Market Research Future (MRFR) has published a cooked research report on the “Global Wax Market” that contains information from 2018 to 2032. The wax market is estimated to register a CAGR of 4.50% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global 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, and Mitsui Chemicals, Inc.
The global wax market is accounted to register a CAGR of 4.50% during the forecast period and is estimated to reach USD 15.6 Billion by 2032.
Due to its wide range of uses across numerous industries, the wax market is expanding steadily on a global scale. Market expansion is being driven by rising consumer demand for candles, packaging, cosmetics, and coatings. The market environment is also being shaped by the rising popularity of natural and environmentally friendly waxes like soy wax and beeswax.
The global wax market has been segmented based product type and application.
On the basis of product type, the market is segmented into mineral wax, synthetic wax, and natural wax. Mineral wax segment dominated the global market in 2022. This is a result of the substance's expanding use in cosmetic formulation as well as the swiftly increasing demand for cosmetics in emerging and developing nations.
Based on application, the global wax market has been segmented into candles, packaging, plastics & rubber, pharmaceuticals, cosmetics & toiletries, fire logs, adhesives, and others. Candles segment dominated the global Wax market in 2022. The significant portion can be attributable to scented candles' expanding use as aromatherapy instruments and their status as necessary household items.
The global Wax market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Wax market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Wax market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Wax market comprises of Middle East, Africa, and Latin America.
From 2023 to 2032, the North American wax market is anticipated to increase significantly. The reason for this is the market's plethora of cosmetic and personal care firms, including Colgate-Palmolive, Maybelline, Avon, Unilever, Johnson & Johnson, and Procter & Gamble. Over the course of the projection period, it is anticipated that demand for paraffin wax would rise due to the significant product development prompted by the rising popularity of cosmetics.
Moreover, in 2022, the Europe Wax market had a sizable portion of the market. As young people use cosmetic goods including creams, lotions, sunscreens, and cosmetics more regularly, the local wax sector is anticipated to expand.
Additionally, the Asia Pacific Wax market dominated this market in 2022 (45.80%). Rising living standards and increased industry, particularly in nations like China and India, are blamed for the expansion. Low operational expenses, personnel costs, and raw material costs are other factors impacting the predicted market growth. In addition, the Indian wax market had the highest rate of growth in the Asia-Pacific region, while China's wax market had the largest market share.
Furthermore, the rest of the world's Wax market is divided into the Middle East, Africa, and Latin America. Latin America's wax market is expanding significantly as a result of the continent's expanding industrial sectors and rising consumer demand for wax-based goods. Applications in candles, packaging, personal care goods, and adhesives are what drive the industry. The market environment in the area is also changing as natural and sustainable waxes gain popularity.
Key Findings of the Study