Wax is an organic compound which is hydrophobic in nature and malleable solids near ambient temperatures. It is basically organic substance similar to plastic, which remains solid at room temperature and turns liquid on melting. Due to its similarity to plastic, it also deforms under pressure without the heating. It is high value product of energy reserve. Waxes are either naturally or synthetically derived. However, with technological advancement there is rise in number of substance of similar composition and properties termed as wax. Currently majority of wax product available are petroleum derived. Wax is basically a byproduct derived during production of lubricating oils. Though mostly wax is derived from crude petroleum and oil base, other sources also play important role which includes natural gas, vegetable, lignite and animal.

There are wide variety of industrial application starting from candle, construction, plastic, packaging, personal care product, pharmaceuticals, paints, paper, automotive, rubber, aerospace, 3D printing and many other industries. With extensive industrial application of wax and technological advancement in synthetic wax manufacturing drives the growth of wax market. Rising market of fragrant and decorative candles across the world and expanding cosmetic industry especially in emerging markets would further fuel the growth of wax market.

Candles was observed to be the largest application segment and is projected to maintain its dominance during the forecast period. Growing demand for scented and decorative candles for festive and special occasion for aesthetic purpose is expected to drive the demand for the wax over the forecast period. Followed by candle the next growing segment is packaging segment in the global wax market.

In 2016, Asia Pacific was the largest and projected to be the fastest growing market for the forecast period 2017-2025 chiefly due to factors such as rapid industrialization and urbanization leading to increasing demand for wax treated products, rising GDP and per capita income leading to increased disposable income for the region. Changing fashion trend has resulted into deep market penetration for the wax treated textiles and leather goods which contributes as aesthetic appeal.

The report titled “Global Wax Market - Growth, Future Prospects, and Competitive Analysis, 2017 – 2025” offers strategic insights into the global wax market along with the market size and estimates for the duration 2015 to 2025. The said research study covers in-depth analysis of multiple market segments based on type, application and cross-sectional study across different geographies. The study covers the comparative analysis of different segments for the years 2016 & 2025. The report also provides a prolific view on market dynamics such as market drivers, restraints and opportunities.

In order to help the strategic decision makers, the report also includes profiles of the leading wax manufacturers, along with their, product portfolio and key developments. Other in-depth analysis provided in the report includes:

Current and future market trends to justify the forthcoming attractive markets within the wax industry
Market fuelers, market impediments, and their impact on the market growth
In-depth competitive environment analysis
Trailing 2-Year market size data (2015 – 2016)
SRC (Segment-Region-Country) Analysis
Overall, the research study provides a holistic view of the global wax market, offering market size and estimates for the period from 2017 to 2025, keeping in mind the above mentioned factors.

Wax are the organic compounds with hydrophobic nature, available in different types. Wax is produced naturally from plants and animals whereas synthetic waxes are generated through crude oil or petroleum derived. The increasing demand for tailor made physical properties offered by petroleum derived waxes and synthetic waxes for various commercial applications boosts the global wax market. By type the petroleum & mineral wax market is expected to dominate both in terms of value and volume during the forecast period. This is attributed by the availability of wax in large amounts coupled with diverse range of wax properties suitable for various applications.

Natural and synthetic waxes are the fastest growing products in the global wax market. These segments are witnessing growth owing to reduction in the supply of petroleum wax.

By application, in 2016, in terms of revenue candle accounted for 38.3% share of the global wax market. It is also projected to maintain its dominance over the forecast period of 2017 to 2025 on account of their high use in lightening and decoration purposes. Consumption of candles is witnessing growth, as candles with their warm and cozy light are becoming immensely popular with consumers. In spite of price pressure and future challenges, candle consumption will increase sustainably in near future. Candle segment was followed by packaging and construction applications, collectively they accounted more than 30.0% share of the global market. However, cosmetics application is projected to witness rapid growth over the next six years. Wax is used in makeup products as base materials. Wax acts as a medium to deliver active ingredients and also has skincare characteristics and helps in retaining moisture by reducing dehydration.

In 2016, in terms of value and volume, Asia Pacific has been holding a dominant position in the global wax market. It is also projected to be the fastest growing region. This growth is attributed to the presence of large number of wax producers in the region and growing demand from various end use applications. Globally, China is the largest supplier of petroleum wax. A major portion of the wax produced in China is exported to the European countries and the U.S. However, the market in Europe is projected to witness sluggish growth, owing to shutdown of Group I base oil refineries in the region. Middle East and Africa are another lucrative markets for wax as the manufacturing sectors in these regions are becoming more modernized.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Wax market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Wax market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Wax market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Wax market?
• Which is the largest regional market for Wax market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Wax market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Wax market worldwide?