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Wax Market Size, Growth, Industry & Opportunities | 2031

Wax Market

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Segments - by Types (Natural Wax, Synthetic Wax, and Petroleum & Mineral Wax), Applications (Candle Making, Packaging, Cosmetics, Rubber, Adhesives, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 - 2031

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Author :

Riddhesh Dani

Fact-checked by :

Harneet Meher

Editor :

Shruti Bhat

Report Description

Wax Market Outlook 2031:

The global wax market size was valued at USD 10.10 Billion in 2022 and is projected to reach USD 14.75 Billion by 2031, expanding at a CAGR of 4.3% during the forecast period 2023 - 2031. The growth of the market is attributed to the increasing industrial wax applications.

Wax is made from oil or fat that melts easily and can be used for manufacturing polish and candles. Wax is a lipid, which is an ester of long-chain of fatty acid and alcohol. Natural wax contains unsaturated bonds and various functional groups such as primary and secondary alcohols, fatty acids, aldehydes, ketones, and fatty acid esters.

It is synthesized by many animals and plants. Plant origin is mixture of unesterified hydrocarbons, which dominate over esters. Animal origin consists of ester made from various carboxylic alcohols and fatty acids. The composition depends on geographic location of organisms and species.

The outbreak of COVID-19 led to the deployment of stringent lockdown, which in turn, decreased production of chemical, cosmetics, rubbers, candles, packaging, and adhesives. This led to negative impact on the market. However, the relaxations in restrictions is expected to fuel the market growth.

Wax Market Trends, Drivers, Restraints, and Opportunities

Packaging sector is one of the biggest consumer of industrial wax due to its water resistance and good lubrication properties. Moreover, its durability to the packaging are some of the factors propelling the market growth.
Wax coated paper offers cost-effective wrapping to protect goods from moisture and greasing. Such benefits are likely to boost the market growth.
Environment concerns and volatile prices of raw materials are restraining the market growth.
Availability of substitutes in major applications can create the challenges for market growth.
Increasing demand for paraffin can create lucrative opportunities during the forecast period.

Scope of Wax Market Report

The report on the global wax market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Wax Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Types (Natural Wax, Synthetic Wax, and Petroleum & Mineral Wax) and Applications (Candle Making, Packaging, Cosmetics, Rubber, Adhesives, and Others)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Cepsa; Exxon Mobil Corporation; Eni SpA; China National Petroleum Corporation; and Sasol.

Wax Market Segment Insights

Petroleum & mineral wax segment is anticipated to exhibit a high CAGR

Based on types, the market is segregated into natural wax, synthetic wax, and petroleum & mineral wax. The petroleum & mineral wax segment is expected to constitute a key share of the market during the forecast period. This type of wax is generally used in packaging, coating, and manufacturing of candles.

Wax are also used in the cosmetic industry as they are healthy and extracted from crude oil refining processes. Mineral waxes are made by distillation processes of lignite, petroleum, coal, and shale oil. Few known mineral waxes consist of paraffin, ceresin, microcrystalline, and petrolatum.

Rubber segment to account a significant market share

On the basis of applications, the market is classified as candle making, packaging, cosmetics, rubber, adhesives, and others. The rubber segment is anticipated to grow at a rapid pace during forecast period due to increasing demand for industrial wax. Industrial waxes are used in tires and rubber compounds to shield from UV lights and ozone.

To prevent tires from cracking waxes are used across the globe. Increasing distribution networks, such as mass merchandise stores & home decors and e-commercial sites have grown the demand for candles.

Asia Pacific to hold a major market share

In terms of regions, the market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the forecast period due to prominent presence of coatings & polishes, packaging, tires & rubber, and manufacturing industries in India, Japan, and China. Asia pacific is one of the prominent hub for the export of personal care products and cosmetics.

Segments

The global wax market has been segmented on the basis of:

Types

Natural Wax
Synthetic Wax
Petroleum & Mineral Wax

Applications

Candle Making
Packaging
Cosmetics
Rubber
Adhesives
Others

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Cepsa
Exxon Mobil Corporation
Eni SpA
China National Petroleum Corporation
Sasol

Competitive Landscape

The key players competing in the wax market are Cepsa; Exxon Mobil Corporation; Eni SpA; China National Petroleum Corporation; and Sasol.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Wax Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Wax Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Wax Market - Supply Chain
  4.5. Global Wax Market Forecast
     4.5.1. Wax Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Wax Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Wax Market Absolute $ Opportunity
5. Global Wax Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Wax Market Size and Volume Forecast by Types
     5.3.1. Natural Wax
     5.3.2. Synthetic Wax
     5.3.3. Petroleum & Mineral Wax
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Wax Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Wax Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Wax Demand Share Forecast, 2019-2026
7. North America Wax Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Wax Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Wax Market Size and Volume Forecast by Types
     7.4.1. Natural Wax
     7.4.2. Synthetic Wax
     7.4.3. Petroleum & Mineral Wax
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Wax Demand Share Forecast, 2019-2026
8. Latin America Wax Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Wax Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Wax Market Size and Volume Forecast by Types
     8.4.1. Natural Wax
     8.4.2. Synthetic Wax
     8.4.3. Petroleum & Mineral Wax
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Wax Demand Share Forecast, 2019-2026
9. Europe Wax Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Wax Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Wax Market Size and Volume Forecast by Types
     9.4.1. Natural Wax
     9.4.2. Synthetic Wax
     9.4.3. Petroleum & Mineral Wax
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Wax Demand Share Forecast, 2019-2026
10. Asia Pacific Wax Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Wax Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Wax Market Size and Volume Forecast by Types
     10.4.1. Natural Wax
     10.4.2. Synthetic Wax
     10.4.3. Petroleum & Mineral Wax
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Wax Demand Share Forecast, 2019-2026
11. Middle East & Africa Wax Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Wax Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Wax Market Size and Volume Forecast by Types
     11.4.1. Natural Wax
     11.4.2. Synthetic Wax
     11.4.3. Petroleum & Mineral Wax
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Wax Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Wax Market: Market Share Analysis
  12.2. Wax Distributors and Customers
  12.3. Wax Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Cepsa
     12.4.2. Exxon Mobil Corporation
     12.4.3. Eni SpA
     12.4.4. China National Petroleum Corporation
     12.4.5. Sasol.

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