The global wax market is set to gain impetus from their increasing usage in a wide range of applications, such as plastic & rubber additives, candle manufacturing, cosmetics, adhesives, polishes, and coatings. Wax also provides protection to packaged goods from moisture. This information is given by Fortune Business Insights™ in a recent report, titled, “Wax Market Size, Share & Industry Analysis, By Product Type (Petroleum, Synthetic, Mineral and Animal & Plant), By Application (Candles, Packaging, Coating & Polishes, Hot-melt Adhesives, Cosmetic & Toiletries, Plastic & Rubber and Others) and Regional Forecast, 2025-2032.” The report further mentions that the wax market was valued at USD 7,288.9 million in 2019 and is expected to reach USD 9,249.2 million by 2027, thereby exhibiting a CAGR of 3.1% during the forecast period.
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Regions and segments that are expected to dominate or drive market growth.
Elaborate information about the major sustainability strategies followed by key companies.
Market drivers, barriers, and upcoming opportunities that will affect growth.
In-depth analysis of the competitive landscape.
The emergence of end use industries, such as rubber, plastic, cosmetics, packaging, and candles is surging in the developing regions, namely, Latin America, Africa, and Asia Pacific. But the growth is low in the developed regions, such as Europe and North America. Hence, the ongoing industrialization is anticipated to create more opportunities for such end use industries in the countries situated in these regions. The demand for paraffin wax is high as it is used the most in corrugated packaging. This type of packaging is specially used to pack furniture, food, and similar other goods. The expansion of packaging sector in the developing regions worldwide would contribute to the wax market growth in the coming years. However, animal and plant-based wax involves high manufacturing cost. It may hamper growth.
Paraffin Wax:
Derived from petroleum, paraffin wax is the most commonly used type of wax.
It holds a dominant market share, but its growth is slowing due to environmental concerns.
Synthetic Wax:
These are made from chemical compounds, primarily polyethylene or Fischer-Tropsch waxes.
Increasing in demand due to their versatility and performance in various industries.
Natural Wax:
Includes beeswax, soy wax, and other plant-based waxes.
There is a growing shift toward natural waxes due to their eco-friendliness, especially in cosmetics, candles, and food packaging applications.
Candles:
The candle segment represents one of the largest applications of wax. The demand for premium scented candles has driven market growth, particularly in North America and Europe.
Packaging:
Wax coatings are extensively used in food packaging for water resistance and as a moisture barrier. This segment is expected to grow significantly due to increasing demand for packaged food products.
Cosmetics and Personal Care:
Wax is used in lipsticks, lotions, and creams. Natural waxes such as beeswax are popular in this segment, driven by the clean beauty trend.
Rubber:
Wax is used in the rubber industry to protect materials and extend the lifespan of products, especially in automotive applications.
Pharmaceuticals:
Wax is used in controlled-release drugs and as an ingredient in ointments and capsules.
Based on geography, the market is divided into Europe, the Middle East and Africa, North America, Asia Pacific, and Latin America. Amongst these, North America generated USD 1,940.0 million revenue in 2019. This growth is attributable to the U.S. as the country is considered to be the largest global importer and consumer of wax. Also, the high demand for premium quality bio-based and petroleum candles would aid growth in this region.
Asia Pacific, on the other hand, is likely to lead the market during the forthcoming years. It is set to occur because of the increasing number of end use industries in various countries, as well as the availability of raw material in abundance. Japan, India, and China are the major markets in this region. India is one of the largest producers of beeswax in the world.
The market consists of a large number of companies that are striving to keep up with the latest trends to cater to the needs of their growing consumer bases. They are doing so by either investing hefty amount of money on expansion projects, or are aiming to broaden portfolio by launching innovative products. Below are two of the key industry developments:
February 2018: Sasol, an integrated energy and chemical company based in South Africa, inaugurated the completion of its FT Wax Expansion Project (FTWEP). It would strengthen South Africa’s position in the wax industry. The company will now be able to produce high quality waxes equipped with unique characteristics.
February 2017: Kerax Limited, a manufacturer & supplier of waxes headquartered in England, introduced its new soy candle wax. It is named KeraSoy. These pillar candle and container waxes are specially developed by the company to manufacture candles with superb glass adhesion, excellent scent throw, and premium quality finish.
Fortune Business Insights™ presents a list of the organizations operating in the global market. They are as follows:
Sasol Limited (South Africa)
Sinopec (China)
Royal Dutch Shell PLC (Netherlands)
Exxon Mobil Corporation (USA)
The International Group Inc. (Canada)
Petróleo Brasileiro S.A. (Brazil)
The PJSC Lukoil Oil Company (Russia)
PDVSA (Petróleos de Venezuela, S.A.) (Venezuela)
Kerax Limited (UK)
DEUREX AG (Germany)
NIPPON SEIRO CO. LTD. (Japan)
Numaligarh Refinery Limited (India)
Strahl & Pitsch, Inc. (USA)
CALWAX (USA)
Poth Hille & Co Ltd. (UK)
Cargill, Inc. (USA)
Samin Chemical (Iran)
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