Market Size of Wax Industry
| 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
*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.
