The Wax Market to grow at a CAGR of 3.24% from 2022 to 2027

NEW YORK , Aug. 4, 2023 /PRNewswire/ -- The wax market is estimated to grow by USD 1,723.06 million between 2022 and 2027 exhibiting a CAGR of 3.24%, according to Technavio. APAC is estimated to contribute 39% to the growth of the global market during the forecast period. In the APAC region, China, Malaysia, India, and Indonesia are the main consumers of wax. The development of the packaging industry in China and India has led to increased use of natural and synthetic waxes, contributing to China's rise to a leading position in the market. In addition, the growing demand for candles especially during festive events, and the expansion of the adhesives, packaging, cosmetics, and construction sectors are also driving the demand for wax in the region. For Comprehensive details on the market size of the historical period(2017 to 2021) and forecast period (2023-2027) - View Sample report

Company LandscapeThe wax market is fragmented; the companies are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key companies, their strategies, and the latest developments. Buy Now

Market Dynamics

Key Drivers & Challenges-

Growing demand for synthetic and bio-based waxes is a key factor driving market growth. The wax market is segmented into mineral, synthetic, and natural waxes. Volatile crude oil prices and environmental concerns for wax P.B. is expected to impact demand for mineral waxes. However, synthetic waxes such as polyethylene and polypropylene have applications in the automotive and metalworking industries. Vegetable waxes, such as berry, candelilla, and carnauba wax, are used in candles and cosmetics. The supply of hydrogenated vegetable wax and FT wax is increasing, as consumers increasingly favor eco-friendly products, supporting the growth of vegetable waxes and the wax market.

The price volatility of crude oil is a significant challenge restraining the growth of the market. Waxes are available in various types: mineral, synthetic, and natural. The wax market faced financial challenges for oil companies and witnessed a decline in oil consumption due to price volatility. However, there has been a gradual recovery in oil and gas demand in 2021. Fluctuating crude oil prices have led companies to reduce wax prices, impacting the overall wax market.

Major Trends

The effective use of recycled plastics in wax production is a major trend in the market. Improper handling of plastics has caused environmental and health concerns around the world. Governments encourage plastic recycling, and one application is to use recycled plastic to produce wax for various purposes such as candle making and cosmetics. This process breaks down the hydrocarbon content of the plastic with crude oil. The use of recycled plastic in wax production benefits the environment and promotes wax production. Hence, this recycled plastic in wax production promotes sustainability and is expected to drive market growth.

Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View Sample Report

Company Profiles

The wax market report includes information on the product launches, sustainability, and prospects of leading companies including BASF SE, Blended Waxes Inc., Calumet Specialty Products Partners LP, Clariant International Ltd., Compania Espanola de Petroleos SA, Eni SpA, Exxon Mobil Corp., Hansen and Rosenthal GmbH and Co. KG, Hexion Inc., HollyFrontier Corp., Honeywell International Inc., Kerax Ltd., Lodha Petro, Mitsui Chemicals Inc., NIPPON SEIRO CO. LTD., Sasol Ltd., Shell plc, Siwax Group, The International Group Inc., and The Lubrizol Corp.

Competitive Analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.

Market Segmentation

The market is segmented by application (candle, packaging, rubber, personal care, and corrugated boards and others), type (mineral wax, synthetic, and natural), and geography ((APAC, North America, Europe, South America, and Middle East and Africa).

The candle segment is estimated to witness significant growth during the forecast period. Some common waxes used to make candles include paraffin wax, beeswax, sperm, soy wax, palm, carnauba, blueberry, and tallow. Among these, paraffin wax is most used to make candles. Candles come in different varieties and are sold through different distribution channels such as e-commerce platforms and retail stores. In addition, candle therapy is recognized for its potential health benefits among consumers. Thus, these factors are expected to drive segment growth during the forecast period.

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Wax Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 3.24%

Market growth 2023-2027

USD 1,723.06 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

2.2

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 39%

Key countries

US, Canada, China, Japan, and Germany

Competitive landscape

Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

BASF SE, Blended Waxes Inc., Calumet Specialty Products Partners LP, Clariant International Ltd., Compania Espanola de Petroleos SA, Eni SpA, Exxon Mobil Corp., Hansen and Rosenthal GmbH and Co. KG, Hexion Inc., HollyFrontier Corp., Honeywell International Inc., Kerax Ltd., Lodha Petro, Mitsui Chemicals Inc., NIPPON SEIRO CO. LTD., Sasol Ltd., Shell plc, Siwax Group, The International Group Inc., and The Lubrizol Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

1.1 Market Overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market Definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global wax market 2017 - 2021

4.2 Application Segment Analysis 2017 - 2021

4.3 Type Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Application

6.1 Market segments

6.2 Comparison by Application

6.3 Candle - Market size and forecast 2022-2027

6.4 Packaging - Market size and forecast 2022-2027

6.5 Rubber - Market size and forecast 2022-2027

6.6 Personal care - Market size and forecast 2022-2027

6.7 Corrugated boards and others - Market size and forecast 2022-2027

6.8 Market opportunity by Application

7 Market Segmentation by Type

7.1 Market segments

7.2 Comparison by Type

7.3 Mineral wax - Market size and forecast 2022-2027

7.4 Synthetic - Market size and forecast 2022-2027

7.5 Natural - Market size and forecast 2022-2027

7.6 Market opportunity by Type

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 North America - Market size and forecast 2022-2027

9.5 Europe - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 Japan - Market size and forecast 2022-2027

9.11 Germany - Market size and forecast 2022-2027

9.12 Canada - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Company Landscape

11.1 Overview

11.2 Company landscape

11.3 Landscape disruption

11.4 Industry risks

12 Company Analysis

12.1 Companies covered

12.2 Market positioning of companies

12.3 BASF SE

12.4 Calumet Specialty Products Partners LP

12.5 Clariant International Ltd.

12.6 Compania Espanola de Petroleos SA

12.7 Eni SpA

12.8 Exxon Mobil Corp.

12.9 Hansen and Rosenthal GmbH and Co. KG

12.10 Hexion Inc.

12.11 Honeywell International Inc.

12.12 Kerax Ltd.

12.13 Mitsui Chemicals Inc.

12.14 NIPPON SEIRO CO. LTD.

12.15 Sasol Ltd.

12.16 Shell plc

12.17 The Lubrizol Corp.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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Contact

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