Wax Market to Expand by USD 13.65 billion During Forecast Period| Key Players: BASF SE (Germany), Clariant (Switzerland), Numaligarh Refinery Limited (India)

Market Definition

Waxes are member of organic compounds, which are hydrophobic and malleable solids at ambient temperatures. It contains higher alkanes and lipids. These alkanes are insoluble in water but soluble in nonpolar organic solvents. Many wax products such as natural, mineral and synthetic wax are formed from petroleum-based products such as natural gas and base oil, chemicals such as polyethylene, and animals and plants.

Data Bridge Market Research analyses that the wax market was valued at USD 10.47 billion in 2021 and is expected to reach USD 13.65 billion by 2029, registering a CAGR of 3.37% during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Over the last few years, the wax market has grown steadily.  The increasing demand of wax in several industries due to its superior properties such as good water repellence, high gloss and outstanding chemical resistance. Paraffin wax is one of the most commonly extracted waxes as a by-product from the oil industry. Paraffin product type is generally used in the formulation of candles because it has unique property to retain both colour and scent for an extremely long duration. 

Some of the major players operating in the wax market are:
BASF SE (Germany)
Clariant (Switzerland)
Numaligarh Refinery Limited (India)
Trecora Resources (U.S.)
Indian Oil Corporation Ltd (IOCL) (India)
Goyel Chemical Corporation (India)
Nippon Seiro Co., Ltd. (Japan)
AVERY DENNISON CORPORATION (U.S.)
Marcusoil (U.S.)
Mitsui Chemicals, Inc., (Japan)
3M (U.S.)
Sika AG (Switzerland)
Honeywell International Inc.,(U.S.)
Westlake Corporation (U.S.)
CPCL (India)
Innospec (U.S.)

View the Full Report Here­­ With TOC and Charts: https://www.databridgemarketresearch.com/reports/global-wax-market

Opportunities

Growing demand for candles

Use of wax candles has become a vital household essential. Candles are available in several shapes, sizes and product range such as utility, birthday, taper, teal light container to novelty candles. These are used for many purposes such as aromatherapy for stress reduction and relaxation and home decor. The high share of wax market is mainly due to the increasing demand for aromatherapy through scented candles. As per the report of National Candle Association, around 7 out of 10 households use scented candles as home fragrance products and candles for stress-related therapies. The market is characterized by the ease of purchase and availability of various candles through many distribution channels. The growing demand for candles for several purposes, mainly for aromatherapy, is anticipated to create numerous opportunities for market growth.

Global Wax Market Scope

The wax market is segmented on the basis of product type, industry and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type
Paraffin Waxes
Microcrystalline Waxes
Gas-to-liquids (GTL) Waxes
Polymer Waxes
Fischer-Tropsch Waxes
Vegetable Waxes
Animal & Insect Waxes
Other Waxes

Industry
Plastic & Rubber
Adhesives & Sealants
Paper & Paperboard
Building and Construction
Inks & Coatings
Packaging
Pharmaceuticals
Cosmetics & Toiletries Industry
Automotive
Firelogs

Applications
Candles
Rheology/Surface Applications
Polish
Cosmetics
Rubber
Soap Wax
Hot-melt adhesive
Other Applications

Wax Market Regional Analysis/Insights

The wax market is analysed and market size insights and trends are provided by country, product type, industry and application as referenced above.

The countries covered in the wax market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the wax market in terms of revenue and market share. This is due to the high demand for wax because of growing technological developments which has impelled the demand for adhesives in this region.

North America is anticipated to be the fastest developing region during the forecast period of 2022-2029  due to the strong presence of cosmetics and personal care product manufacturing companies in this region.

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