Frequently Asked Questions
The global synthetic wax market was valued at USD 9515.8 Million in 2022.
The synthetic wax market is expected to grow at a CAGR of 5.5% between 2023 and 2030, reaching USD 14603.8 Million in 2030.
Polypropylene (PP) wax is the leading segment by type of synthetic wax, holding over 30% share in value in 2022.
The manufacturing segment governs the global demand for synthetic wax, holding a massive market share of over 28% in 2022.
The adhesives & sealants segment will post the highest CAGR over the projection period.
North America contributes to the rapid growth of the synthetic wax industry, accounting for more than one-third of its market share in 2022.
The top players include Clariant AG, BASF SE, Sasol, Evonik Industries AG, Honeywell International Inc., The Lubrizol Corporation, Dow, Westlake Chemical Corporation, Mitsui Chemicals Inc., The International Group Inc., and Others.
The major market drivers of the synthetic wax industry are the growing demand from end-user industries like cosmetics and packaging, the versatility of synthetic waxes in various applications, and the shift toward sustainable and eco-friendly formulations.
The major market restraints of the synthetic wax industry involve challenges related to the availability of raw materials, stringent environmental regulations, and competition from natural waxes in certain applications.
The major market opportunities in the synthetic wax industry are the expanding cosmetics and personal care sector, driven by consumer preferences for high-quality products, and the increasing demand for sustainable packaging solutions in the packaging industry.