The global wax market was valued at $11.6 billion in 2020, and is projected to reach $16.7 billion by 2030, growing at a CAGR of 3.7% from 2021 to 2030.
Wax is an organic ingredient that is solid at normal room temperature but becomes free flowing fluid when the temperature is high. The main commercial source of wax is crude oil. However, waxes are produced from plants, lignite, animals, and insects. Paraffin/Mineral wax, synthetic wax, and natural wax are the three types of waxes available in the market. These waxes differ in their chemical composition; however, the presence of normal alkanes is always in high ratio compared to other ingredients.
High requirement of waxes in the packaging industry drives the growth of global wax market. Paraffin waxes offer exceptional resistance to water, hence it is widely used for packaging. Moreover, surge in demand for waxes from applications, including tire & rubber, coating, and floor polishes boosts the growth of market across the globe. Increase in demand for wax from the personal care industry is another driver for the growth of wax industry. Cosmetics and personal care sectors have the maximum usage of wax. The personal care industry accounted for a healthy share in the global market in 2019. However, the market growth is restricted, due to high prices of synthetic and natural waxes. Moreover, shortage in supply of paraffin/mineral wax hampers the market growth. However, growth in awareness toward natural cosmetics is expected to provide major opportunity for the manufacturers.
The wax market is segmented on the basis of type, application, and region. By type, it is segregated into paraffin/mineral wax, synthetic wax, natural wax, and others. On the basis of application, it is fragmented into candles, packaging, emulsions, hot melts, floor polishes, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include Akzo Nobel N.V., Baker Hugher Company, BASF SE, Cepsa, China National Petroleum Corporation, Evonik Industries AG, Exxon Mobil Corporation, HollyFrontier Sinclair Corporation, Honeywell International Inc., The International Group Inc.
The global Wax market report provides in-depth competitive analysis as well as profiles of these major players.
The outbreak of COVID-19 led to partial or complete shutdown of production facilities that do not come under essential goods, owing to prolonged lockdown in major countries, including the U.S., China, Japan, India, and Germany. It led to either closure or suspension of their production activities in most of the industrial units across the globe.
COVID-19 pandemic stagnated production activities in various areas such as packaging, cosmetics, chemicals, and candle making. Supply chain disruptions disrupted the supply of raw materials to these industries. As a result, the demand for wax from these industries that depended on wax for production declined. In addition, the decline in demand for cosmetics, candles, and consumer goods reduced the demand for waxes across the globe.
Wax is an organic ingredient that is solid at normal room temperature but becomes free flowing fluid when the temperature is high. The main commercial source of wax is crude oil. However, waxes are produced from plants, lignite, animals, and insects. Paraffin/Mineral wax, synthetic wax, and natural wax are the three types of waxes available in the market. These waxes differ in their chemical composition; however, the presence of normal alkanes is always in high ratio compared to other ingredients.
High requirement of waxes in the packaging industry drives the growth of global wax market. Paraffin waxes offer exceptional resistance to water, hence it is widely used for packaging. Moreover, surge in demand for waxes from applications, including tire & rubber, coating, and floor polishes boosts the growth of market across the globe. Increase in demand for wax from the personal care industry is another driver for the growth of wax industry. Cosmetics and personal care sectors have the maximum usage of wax. The personal care industry accounted for a healthy share in the global market in 2019. However, the market growth is restricted, due to high prices of synthetic and natural waxes. Moreover, shortage in supply of paraffin/mineral wax hampers the market growth. However, growth in awareness toward natural cosmetics is expected to provide major opportunity for the manufacturers.
The wax market is segmented on the basis of type, application, and region. By type, it is segregated into paraffin/mineral wax, synthetic wax, natural wax, and others. On the basis of application, it is fragmented into candles, packaging, emulsions, hot melts, floor polishes, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include Akzo Nobel N.V., Baker Hugher Company, BASF SE, Cepsa, China National Petroleum Corporation, Evonik Industries AG, Exxon Mobil Corporation, HollyFrontier Sinclair Corporation, Honeywell International Inc., The International Group Inc.
The global Wax market report provides in-depth competitive analysis as well as profiles of these major players.
Impact of COVID-19 on Global Wax Market
The outbreak of COVID-19 led to partial or complete shutdown of production facilities that do not come under essential goods, owing to prolonged lockdown in major countries, including the U.S., China, Japan, India, and Germany. It led to either closure or suspension of their production activities in most of the industrial units across the globe.
COVID-19 pandemic stagnated production activities in various areas such as packaging, cosmetics, chemicals, and candle making. Supply chain disruptions disrupted the supply of raw materials to these industries. As a result, the demand for wax from these industries that depended on wax for production declined. In addition, the decline in demand for cosmetics, candles, and consumer goods reduced the demand for waxes across the globe.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the wax market analysis from 2020 to 2030 to identify the prevailing wax market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the wax market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global wax market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
- Candles
- Packaging
- Emulsions
- Hot Melts
- Floor Polishes
- Others
By Type
- Paraffin/Mineral Wax
- Synthetic Wax
- Natural Wax
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Italy
- Germany
- Spain
- U.K.
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Akzo Nobel N.V.
- Baker Hughes Company
- BASF SE
- Cepsa
- china national petroleum corporation
- Evonik Industries AG
- Exxon Mobil Corporation
- HollyFrontier Sinclair Corporation
- Honeywell International Inc.
- The International Group Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: WAX MARKET, BY APPLICATION
CHAPTER 5: WAX MARKET, BY TYPE
CHAPTER 6: WAX MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Wax Market,' the wax market was valued at $11.6 billion in 2020, and is estimated to reach $16.7 billion by 2030, growing at a CAGR of 3.7% from 2021 to 2030.Wax is an organic compound that is lipophilic and bendable solid 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.
Waxes are widely used as additives and bases. The use of wax increases, owing to importance of finished products,including metal surface gloss and manufacturing of stone tools, driving the growth of the market. In addition, wax is used as a wear suppressant in metalworking and in assembly of metal objects. It is used in material management, owing to the property of water repellent. In addition, they are used as protective equipment in hardware and electronics stores.
The wax market is segmented on the basis of type, application, and region. By type, it is segregated into paraffin/mineral wax, synthetic wax, natural wax, and others. On the basis of application, it is fragmented into candles, packaging, emulsions, hot melts, floor polishes, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
According to type, the paraffin/mineral wax segment is projected to hold a 70.0% market share in the market in 2020. Paraffin wax is being used on a large scale in packaging, cosmetics, and candle producing companies, owing to its cost-effective feature.
By application, the candles segment is projected to contribute a 60.2% market share in the market in 2020. This high share is attributable to the growth in demand for aromatherapy through scented candles. Use of candles has become a critical household essential. Candles are available in variety of sizes, shapes, and product range like birthday, taper, utility, teal light container to novelty candles. These are used for multiple purposes such as aromatherapy for relaxation, stress reduction, and home decor.
Region wise, Asia-Pacific is projected to hold a significant share in the global wax market. The growth is attributed to the rise in standards of living and industrialization, especially in countries like China and India.
The major companies profiled in this report include, Akzo Nobel N.V., Baker Hugher Company, BASF SE, Cepsa, China National Petroleum Corporation, Evonik Industries AG, Exxon Mobil Corporation, HollyFrontier Sinclair Corporation, Honeywell International Inc., The International Group Inc.
These players have adopted strategies such as product launch and business expansion to sustain the competition and to strengthen their foothold in the market.
Key Findings of Study
- Region-wise, Asia-Pacific is projected to grow at the highest CAGR of nearly 4.7%, in terms of revenue, during the forecast period.
- On the basis of application, the candles segment accounted for the largest market share in 2020.
- Depending on type, the paraffin/mineral wax segment garnered the highest share in 2020.
IMPACT OF COVID-19 on Global Wax Market
- The outbreak of COVID-19 led to partial or complete shutdown of production facilities that do not come under essential goods, owing to prolonged lockdown in major countries, including the U.S., China, Japan, India, and Germany. It led to either closure or suspension of their production activities in most of the industrial units across the globe.
- COVID-19 pandemic stagnated production activities in various areas, including packaging, cosmetics, chemicals, and candle making. Supply chain disruptions disrupted the supply of raw materials to these industries. As a result, the demand for wax from these industries that depended on wax for production declined. In addition, decline in demand for cosmetics, candles, and consumer goods reduced the demand for waxes across the globe.
Companies Mentioned
- Akzo Nobel N.V.
- Baker Hughes Company
- BASF SE
- Cepsa
- china national petroleum corporation
- Evonik Industries AG
- Exxon Mobil Corporation
- HollyFrontier Sinclair Corporation
- Honeywell International Inc.
- The International Group Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 280 |
| Published | April 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 11.6 billion |
| Forecasted Market Value ( USD | $ 16.7 billion |
| Compound Annual Growth Rate | 3.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
