The wax market is expected to reach at US$ 8,400 million by 2028; registering at a CAGR of 4% during 2022–2028, according to a new research study conducted by The Insight Partners.
Increasing Demand from Cosmetics and Personal Care Product Manufacturers Boosts Wax Market Growth
Wax Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: by Type (Mineral, Synthetic, and Natural), Application (Packaging, Candles, Plastics and Rubber, Cosmetics and Personal Care, Adhesives, and Others), , and by Geography (North America, Europe, Asia Pacific, and South and Central America)
Wax Market Scope and Size by 2031
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Waxes represent a class of a diverse range of organic compounds that are highly used in personal care products to modulate the feel of a product on the skin by thickening it and to waterproof the product formulation by improving its wash, rub, and wear resistance. Waxes with high melting points are used as thickening agents and to improve the wear properties of formulations. Natural or synthetic waxes used in cosmetics are organic compounds that are mixtures of different classes, esters, alcohols and fatty acids, and they are chemically stable hydrocarbons. The demand for green cosmetics is increasing with the switch in consumer preferences toward herbal products. Naturally produced waxes are broadly used for formulating cosmetics products, along with some other natural constituents. Biobased cosmetics are highly preferred by consumers in developed countries as they are highly concerned about their health and wellness and are willing to pay high costs for the same. The most commonly used vegetable waxes in cosmetic formulations are carnauba, jojoba, and candelilla waxes.
Waxes are used in various applications such as packaging, manufacturing of candles, plastics and rubber, and adhesives. In the packaging industry, wax is used for coating, lamination, and impregnation of primary food contact materials such as paper, board, and aluminum. Waxes such as beeswax, soy wax, palm wax, gels, and synthesized waxes are also used in candle-making. Further, with the development of high-speed manufacturing and processing equipment, hot melt adhesives can be found in a diverse range of applications. Wax acts as a blending ingredient in adhesives formulation. Increasing wax usage in the personal care and packaging industries, among others, is bolstering the wax market growth.
Sinopec Catalyst CO., LTD.; Exxon Mobil Corporation; HollyFrontier Specialty Products; NIPPON SEIRO CO., LTD.; and Baker Hughes are among the key wax market players profiled during the study. Several other major companies were also studied and analyzed to get a holistic view of the wax market and its ecosystem.
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