Wax Market - Growth, Trends, and Forecast (2019 - 2024)

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 & Africa).

Market Snapshot

wax market
Study Period:


Base Year:


Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific


Less Than 4%

Key Players:

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Wax Market

The wax market is expected to witness a CAGR of around 4% during the forecast period. The major factor driving the market studied is the growing demand from the cosmetics industry, where the wax has a widespread application in lipsticks, mascaras, moisturizing creams, and sunblock. However, fluctuating prices of raw materials and environmental concerns are expected to hinder the growth of the market.

  • Petroleum and mineral wax segment dominated the market and is expected to grow during the forecast period, owing to its increasing demand from various applications, such as candle making, packaging, cosmetics, etc.
  • Increasing use of mineral wax in rubber production is likely to act as an opportunity for the market in the future.
  • Asia-Pacific dominated the market across the world, due to the concentration of dominant petroleum wax producing refineries in countries, like China and India.

Scope of the Report

The wax market report includes:

Petroleum and Mineral Wax
Synthetic Wax
Natural Wax
Candle Making
Other Applications
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
The Netherlands
Rest of Europe
South America
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Key Market Trends

High Demand from the Cosmetics Industry

  • The cosmetic sector is one of the major applications for wax.
  • Waxes are used as ingredients in a variety of products in the cosmetic industry: for the formulation of emulsifiers, solubilizing agents, cleansers, and conditioners among others.
  • Natural and synthetic waxes provide protection against mechanical stress, water-loss, UV-radiation, and parasites. For this reason, they are being increasingly used in the manufacturing of cream, lotions, and lip balms.
  • Some of the most commonly used waxes used in the cosmetic industry include candelilla wax, carnauba wax, rice bran wax, sunflower wax, berry wax, honey wax, and mimosa wax.
  • The market is driven by increasing urbanization and the growth in online beauty spending, due to the continuous growth of disposable income of individuals all over the world.
Wax Market Revenue Share

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Asia-Pacific Region to Dominate the Market

  • 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.
  • The tier-2 markets, such as South Korea, are expected to witness a rapid rise in the demand for personal care products.
  • Moreover, China and India are also likely to experience good opportunities for the personal care market.
  • Besides, China stands to be the largest market for adhesives in the region, in terms of 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.
Wax Market Regional Trends

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Competitive Landscape

The global wax market is partially fragmented. The major players dominating the market include BP PLC, Exxon Mobil Corporation, Cepsa, Sasol, and Eni SpA among others.

Major Players

  1. BP PLC
  2. Cepsa
  3. Eni SpA
  4. Exxon Mobil Corporation
  5. Sasol

* Complete list of players covered available in the table of contents below

wax market

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 High Demand from the Cosmetics Industry

      2. 4.1.2 Increasing Use of Scented and Decorative Luxury Candles across the World

      3. 4.1.3 Shifting Focus toward Synthetic and Vegetable Waxes

    2. 4.2 Restraints

      1. 4.2.1 Fluctuating Prices of Raw Materials

      2. 4.2.2 Environment Concerns

    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


    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 Cosmetic

      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. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Poland

        6. The Netherlands

        7. Rest of Europe

      4. 5.3.4 South America

        1. Argentina

        2. Brazil

        3. Rest of South America

      5. 5.3.5 Middle East & Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle East & Africa


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

    2. 6.2 Market Share 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 Nippon Siero Co. Ltd

      11. 6.4.11 Petrobras

      12. 6.4.12 Petro Canada Lubricants Inc.

      13. 6.4.13 Sasol

      14. 6.4.14 The International Group Inc.

    5. *List Not Exhaustive

    1. 7.1 Increasing Use of Mineral Wax in Rubber Production

**Subject to Availability

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