Wax Market Players: BP P.L.C, Evonik Industries AG, BASF SE, And Dow

Wax Industry Overview

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. 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.

Wax Market Segmentation

Grand View Research has segmented the global wax market on the basis of basis of product type, application, and region:

Based on the Product Type Insights, the market is segmented into Mineral Wax, Synthetic Wax, and Natural Wax.

• The mineral wax segment dominated the market and accounted for the largest revenue share of 67.8% in 2021. This is attributed to the growing inclusion of products in cosmetic formulation and the surge in cosmetics demand across developing and emerging economies. Mineral waxes are pure and contain no trace of esters or alcohol in beeswax or plant-based waxes.
• Paraffin wax is one of the commonly extracted waxes from the oil industry as a by-product, which ensures continuous diligent sourcing and ease of producing the wax. Paraffin product type is broadly utilized in the formulation of candles as it has the unique property to retain both scent and color for an extremely long duration. In addition, paraffin is widely used in skin softening treatment.
• The synthetic wax segment is estimated to be the fastest-growing segment in the near future, wherein the growth is attributable to rising demand for paper and paperboard and building boards. Also, an increase in demand for cosmetics and personal care, adhesives, and ink and coating sectors are expected to steer segment growth over the coming years.

Based on the Application Insights, the market is segmented into Candles, Packaging, Plastic & Rubber, Pharmaceuticals, Cosmetics & Toiletries, Fire Logs, Adhesives, and Others.

• The candles application segment dominated the market and accounted for the largest revenue share of 31.5% in 2021. This high share is attributable to the growing demand for aromatherapy through scented candles. Use of candles has become a critical household essential. Candles are available in variety of sizes, shapes, and product range like birthday, taper, utility, teal light container to novelty candles.
• The packaging application segment accounted for the second-largest revenue share in 2021. This can be traced to increasing utilization in coating, treatment, impregnation, and lamination of primary food contact materials such as paper, boards, and aluminum. Wax is not only used as a lubricant to reduce friction in production but is also often used to coat food products such as cheese, vegetables, and fruits directly.

Wax Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The key manufacturers of wax are implementing various growth strategies to keep up with the rising demand from various applications. In order to gain further access to the global and regional markets, the companies are integrating forward through the value chain. The industry is marked by the presence of key multinationals that have established their strong regional presence with cosmetics, packaging, and paints and coating manufacturing companies. The market is observed to be strategically evolving with several multinationals involved in mergers and acquisitions, joint ventures, project expansion, and more to establish a sizeable market presence across the globe. One such example would be the acquisition of Puget Sound Refinery by HollyFrontier Corporation for USD 613.6 million in 2021. Some of the prominent players in the 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
• Dow
• 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.

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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