Wax Market Updates

Wax Market size was valued at USD 10.1 Billion in 2023 and is poised to grow from USD 10.53 Billion in 2024 to USD 14.77 Billion by 2032, growing at a CAGR of 4.3% during the forecast period (2025-2032).

Global wax market is fairly concentrated with a few big and medium-sized market participants accounting for a large portion of of the overall wax market revenue. Wherein, China National Petroleum Corporation, Exxon Mobil Corporation, Sasol, and Evonik Industries are holding prominent position in the global market. '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.  ', 'Akzo Nobel N.V. ', 'The Blayson Group Ltd. ', 'Calumet Specialty Products Partners, L.P. ', 'Koster Keunen, Inc. ', 'Micro Powders, Inc.'

Growing demand for aromatherapy through scented candles and their easy availability in a variety of sizes, shapes, and product range like birthday, taper, utility, teal light container to novelty candles are projected to add fuel to the wax market during the forecasted period.

Rising disposable income, growing spending on home interior, and improving living standard of living people across the world are driving demand for coloured and scented candles to enlighten the house environment and enjoy pleasant smell.

In 2021, the Asia Pacific emerged as the largest contributor to the global wax market by holding over 30% market share. The growth is attributed to rising per capita income, improving living standards in countries like China and India. Apart from this, Europe held the second-largest revenue share in 2021 and is attributed to the rising demand for hot melts in the adhesives and sealants industry in the region. Also, Europe is home to several multinational giants engaged in personal care such as Colgate-Palmolive, Unilever Group, Procter and Gamble Co., and L’Oréal group. These companies have well-established brand presence across European countries and that has led to their dominance in cosmetics and personal care applications in the Europe wax market.