Global Demand for Wax Market to Incur Considerable Upsurge During 2022– 2030: Grand View Research Inc.

 Wax Market Growth & Trends

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. 

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Wax Market Report Highlights

• The synthetic wax segment accounted for the fastest CAGR of 4.5% over the forecast period, owing to a significant increase in application across lotion, shampoo, foundation, lipstick, and other personal care products
• The cosmetics and toiletries application segment accounted for the highest CAGR of 4.8% over the forecast period considering the growing inclusion of product in formulation of creams and moisturizers. In addition, above average living standards and new product innovation are expected to propel the demand
• Asia Pacific accounted for the highest CAGR of 4.7% over the forecast period which can be traced to growing construction activities, mainly in economies such as China and India. Moreover, technological developments in Korea and Japan have spurred the growth of adhesives
• The market’s value chain comprises raw materials suppliers, product manufacturers, distribution channels, and application industry. Depending upon the type, wax formulation requires timely procurement of key feedstocks which includes lubricating oils, base oils, and bee’s milk. Product prices are highly impacted depending on the availability of these feedstocks
• The industry is made up of large and medium-sized players. The small players are either suppliers or distributors. Companies are working on strategies that can harness their internal strategic advantage and position according to the end-use segment growth 

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Wax Market Segmentation 

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

Wax Product Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Mineral Wax
• Synthetic Wax
• Natural Wax

Wax Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Candles
• Packaging
• Plastic & Rubber
• Pharmaceuticals
• Cosmetics & Toiletries
• Fire Logs
• Adhesives
• Others

Wax Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • UK.
• Asia Pacific
  • China
  • India
• Central & South America
  • Brazil
• Middle East & Africa

List of Key Players of Wax 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.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.