Wax Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

The wax market is expected to grow from US$ 6,500 million in 2022 to US$ 8,400 million by 2031; it is estimated to record a CAGR of 4% during 2022–2031.

Wax is a class of organic compounds comprising long alkyl chains. Waxes are lipophilic, malleable solids near ambient temperatures. Higher alkanes and lipids with melting points above 40°C come under the category of wax. Waxes are insoluble in water but soluble in organic and nonpolar solvents. They are extracted from plants and animals and occur in petroleum. Natural wax may contain unsaturated bonds while synthetic wax constitutes homogenous series of long-chain aliphatic hydrocarbons that do not have any functional group.

MARKET DYNAMICS
The wax market has witnessed significant growth with the rise in demand from the cosmetics and packaging industries. Moreover, growing health concerns and awareness regarding green products are creating lucrative opportunities for companies in the wax market. Mineral wax is increasingly being used in adhesives formulations, which is another prominent application of wax. The increasing preference for green cosmetics is likely to bring new trends into the wax market in the coming years.

MARKET SCOPE
The "Global Wax Market Analysis to 2031" is a specialized and in-depth study with a special focus on market trend analysis. The report aims to provide an overview of the wax market with detailed market segmentation based on type and application. The report provides key statistics on the market based on the financial performances of leading players in the wax market. It also explains key trends and opportunities in the market.

Strategic Insights

MARKET SEGMENTATION
The wax market is segmented on the basis of type and application. Based on type, the market is segmented as mineral, synthetic, and natural. In terms of application, the market is segregated into packaging, candles, plastics and rubber, cosmetics and personal care, adhesives, and others.

REGIONAL FRAMEWORK
The report provides a detailed overview of the wax market, including both qualitative and quantitative information. It provides an overview and forecast of the market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. The market in each region is further analyzed on the basis of respective countries and segments. The report covers the analysis and forecast of 18 countries, and it also states current trends and opportunities prevailing in each region.

Asia Pacific accounts for a prominent share of the wax market. The dominance of the market in this region is majorly credited to the presence of a large number of wax manufacturers and consumers. The following figure depicts the revenue growth trend in the wax market:

The report analyzes factors affecting the wax market from both the demand and supply sides. It evaluates the factors governing the market growth, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive Porter's Five Forces analysis of the wax market.

IMPACT OF COVID-19 PANDEMIC

The chemicals & materials and cosmetics industries, among others, faced unprecedented challenges during the COVID-19 pandemic due to disruptions in the global supply chains that adversely affected manufacturing, delivery schedules, and sales. The wax markets experienced decelerated growth due to a decline in demand from several industries, as many production sites were either partially or fully closed amid the fight against SARS-CoV-2. Moreover, a huge gap in supply and demand led to fluctuations in the prices of raw materials required for wax production. However, since 2021, the cosmetics and packaging industry has been reviving significantly. This is likely to propel the demand for wax in the coming years, thereby bolstering the market growth during the forecast period.

Wax Market Report Analysis

Wax Market

• 
  CAGR (2023 - 2031)

  4.00%
• Market Size 2023
  US$ 6.76 Billion
• Market Size 2031
  US$ 9.25 Billion

Report Coverage

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope

• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis

• Industry landscape and competition analysis & recent developments
• Detailed company profiles

• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

• Sinopec Catalyst CO., LTD.
• Exxon Mobil Corporation
• HollyFrontier Specialty Products
• NIPPON SEIRO CO., LTD.
• Baker Hughes
• Sasol
• Evonik
• BASF SE
• Dow

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

By Type

• Mineral
• Synthetic
• Natural

By Application

• Packaging
• Candles
• Plastics and Rubber
• Cosmetics and Personal Care
• Adhesives

MARKET PLAYERS
The report presents key developments in the wax market, including organic and inorganic growth strategies adopted by the market players. Various companies in the market focus on organic growth strategies such as product launches, product approvals, and patents and events. On the other hand, inorganic growth strategies by the companies include acquisitions, partnerships, and collaborations. These activities have paved the way for the expansion of their businesses and customer bases. The list of a few companies engaged in the wax market is provided below.

• Sinopec Catalyst CO., LTD.
• Exxon Mobil Corporation
• HollyFrontier Specialty Products
• NIPPON SEIRO CO., LTD.
• Baker Hughes
• Sasol 
• Evonik
• BASF SE
• Dow 
• MITSUI CHEMICALS AMERICA, INC.  

The report includes the profiles of key wax market players, along with providing their SWOT analysis and key growth strategies. In addition, the company profiles section sheds light on business overviews, component and service offerings, financial information (of the last 3 years), and key developments (in the past five years) of the leading industry players.

A dedicated research and analysis team of The Insight Partners consists of experienced professionals having advanced statistical expertise. It offers various customization options with the existing study.

Wax Market Report Scope