“Global Wax Market to reach a market value of USD 14.5 Billion by 2031 growing at a CAGR of 4.7%”
The Global Wax Market size is expected to reach $14.5 billion by 2031, rising at a market growth of 4.7% CAGR during the forecast period. In the year 2023, the market attained a volume of 5,584.30 kilo tonnes, experiencing a growth of 23.8% (2020-2023).
Waxes are used as stabilizing agents in emulsions to prevent the separation of immiscible components, such as oil and water. They help create stable emulsions with uniform consistency, viscosity, and texture, enhancing emulsion-based products' performance and shelf stability. Therefore, in 2023, the emulsions segment held 11% growth rate in the market. In terms of volume, 883.61 kilo tonnes of wax is expected to be utilized in emulsions by the year 2031. Waxes contribute to emulsions' texture, viscosity, and rheological properties, allowing for customization and optimization of product attributes such as spreadability, creaminess, and smoothness. This enhances the sensory experience and user appeal of emulsion-based formulations.
E-commerce platforms allow wax producers and merchants to expand their product lines and satisfy specialized markets and customer preferences. Manufacturers can showcase specialized wax products, such as artisanal candles, natural waxes, and custom blends, to target specific customer segments. The ability to offer a wide range of wax products increases consumer choice and satisfaction, driving sales and market growth. Additionally, the rising consumer preference for natural and specialty candles has driven a corresponding increase in demand for natural and specialty waxes. Candle manufacturers increasingly opt for natural waxes like soy and beeswax and specialty waxes with unique properties, such as microcrystalline or vegetable-based waxes. This shift in demand has prompted wax manufacturers to expand their product offerings and invest in the production of natural and specialty waxes. Hence, the expansion of the e-commerce industry and the candle industry's growth is driving the market's growth.
However, uncertainty in raw material prices can deter investment in new production capacity or expansion projects within the wax industry. Wax manufacturers may be hesitant to make significant capital investments when the profitability of such projects is uncertain due to fluctuating raw material costs. Hence, fluctuating raw material prices are hampering the market's growth.
Based on application, the market is divided into candles, packaging, emulsions, hot melts, floor polishes, and others. In 2023, the candles segment garnered 48% revenue share in the market. In terms of volume, 3,477.07 kilo tonnes of wax is expected to be utilized for making candles by the year 2031. Wax is the primary raw material used in candle production. It is the fuel that burns to produce light and heat when the candle is lit. This fundamental role of wax makes it an essential component of candles, driving the demand for wax in this particular application. Also, versatility allows candle manufacturers to create various candle types, styles, and fragrances to cater to diverse consumer preferences and market demands.
On the basis of type, the market is segmented into paraffin/mineral wax, synthetic wax, natural wax, and others. In 2023, the synthetic wax segment attained 22% revenue share in the market. In terms of volume, 1,619.12 kilo tonnes of synthetic wax is expected to be utilized by the year 2031. Synthetic waxes often exhibit superior performance attributes to natural waxes, such as higher melting points, improved thermal stability, enhanced adhesion, and better resistance to oxidation and moisture. These enhanced performance characteristics make synthetic waxes suitable for demanding applications in industries such as cosmetics, coatings, and adhesives.
Free Valuable Insights: Global Wax Market size to reach USD 14.5 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region witnessed 37% revenue share in the market in 2023. In terms of volume, 3,234.19 kilo tonnes of wax is expected to be utilized by the year 2031. The Asia-Pacific region is a major market for cosmetics and personal care products, driven by increasing beauty consciousness, rising disposable incomes, and changing consumer lifestyles. Wax is a key ingredient in cosmetics and personal care products such as lipsticks, creams, lotions, and hair care products, contributing to the high demand for wax in the region.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 10.2 Billion |
| Market size forecast in 2031 | USD 14.5 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 4.7% from 2024 to 2031 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 292 |
| Number of Tables | 590 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Application, Region |
| Country scope |
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| Companies Included | The Dow Chemical Company, Evonik Industries AG (RAG-Stiftung), Akzo Nobel N.V., Exxon Mobil Corporation, Solvay SA, BASF SE, Sasol Limited, Shell plc, Honeywell International, Inc., Kraton Corporation |
By Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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