What is the global market size of Wax Market?

Wax Market size was valued at USD 9.69 billion in 2021 and is poised to grow from USD 10.1 billion in 2022 to USD 14.16 billion by 2030, growing at a CAGR of 4.3% in the forecast period (2023-2030).

Wax Market Size, Share, Growth Analysis, By Product Type(Mineral, Synthetic, Natural), By Application(Candles, Packaging, Plastic & Rubber, Pharmaceuticals), By Region - Industry Forecast 2024-2031

Q: Who are the key vendors in the Global Wax Market?

Global wax market is fairly concentrated with a few big and medium-sized market participants accounting for a large portion of of the overall wax market revenue. Wherein, China National Petroleum Corporation, Exxon Mobil Corporation, Sasol, and Evonik Industries are holding prominent position in the global market. 'Sasol Limited', 'ExxonMobil Corporation', 'Royal Dutch Shell plc', 'Total SA', 'China National Petroleum Corporation (CNPC)', 'Lukoil', 'Sinopec Corp', 'BASF SE', 'Clariant AG', 'Evonik Industries AG', 'Honeywell International Inc.', 'The International Group, Inc.', 'The Dow Chemical Company', 'Nippon Seiro Co., Ltd.', 'The Lubrizol Corporation', 'Akzo Nobel N.V.', 'The Blayson Group Ltd.', 'Calumet Specialty Products Partners, L.P.', 'Koster Keunen, Inc.', 'Micro Powders, Inc.'

Report ID: SQMIG15E2125 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 66 | Figures: 75

Wax Market News

January 2022: ExxonMobil announced to streamline its business structure by combining chemical and downstream companies and centralizing technology and engineering.
August 2021: Sasol Limited, one of the key players in the global wax market, entered into a distribution agreement with DKSH Management Limited (Switzerland) for marketing, distribution, and logistics for Sasol's chemicals and wax products in the European market.
March 2021: Turtle Wax launched Hybrid Ceramic Graphene Paste Wax in India. The new Graphene paste wax uses the brand’s patent-pending graphene technology. Turtle Wax claims that it is a blend of 10 waxes that infuse silicon dioxide ceramic and graphene.

Wax Market Report Snapshots

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Wax Market size was valued at USD 9.69 billion in 2019 and is poised to grow from USD 10.1 billion in 2023 to USD 14.16 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024-2031).

wax market is fairly concentrated with a few big and medium-sized market participants accounting for a large portion of of the overall wax market revenue. Wherein, China National Petroleum Corporation, Exxon Mobil Corporation, Sasol, and Evonik Industries are holding prominent position in the market. 'Sasol Limited', 'ExxonMobil Corporation', 'Royal Dutch Shell plc', 'Total SA', 'China National Petroleum Corporation (CNPC)', 'Lukoil', 'Sinopec Corp', 'BASF SE', 'Clariant AG', 'Evonik Industries AG', 'Honeywell International Inc.', 'The International Group, Inc.', 'The Dow Chemical Company', 'Nippon Seiro Co., Ltd.', 'The Lubrizol Corporation', 'Akzo Nobel N.V.', 'The Blayson Group Ltd.', 'Calumet Specialty Products Partners, L.P.', 'Koster Keunen, Inc.', 'Micro Powders, Inc.'

Growing demand for aromatherapy through scented candles and their easy availability in a variety of sizes, shapes, and product range like birthday, taper, utility, teal light container to novelty candles are projected to add fuel to the wax market during the forecasted period.

Rising disposable income, growing spending on home interior, and improving living standard of living people across the world are driving demand for coloured and scented candles to enlighten the house environment and enjoy pleasant smell.

In 2021, the Asia Pacific emerged as the largest contributor to the wax market by holding over 30% market share. The growth is attributed to rising per capita income, improving living standards in countries like China and India. Apart from this, Europe held the second-largest revenue share in 2021 and is attributed to the rising demand for hot melts in the adhesives and sealants industry in the region. Also, Europe is home to several multinational giants engaged in personal care such as Colgate-Palmolive, Unilever Group, Procter and Gamble Co., and L’Oréal group. These companies have well-established brand presence across European countries and that has led to their dominance in cosmetics and personal care applications in the Europe wax market.

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Wax Market Size, Share, Growth Analysis, By Product Type(Mineral, Synthetic, Natural), By Application(Candles, Packaging, Plastic & Rubber, Pharmaceuticals), By Region - Industry Forecast 2024-2031

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What is the market size of Wax Market?

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