Wax Market Forecast: Insights into Future Developments

The global wax market size is expected to reach USD 14,165.8 million by 2030, registering a CAGR of 4.6% according to a new report by Grand View Research, Inc. 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.

Gather more insights about the market drivers, restrains and growth of the Global Wax Market

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. High consumption of wax owing to its advantage including UV resistance, anti-caking, excellent insulation, is expected to augment market growth. The stringent COVID-19 lockdown in 2020 induced a downward trend in the market. The recovery in the industrial businesses and activities in the second half of 2020 moderately improved the demand. Additionally, the festive season in the final quarter of 2020 improved the demand from different industries including candles, cosmetics, and packaging.

Wax Market Segments Highlights:

• The synthetic wax segment accounted for the fastest CAGR of 4.7% over the forecast period, owing to a significant increase in application across lotion, shampoo, foundation, lipstick, and other personal care products

• The cosmetics and toiletries application segment accounted for the highest CAGR over the forecast period considering the growing inclusion of product in formulation of creams and moisturizers. In addition, above average living standards and new product innovation are expected to propel the demand

• Asia Pacific accounted for the highest CAGR of 4.9% over the forecast period which can be traced to growing construction activities, mainly in economies such as China and India. Moreover, technological developments in Korea and Japan have spurred the growth of adhesives

• The market’s value chain comprises raw materials suppliers, product manufacturers, distribution channels, and application industry. Depending upon the type, wax formulation requires timely procurement of key feedstocks which includes lubricating oils, base oils, and bee’s milk. Product prices are highly impacted depending on the availability of these feedstocks

• The industry is made up of large and medium-sized players. The small players are either suppliers or distributors. Companies are working on strategies that can harness their internal strategic advantage and position according to the end-use segment growth

Browse through Grand View Research's Petrochemicals Industry Research Reports.

• The global electric vehicle fluids market size was estimated at USD 720.6 million in 2023 and is expected to grow at a CAGR of 28.6% from 2024 to 2030.

• The global aromatic solvents market size was estimated at USD 5.18 billion in 2023 and is projected to grow at a CAGR of 4.8% from 2024 to 2030.

Segments Covered in the Report

Grand View Research has segmented the global wax market report based on product, application, and region: 

Wax Product Outlook (Volume, Kiloton; Revenue, USD Million, 2018 - 2030)

• Mineral wax

• Synthetic Wax

• Natural Wax

Wax Application Outlook (Volume, Kiloton; Revenue, USD Million, 2018 - 2030)

• Candles

• Packaging

• Plastics & Rubber

• Pharmaceuticals

• Cosmetics & Toiletries

• Fire Logs

• Adhesives

• Others

Wax Regional Outlook (Volume, Kiloton; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • UK

• Asia Pacific

  • China

  • India

• Central & South America

  • Brazil

• Middle East & Africa

Order a free sample PDF of the Wax Market Intelligence Study, published by Grand View Research.