USD 9.69 billion
Report ID: SQMIG15E2125 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 66 | Figures: 75
Wax Market size was valued at USD 9.69 billion in 2021 and is poised to grow from USD 10.1 billion in 2022 to USD 14.16 billion by 2030, growing at a CAGR of 4.3% in the forecast period (2023-2030).
Wax has been witnessing tremendoum demand from various industries because of its outstanding characteristics such as high gloss, good water repellence, and superior chemical resistance. However, the global wax market is highly fragmented owing to the strong presence of local and multinationals players that are aggressively focusing rapid expansion, product innovation, and diversification through R&D activities, mergers and acquisition, and joint venture. Moreover, most of the players are focusing on sustainable strategic planning and execution programs to increase their operational efficiency and market reach globally.
It has been found that wax is heavily used in printing and coating formulations. Morover, it is consumed in production of printing ink coating and paint industries as the product is known to offer superior scratch as mark and scratch resistance, rub resistance, and water repellence. Wax in the coating and ink industry enables blockage, improvement efficiency in friction, anti-setting, and anti-sagging. It includes lipids and higher alkanes that are non-soluble in water but are soluble in non-polar, organic solvents. Today, the global wax market is flooded with numerous types of wax products such as mineral, natural, and synthetic wax. It is produced from petroleum-based products such as natural gas, base oil, and chemicals such as polyethylene, and plants and animals
US Wax Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 9.69 billion
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For better understanding, the global wax market is segmented as per product type, application and region. Wherein, we have further segmented product type into mineral, synthetic and natural to gain rightful insights about the market. Moving further, the application Wax Market segment is further segmented into candles, packaging, plastic & rubber, pharmaceuticals, cosmetics & toiletries and others. Based on region, the global wax market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Wax Market Analysis by Product Type
By product type, the mineral wax segment was holding more than 65% of the global wax market in 2021 and is expected to maintain its market position in the years to come. Mineral waxes are pure and contain no trace of alcohol or esters and these products are extracted from coal, petroleum, lignite, and shale oil through the fractional distillation process. On the other hand, synthetic wax segment is growing at the fastest CAGR in line with increasing demand for paper & paperboard, building boards, cosmetics & personal care, adhesives, and ink and coating sectors.
Wax Market Analysis by Application
By application, the candle segment accounted for over 30% of the global wax market in 2021. According to National Candle Association, around 7 out of 10 households use candles for stress-related therapies and scented candles as home fragrance products. Apart from this, factors such as easy product availability and storng prence of different type of candles through multiple distribution channels such as décor, merchandise stores, and online platforms have aided significant demand for candles globally. Followed by candle, packaging segent is second largest contributor to the global wax market.
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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.
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Wax Market Driver
Wax Market Restraint
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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.
Wax Market Top Players Company Profiles
Wax Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, the mineral wax segment is the largest contributor to the global wax market. The segment accounted for over 65% market share and is expected to continue performing the same in the years to come. By application, the candle segment dominated the wax market by holding more than 30% in 2021. Whereas, the Asia Pacific remained the largest consumer of wax aroud global wax market due to large population base, and high demand for paints and coating in real estate and automobile industry.
|Market size value in 2021||USD 9.69 billion|
|Market size value in 2030||USD 10.1 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Wax Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Wax Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Wax Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Wax Market for additional countries.
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