. GCC Countries 34.1.3. Egypt 34.1.4. Nigeria 34.1.5. Rest of ME&A 35. South Africa Wax Market Analysis and Forecasts, 2022-2029 35.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 35.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 36. GCC Countries Wax Market Analysis and Forecasts, 2022-2029 36.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 36.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 37. Egypt Wax Market Analysis and Forecasts, 2022-2029 37.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 37.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 38. Nigeria Wax Market Analysis and Forecasts, 2022-2029 38.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 38.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 39. Rest of ME&A Wax Market Analysis and Forecasts, 2022-2029 39.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 39.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 40. South America Wax Market Analysis and Forecasts, 2022-2029 40.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 40.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 41. South America Wax Market Analysis and Forecasts, by Country 41.1. Market Size (Value) Estimates & Forecast by Country, 2022-2029 41.1.1. Brazil 41.1.2. Argentina 41.1.3. Rest of South America 42. Brazil Wax Market Analysis and Forecasts, 2022-2029 42.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 42.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 43. Argentina Wax Market Analysis and Forecasts, 2022-2029 43.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 43.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 44. Rest of South America Wax Market Analysis and Forecasts, 2022-2029 44.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 44.2. Market Size (Value) Estimates & Forecast By Application, 2022-2029 45. Competitive Landscape 45.1. Geographic Footprint of Major Players in the Global Wax Market 45.2. Competition Matrix 45.2.1. Competitive Benchmarking of Key Players By Price, Presence, Market Share, Application, and R&D Investment 45.2.2. New Type Launches and Type Enhancements 45.2.3. Market Consolidation 45.2.3.1. M&A by Regions, Investment, and Verticals 45.2.3.2. M&A, Forward Integration and Backward Integration 45.2.3.3. Partnership, Joint Ventures, and Strategic Alliances/ Sales Agreements 45.3. Company Profile: Key Players 45.3.1. Sinopec Corp. 45.3.1.1. Company Overview 45.3.1.2. Financial Overview 45.3.1.3. Geographic Footprint 45.3.1.4. Type Portfolio 45.3.1.5. Business Strategy 45.3.1.6. Recent Developments 45.3.2. China National Petroleum Corp. 45.3.3. HollyFrontier Corp. 45.3.4. BP PLC 45.3.5. Nippon Seiro Co., Ltd. 45.3.6. Baker Hughes 45.3.7. Exxon Mobil Corp. 45.3.8. Sasol Ltd. 45.3.9. International Group Inc. 45.3.10. Evonik Industries AG 45.3.11. BASF SE 45.3.12. Honeywell International Inc. 45.3.13. Royal Dutch Shell Plc 45.3.14. Mitsui Chemicals 45.3.15. Cepsa 45.3.16. Eni SPA 45.3.17. Others 46. Primary Key Insights