Wax Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Wax Industry Growth & Analysis. The Market is Segmented by Type (Petroleum and Mineral Wax, Synthetic Wax, and Natural Wax), Application (Cosmetic, Packaging, Candle Making, Adhesives, Rubber, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The market size and forecasts are provided in terms of volume (kilotons) for all the above segments.

Wax Market Size

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Wax Market Summary
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Study Period 2019 - 2029
Market Volume (2024) 4.56 Million tons
Market Volume (2029) 5.21 Million tons
CAGR (2024 - 2029) 2.70 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Wax Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Wax Market Analysis

The Wax Market size is estimated at 4.56 Million tons in 2024, and is expected to reach 5.21 Million tons by 2029, growing at a CAGR of 2.70% during the forecast period (2024-2029).

  • Due to COVID-19, the lockdown regulations and a deficient number of workers led to a decline in the production of various chemicals and other industries such as cosmetics, packaging, rubber, candle, and adhesives. The supply of raw materials to the industries decreased and caused a disturbance in the supply and demand balance. Owing to all these factors, the oil market was negatively impacted by COVID-19, and the production of wax decreased.
  • Over the medium term, the major factor driving the market studied is the increasing demand from the candle and packaging industries. The growing personal care industry in the Asia-Pacific region is the other factor driving the market studied.
  • On the flip side, increasing awareness against the usage of petrochemicals is expected to hinder the growth of the market. The Asia-Pacific region is expected to dominate the market, and it is also likely to witness the highest CAGR during the forecast period.

Wax Market Trends

Increasing Demand from the Cosmetics Industry​

  • Cosmetics and personal care are one of the major applications of wax. It is used to thicken formulations. It provides stability to skincare products and cosmetics with emollient and protective qualities and boosts their viscosity and consistency. The personal care industry accounted for a healthy global market share in 2022.
  • The Asia-Pacific region has become the largest consumer, as well as producer of wax. The production reached high levels in the past few years, and the region has become a significant hub for exporting cosmetics and personal care products to developed countries, such as the United States.
  • According to Cosmetic Europe, the personal care association, Europe's 500 million consumers use cosmetic and personal care products every day to protect their health, enhance their well-being and boost their self-esteem. Ranging from antiperspirants, fragrances, make-up, and shampoos, to soaps, sunscreens and toothpaste, and cosmetics.
  • According to Cosmetics Europe, the European cosmetics and personal care market amounted to EUR 80 billion (USD 93.4 billion) in retail sales in 2021. The largest national markets for cosmetics and personal care products within Europe are Germany, France, Italy, the United Kingdom, Spain, and Poland. In 2021, over 255,111 people were employed directly, and a further 1.71 million indirectly in the cosmetics value chainConsiderable purchasing power of individuals in the Southeast Asian region (a dynamic and diverse market for the emerging middle class) is likely to drive the consumption of cosmetics in the region.
  • The above-mentioned factors are likely to boost the growth of the market studied.
Wax Market: Sales of Cosmetics and Personal Care, in EUR Billion, By Country, Europe, 2021

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region dominated the global market share due to the concentration of dominant petroleum wax-producing refineries in countries like China and India.
  • Asia-Pacific is also projected to register the highest growth during the forecast period, driven by increasing production and consumption of cosmetics, adhesives, and packaging products in the region. Asia-Pacific demand has reached higher levels in the past few years and has become a major hub for exporting cosmetics and personal care products.
  • Moreover, India is one of the largest producers of soaps in the world. The per capita consumption of toilet/bathing soaps in the country is around 800 grams. Around 65% of the Indian population resides in rural areas, and the increasing disposable incomes and growth in rural markets make consumers shift to premium products.
  • The tier-2 markets, such as South Korea, are expected to witness a rapid rise in the demand for personal care products.
  • Furthermore, the Chinese packaging industry has grown at a rapid and consistent rate in recent years, owing to expanding economy and rising middle class with greater purchasing power. Food packaging is a major player in the packaging industry, accounting for roughly 60% of the total market share in China. According to Interpak, in China, in the foodstuff packaging category, total packaging is expected to reach 447 billion units in 2023, thereby indicating an increased demand for wax from the packaging industry.
  • According to the Packaging Industry Association of India (PIAI), the Indian packaging industry is expected to grow at a rate of 22% during the forecast period. Moreover, the Indian packaging market is expected to reach USD 204.81 billion by 2025, registering a CAGR of 26.7% between 2020 and 2025. Therefore, the wax market is expected to grow in the region.
  • Besides, China stands to be the largest market for adhesives in the region regarding both production and consumption. The consumption of adhesives has been increasing in the industries such as furniture, construction, etc., which is further driving the growth of the wax market in the region.
  • Owing to all the aforementioned factors, the Asia-Pacific region is expected to dominate the market studied during the forecast period.
Wax Market - Growth Rate by Region, 2023-2028

Wax Industry Overview

The wax market is partially fragmented. Major players dominating the market include China National Petroleum Corporation, Exxon Mobil Corporation, Cepsa, Sasol, and Eni SpA.

Wax Market Leaders

  1. China National Petroleum Corporation

  2. Exxon Mobil Corporation

  3. Cepsa

  4. Sasol

  5. Eni SpA

*Disclaimer: Major Players sorted in no particular order

Wax Market Concentration
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Wax Market News

  • March 2022: Sasol sold its German subsidiary Sasol Wax GmbH to AWAX s.p.a., which is an international group that specializes in developing, producing, and distributing wax products.

Wax Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand from the Candle and Packaging Industries

      2. 4.1.2 Growing Personal Care Industry in the Asia-Pacific Region

    2. 4.2 Restraints

      1. 4.2.1 Increasing Awareness against Usage of Petrochemicals

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 Type

      1. 5.1.1 Petroleum and Mineral Wax

      2. 5.1.2 Synthetic Wax

      3. 5.1.3 Natural Wax

    2. 5.2 Application

      1. 5.2.1 Cosmetics

      2. 5.2.2 Packaging

      3. 5.2.3 Candle Making

      4. 5.2.4 Adhesives

      5. 5.2.5 Rubber

      6. 5.2.6 Other Applications

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 ASEAN Countries

        6. 5.3.1.6 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 France

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Spain

        6. 5.3.3.6 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Argentina

        2. 5.3.4.2 Brazil

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/ Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 BP PLC

      2. 6.4.2 Calumet Specialty Products Partners LP

      3. 6.4.3 Cepsa

      4. 6.4.4 China National Petroleum Corporation

      5. 6.4.5 China Petroleum & Chemical Corporation

      6. 6.4.6 Eni SpA

      7. 6.4.7 Exxon Mobil Corporation

      8. 6.4.8 H&R Group

      9. 6.4.9 Ilumina Wax d.o.o.

      10. 6.4.10 Kemipex

      11. 6.4.11 Nippon Siero Co. Ltd

      12. 6.4.12 Petrobras

      13. 6.4.13 Petro Canada Lubricants Inc.

      14. 6.4.14 Sasol

      15. 6.4.15 The International Group Inc.

      16. 6.4.16 CALWAX

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Use of Mineral Wax in Rubber Production

**Subject to Availability
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Wax Industry Segmentation

Waxes are a diverse class of organic compounds near ambient temperatures that are lipophilic, malleable solids. Waxes are insoluble in water but soluble in solvents that are organic and non-polar. 

The wax market is segmented by type, application, and geography. By type, the market is segmented into petroleum and mineral wax, synthetic wax, and natural wax. By application, the market is segmented into cosmetics, packaging, candle making, adhesives, rubber, and other applications. The report also covers the market size and forecasts for the wax market in 17 countries across major regions. 

For each segment, the market sizing and forecast have been done on the basis of volume (kiloton).

Type
Petroleum and Mineral Wax
Synthetic Wax
Natural Wax
Application
Cosmetics
Packaging
Candle Making
Adhesives
Rubber
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
South America
Argentina
Brazil
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Wax Market Research FAQs

The Wax Market size is expected to reach 4.56 million tons in 2024 and grow at a CAGR of 2.70% to reach 5.21 million tons by 2029.

In 2024, the Wax Market size is expected to reach 4.56 million tons.

China National Petroleum Corporation , Exxon Mobil Corporation , Cepsa , Sasol and Eni SpA are the major companies operating in the Wax Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Wax Market.

In 2023, the Wax Market size was estimated at 4.44 million tons. The report covers the Wax Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Wax Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Wax Industry Report

Statistics for the 2024 Wax market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Wax analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Wax Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)