Wax Market Share, Growth Opportunities and Forecast Report till 2030

Posted on 2022-06-24 by researchinsights in Internet & Online // 0 Comments

San Francisco, California , USA, June 24, 2022 — /EPR Network/ —

Wax Industry Overview

The global wax market size is expected to reach USD 14.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.3% from 2020 to 2030. The growth is majorly driven by growing inclusion of wax as a performance additive in the plastics industry on account of its rising utilization as water and solvent-based mold release agent. Wax has become one of the critically utilized materials globally with widespread application across multiple industries. It is used in the automotive industry for vehicle polishing, hair removal, packaging applications, and as an additive in the food industry.

In addition, it is used in paints and coating industry and printing ink application. Rising demand in various applications, including candles, rubber and plastic processing, cosmetic and toiletries, fire logs, building boards, is likely to propel overall growth in the coming years. High consumption of wax owing to its advantage including UV resistance, anti-caking, excellent insulation, is expected to augment market growth. The stringent COVID-19 lockdown in 2020 induced a downward trend in the market. The recovery in the industrial businesses and activities in the second half of 2020 moderately improved the demand. Additionally, the festive season in the final quarter of 2020 improved the demand from different industries including candles, cosmetics, and packaging.

Wax Market Segmentation

Grand View Research has segmented the global wax market on the basis of basis of product type, application, and region:

Based on the Product Type Insights, the market is segmented into Mineral Wax, Synthetic Wax and Natural Wax.

The mineral wax segment dominated the market and accounted for the largest revenue share of 67.8% in 2021. This is attributed to the growing inclusion of products in cosmetic formulation and the surge in cosmetics demand across developing and emerging economies.
The synthetic wax segment is estimated to be the fastest-growing segment in the near future, wherein the growth is attributable to rising demand for paper and paperboard and building boards.
Paraffin wax is one of the commonly extracted waxes from the oil industry as a by-product, which ensures continuous diligent sourcing and ease of producing the wax.

Based on the Application Insights, the market is segmented into Candles, Packaging, Plastic & Rubber, Pharmaceuticals, Cosmetics & Toiletries, Fire Logs, Adhesives and Others.

The candles application segment dominated the market and accounted for the largest revenue share of 31.5% in 2021. This high share is attributable to the growing demand for aromatherapy through scented candles.
The packaging application segment accounted for the second-largest revenue share in 2021. This can be traced to increasing utilization in coating, treatment, impregnation, and lamination of primary food contact materials such as paper, boards, and aluminum.

Wax Regional Outlook

North America
Europe
Asia Pacific
Central & South America
Middle East & Africa (MEA)

Key Companies Profile

The key manufacturers of wax are implementing various growth strategies to keep up with the rising demand from various applications. In order to gain further access to the global and regional markets, the companies are integrating forward through the value chain.

Some prominent players in the global Wax market include

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.

Order a free sample PDF of the Wax Market Intelligence Study, published by Grand View Research.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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