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Wax Market By Type (Petroleum & Mineral Wax, Synthetic Wax, Natural Wax), By Application (Candle Industry, Packaging Materials, Construction Industry, Adhesives, Rubber Industry, Cosmetics Industry) - Growth, Future Prospects And Competitive Analysis, 2017 - 2025

Wax is an organic compound that is hydrophobic in nature and malleable at near-ambient temperatures. It is essentially an organic substance, similar to plastic, that remains solid at room temperature and melts when heated. Due to its similarity to plastic, it also deforms under pressure without the need for heating. It is a high-value product of energy reserves. Waxes are either naturally or synthetically derived. However, with technological advancement, there is a rise in the number of substances of similar composition and properties termed "wax." Currently, the majority of wax products available are petroleum-derived. Wax is basically a byproduct derived during the production of lubricating oils. Though wax is mostly derived from crude petroleum and oil bases, other sources also play an important role, which includes natural gas, vegetables, lignite, and animal sources.

There are a wide variety of industrial applications, starting from candlemaking, construction, plastics, packaging, personal care products, pharmaceuticals, paints, paper, automotive, rubber, aerospace, 3D printing, and many other industries. The wax market is expanding due to the widespread industrial use of wax and technological advancements in synthetic wax manufacturing. Rising markets for fragrant and decorative candles across the world and expanding the cosmetic industry, especially in emerging markets, would further fuel the growth of the wax market.

Candles were observed to be the largest application segment and are projected to maintain their dominance during the forecast period. Over the forecast period, demand for scented and decorative candles for festive and special occasions is expected to drive demand for wax. Following candles, the next growing segment in the global wax market is the packaging segment.

Asia Pacific was the largest market in 2016, and it is expected to be the fastest-growing market from 2017 to 2025, owing to factors such as rapid industrialization and urbanization, which are increasing demand for wax-treated products, and rising GDP and per capita income, which are increasing the region's disposable income. A changing fashion trend has resulted in deep market penetration for wax-treated textiles and leather goods, which contribute to their 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 of 2015–2025. The said research study covers an 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 and 2025. The report also provides a prolific view of market dynamics, such as market drivers, restraints, and opportunities.

The report also includes profiles of the leading wax manufacturers, as well as their product portfolios and key developments, to assist strategic decision-makers.

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 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.

For the purpose of this study, the global wax market by type is categorized into:

Petroleum and Mineral Wax

  • Paraffin Wax
  • Microcrystalline Wax
  • Petrolatum (Petroleum Jelly)
  • Others (semi-crystalline wax)

Synthetic Wax

Natural Wax

Wax is an organic compound with a hydrophobic nature that is available in different types. Wax is produced naturally by plants and animals, whereas synthetic waxes are generated through the processing of crude oil or petroleum. 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 and mineral wax market is expected to dominate both in terms of value and volume during the forecast period. This is attributed to the availability of wax in large amounts coupled with the 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 a reduction in the supply of petroleum wax.

For the purpose of this study, the global wax market by application is categorized into:

  • Candle
  • Packaging
  • Construction
  • Adhesives
  • Rubber
  • Cosmetics
  • Others

By application, in 2016, in terms of revenue, candles accounted for 38.3% of the global wax market. It is also projected to maintain its dominance over the forecast period of 2017–2025 on account of its high use in lighting and decoration purposes. The consumption of candles is growing, 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 the near future. The candle segment was followed by packaging and construction applications; collectively, they accounted for more than 30.0% of the global market. Cosmetics application, on the other hand, is expected to grow rapidly over the next six years. Wax is used in makeup products as a base material. Wax acts as a medium to deliver active ingredients, has skincare characteristics, and helps retain moisture by reducing dehydration.

On the basis of geography, the global wax market is segmented into the following regions:

North America


  • CEE
  • E.U. 7
  • Russia
  • Rest of Europe

Asia Pacific

Latin America

Middle East and Africa

In terms of value and volume, Asia Pacific was the dominant region in the global wax market in 2016. It is also projected to be the fastest-growing region. This growth is attributed to the presence of a 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 European countries and the U.S. However, the market in Europe is projected to witness sluggish growth owing to the shutdown of Group I oil refineries in the region. The Middle East and Africa are also lucrative markets for wax because their manufacturing sectors are modernizing. 

Frequently Asked Questions:

The market for Wax Market is expected to reach US$ XX Mn By 2025.

The Wax Market is expected to see significant CAGR growth over the coming years, at 3.2%.

The report is forecasted from 2017-2025.

The base year of this report is 2016.

Ilumina Wax d.o.o., Darent Wax Company Ltd, Bogdany Petrol Ltd., China National Petroleum Corporation are some of the major players in the global market.

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Published Date:  Sep 2017
Category:  Chemicals
Report ID:   58714
Report Format:   PDF
Pages:   120
Rating:    4.5 (65)
Delivery Time: 24 Hours to 48 Hours   
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