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The wax market size is estimated to grow by USD 1.11 billion at a CAGR of 2.09% between 2023 and 2028. The expansion of the market share relies on various factors, such as the increasing demand for synthetic and bio-based waxes as well as industrial wax, the growing cosmetic industry, and the integration of wax into food products and flexible food packaging. These elements collectively shape the trajectory of market growth, reflecting a combination of consumer preferences, industrial trends, and regulatory developments. The rising interest in synthetic and bio-based waxes underscores the pursuit of sustainable and eco-friendly alternatives in various applications. Simultaneously, the growth of the cosmetic sector highlights the versatile uses of wax in professional skincare, makeup, and personal care products. Additionally, the utilization of wax in food products and flexible packaging underscores its functionality and versatility in enhancing product quality and shelf life. Thus, the interplay of these factors delineates the landscape for the anticipated expansion of the market share.
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The wax market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The candle segment is estimated to witness significant growth during the forecast period. A few of the waxes that are used to manufacture candles are paraffin wax, beeswax, spermaceti, soy wax, palm, carnauba wax, bayberry, and tallow, among which paraffin wax is the most used wax used for manufacturing candles.
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The candle segment was the largest segment and was valued at USD 3.43 billion in 2018. The increasing demand for the use of aromatics by scented candles, which have become a household necessity, has contributed to this higher share. The candle segment will be a driving force for growth in the global wax market over the forecast period due to the availability of candles in various shapes and sizes.
APAC is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional market growth and trends that shape the wax market during the forecast period.
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China, Malaysia, India, and Indonesia are key wax consumers in APAC. China leads due to higher use of natural and synthetic waxes, driven by a thriving packaging industry. Growing rubber production in Malaysia and Indonesia will boost wax demand, especially P.B. wax for rubber applications. The print sector's growth in China and India will drive wax needs for inks. Increasing candle use for occasions and a vast consumer base in APAC will fuel wax demand. Adhesives, packaging, premium cosmetics, construction, and automotive industries will elevate wax usage. APAC's expanding cosmetic sector will further up natural wax demand. China, India, and Indonesia's leadership stems from varied end-user industries, enhancing wax demand outlook.
The market caters to diverse industries like paint, coating, and printing ink, where polyethylene wax finds extensive application. With its high gloss and excellent water repellency, polyethylene wax is integral to coating and printing formulations, ensuring exceptional chemical resistance. These properties extend its usage across adhesives, agriculture, and textile applications. Moreover, the market sees rising demand for bio-based products, including Fischer-Tropsch wax types, particularly in the candle and packaging industries. Additionally, wax serves as a key ingredient in the personal care industry, contributing to the formulation of cosmetics, soaps, and toiletries, particularly in rural areas and for furniture production.
Growing demand for synthetic and bio-based waxes is a key factor driving wax market growth. The worldwide market's product segmentation comprises mineral, synthetic, and natural/bio-based wax. Anticipated reduced supply of mineral waxes may impact demand due to variable crude oil prices and ecological concerns linked to P.B. waxes. Meanwhile, synthetic and vegetable waxes are gaining popularity, projected to witness elevated demand.
However, synthetic waxes like polyethylene and polypropylene are prevalent in auto and metal sectors for polishing. Similarly, vegetable waxes such as bayberry, candelilla, and carnauba wax find use in candles and cosmetics. Rising availability of hydrogenated vegetable waxes and F.T. wax will bolster demand, driven by eco-conscious consumer preferences, fostering market expansion through bio-based and synthetic wax demand growth.
The effective use of recycled plastics in wax production is a key trend shaping the market. Plastics have emerged as an environmental and human health concern due to their incineration or disposal in uninhabited areas. Governments worldwide are advocating plastic recycling to create waxes, like candle-like oil for ship engines, and thick brown wax oil for shoe polish and cosmetics. These are derived from crude oil to break down their hydrocarbon content.
Moreover, incorporating recycled plastics mitigates environmental hazards. Their use in wax manufacturing will encourage plastic recycling firms to produce waxes for packaging, candles, paints, inks, and more, stimulating wax production in the projected timeframe. Therefore, the efficient utilization of recycled plastics in wax crafting will fuel wax market growth.
The price volatility of crude oil is a key challenge hindering wax market growth. They are available in diverse types: mineral, synthetic, and natural. Mineral wax originates from lube oil refining, a byproduct of crude oil. Fluctuations in crude oil prices have a cascading effect on raw material costs, influencing mineral prices. The COVID-19 outbreak markedly diminished oil and gas demand, slashing oil prices in 2020. Oil companies grappled with profit losses and substantial revenue decline.
Further, plummeting consumer demand, particularly in India, prompted oil giants like Saudi Aramco to slash prices by 10%-30% per barrel for June 2021 shipments to Asia. Global oil consumption dropped by 8.6 million barrels per day in 2020, severely impacting the discussed market. However, 2021 saw a gradual rebound in oil and gas demand in Middle Eastern nations, like the UAE, with pandemic-recovering end-users. Crude oil price drops prompted companies to strategize price cuts, thus challenging the market. Consequently, crude oil's price instability emerges as a significant obstacle in the foreseeable market.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
NIPPON SEIRO CO. LTD. - The company offers waxes such as paraffin wax, microcrystalline wax, wax emulsions and ft wax.
The wax market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
BASF SE, Blended Waxes Inc., Calumet Specialty Products Partners LP, Clariant International Ltd., Compania Espanola de Petroleos SA, Eni SpA, Exxon Mobil Corp., Hansen and Rosenthal GmbH and Co. KG, Hexion Inc., HollyFrontier Corp., Honeywell International Inc., Kerax Ltd., Lodha Petro, Mitsui Chemicals Inc., NIPPON SEIRO CO. LTD., Sasol Ltd., Shell plc, Siwax Group, The International Group Inc., and The Lubrizol Corp.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The wax market serves as a crucial component in various industries, including the paint, coating, and printing ink industry, where it enhances mark & scratch resistance and rub resistance. It finds application in adhesives, agriculture, and textile applications, providing essential properties due to its molecular weight and organic compounds. Primarily derived from petroleum-based products, waxes play a pivotal role in polymer processing, pharmaceutical, food, and personal care industries. Moreover, they are integral in candle applications, cosmetic formulation, and plastics & rubber manufacturing. From luxury candles to cosmetics & toiletries, waxes contribute to various products, including fire logs and home décor items, offering both aesthetic appeal and functional benefits while also driving the demand for green products to mitigate negative health impacts.
The wax market encompasses a wide range of applications, including adhesives, agriculture, and textile applications. Base oil and microcrystalline waxes play crucial roles in candle applications, coatings, and the printing ink industries. Additives such as flexographic and lithographic formulations are essential for polymer manufacturing, textiles, and chemical molecules like solids and lipids. Higher alkanes, nonpolar organic solvents, and the mineral wax segment contribute to the pharmaceutical and candles segment, particularly in aromatherapy and coloured ornamental items. Microcrystalline waxes are widely used in cosmetics and personal care products, toilet and bathing soaps, and synthetic wax applications. Polyethylene wax and paraffin wax are key materials in coating and printing formulations, as well as in paint, coating, and printing ink industries. Organic compounds like natural wax and petroleum-based products are essential in polymer processing, pharmaceuticals, and food applications.
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Industry Scope |
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Report Coverage |
Details |
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Page number |
185 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 2.09% |
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Market growth 2024-2028 |
USD 1.11 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
2.03 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 40% |
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Key countries |
US, China, Japan, Canada, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
BASF SE, Blended Waxes Inc., Calumet Specialty Products Partners LP, Clariant International Ltd., Compania Espanola de Petroleos SA, Eni SpA, Exxon Mobil Corp., Hansen and Rosenthal GmbH and Co. KG, Hexion Inc., HollyFrontier Corp., Honeywell International Inc., Kerax Ltd., Lodha Petro, Mitsui Chemicals Inc., NIPPON SEIRO CO. LTD., Sasol Ltd., Shell plc, Siwax Group, The International Group Inc., and The Lubrizol Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our wax market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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