SAN FRANCISCO, Aug. 16, 2022 /PRNewswire/ -- The global wax market size is expected to reach USD 14.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.3% from 2020 to 2030. The growth is majorly driven by growing inclusion of wax as a performance additive in the plastics industry on account of its rising utilization as water and solvent-based mold release agent.
Key Industry Insights & Findings from the report:
- The synthetic wax segment accounted for the fastest CAGR of 4.5% over the forecast period, owing to a significant increase in application across lotion, shampoo, foundation, lipstick, and other personal care products.
- The cosmetics and toiletries application segment accounted for the highest CAGR of 4.8% over the forecast period considering the growing inclusion of product in formulation of creams and moisturizers. In addition, above average living standards and new product innovation are expected to propel the demand.
- Asia Pacific accounted for the highest CAGR of 4.7% over the forecast period which can be traced to growing construction activities, mainly in economies such as China and India. Moreover, technological developments in Korea and Japan have spurred the growth of adhesives.
- The market's value chain comprises raw materials suppliers, product manufacturers, distribution channels, and application industry. Depending upon the type, wax formulation requires timely procurement of key feedstocks which includes lubricating oils, base oils, and bee's milk. Product prices are highly impacted depending on the availability of these feedstocks.
- The industry is made up of large and medium-sized players. The small players are either suppliers or distributors. Companies are working on strategies that can harness their internal strategic advantage and position according to the end-use segment growth.
Read 122-page full market research report for more Insights, "Wax Market Size, Share & Trends Analysis Report By Product Type (Mineral, Synthetic, Natural), By Application (Candles, Packaging, Plastic & Rubber), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Wax Market Growth & Trends
Wax has become one of the critically utilized materials globally with widespread application across multiple industries. It is used in the automotive industry for vehicle polishing, hair removal, packaging applications, and as an additive in the food industry.
In addition, it is used in paints and coating industry and printing ink application. Rising demand in various applications, including candles, rubber and plastic processing, cosmetic and toiletries, fire logs, building boards, is likely to propel overall growth in the coming years. High consumption of wax owing to its advantage including UV resistance, anti-caking, excellent insulation, is expected to augment market growth. The stringent COVID-19 lockdown in 2020 induced a downward trend in the market. The recovery in the industrial businesses and activities in the second half of 2020 moderately improved the demand. Additionally, the festive season in the final quarter of 2020 improved the demand from different industries including candles, cosmetics, and packaging.
Wax Market Segmentation
Grand View Research has segmented the global wax market on the basis of basis of product type, application, and region:
Wax Market - Product Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Mineral Wax
- Synthetic Wax
- Natural Wax
Wax Market - Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Plastic & Rubber
- Cosmetics & Toiletries
- Fire Logs
Wax Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
List of Key Players of Wax Market
- Sinopec Corp
- China National Petroleum Corporation
- HollyFrontier Corporation
- BP P.L.C
- Nippon Seiro Co., Ltd
- Baker Hughes Company
- Exxon Mobil Corporation
- Sasol Limited
- The International Group, Inc.
- Evonik Industries AG
- BASF SE
- Honeywell International Inc.
- Royal Dutch Shell P.L.C
- Mitsui Chemicals, Inc.
Check out more related studies published by Grand View Research:
- Polyethylene Wax Market - The global PE wax market size is expected to reach USD 1.7 billion by 2025, according to a new report by Grand View Research, Inc.It is anticipated to register a CAGR of 9.1% during the forecast period. Polyethylene waxes are synthetic wax type, which is widely used in diversified industries like printing inks, adhesives, masterbatches, plastics, rubber, cosmetics, food packaging, textile, coating, candles and paper production.
- Paraffin Wax Market - The global paraffin wax market size is expected to reach USD 7.27 billion by 2025, according to a new report published by Grand View Research, Inc. Increasing demand for paraffin waxes in flexible packaging, candle manufacturing, rubber, and cosmetics is expected to aid in market expansion over the next nine years. Rising consumption of these products as a rheology modifier, electrical insulator, friction reducer, plasticizer, and flame retardant is expected to increase market size over the forecast period.
- North America Paraffin Wax & Emulsions Market - The North America paraffin wax & emulsions market size is estimated to reach USD 941.79 million by 2028, registering a CAGR of 6.3% over the forecast period, according to a new report by Grand View Research, Inc. The market growth is expected to be directly influenced by the demand from the end-user industries. The demand in the region is majorly from the packaging industry and candle producers in the region. The growing demand for candles in North American is likely to directly influence the market growth over the forecasted period.
Browse through Grand View Research's Petrochemicals Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.