Wax Industry Overview
The global wax market size was valued at USD 9.8 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030.
The demand for the product is anticipated to be driven by the growing demand in various industries because of its superior properties such as high gloss, good water repellency, and outstanding chemical resistance. The market is highly competitive in nature owing to the major involvement of multinationals in constant capacity expansion and product diversification and innovation. To sustain in this competitive market type, companies are undergoing several strategic planning and execution programs to increase their operational efficiency and increase market presence globally.
Gather more insights about the market drivers, restrains and growth of the Global Wax Market
Wax finds major applications in coating and printing formulations. It is highly utilized in paint, coating, and printing ink industries owing to its features scratch as mark and scratch resistance, rub resistance, and water repellency. It is applied as an additive to a variety of inks including letterpress, lithographic, gravure, and flexographic. Other functions of wax in the coating and ink industry include in blockage, improvement in friction, anti-setting, and anti-sagging.
Waxes are the members of organic compounds that are malleable and hydrophobic solids at ambient temperatures. It includes lipids and higher alkanes that are insoluble in water but are soluble in nonpolar, organic solvents. Various wax products including mineral, natural, and synthetic wax are produced from petroleum-based products such as base oil and natural gas, chemicals such as polyethylene, and plants and animals.
Browse through Grand View Research’s Petrochemicals Industry Research Reports.
- Printing Inks Market – The global printing inks market size was valued at USD 19.2 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 2.8% from 2021 to 2028. The market is expected to witness moderate growth over the forecast period. Factors such as the growing end-use industry, including flexible packaging, commercial printing & publishing, packaging labels, have majorly driven this market.
- Wax Melts Market – The global wax melts market size was estimated at USD 2.02 billion in 2015 and is expected to grow on account of rising focus on the longevity of fragrances. Moreover, these products are comparatively cheaper than various other alternatives including scented candles, room fresheners, and reed diffusers.
Wax Market Segmentation
Grand View Research has segmented the global wax market on the basis of basis of product type, application, and region:
Wax Product Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)
- Mineral Wax
- Synthetic Wax
- Natural Wax
Wax Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)
- Plastic & Rubber
- Cosmetics & Toiletries
- Fire Logs
Wax Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global wax market include
- 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.
Order a free sample PDF of the Wax Market Intelligence Study, published by Grand View Research.
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