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Wax Market size was valued at USD 9.69 billion in 2019 and is poised to grow from USD 10.1 billion in 2023 to USD 14.16 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024-2031).

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 market. 'Sasol Limited', 'ExxonMobil Corporation', 'Royal Dutch Shell plc', 'Total SA', 'China National Petroleum Corporation (CNPC)', 'Lukoil', 'Sinopec Corp', 'BASF SE', 'Clariant AG', 'Evonik Industries AG', 'Honeywell International Inc.', 'The International Group, Inc.', 'The Dow Chemical Company', 'Nippon Seiro Co., Ltd.', 'The Lubrizol Corporation', '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 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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Global Wax Market

Product ID: SQMIG15E2125